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Peter Brandt calls out Binance.
In a series of tweets on Friday, Peter Brandt accused leading crypto exchange Binance of executing customer trades at the wrong prices after CZ said “blockchain is a permanent public record”.
The blockchain is a permanent public record.
— CZ 🔶 Binance (@cz_binance) July 7, 2022
Peter in response to CZ’s tweet said:
“Really???? Is that really true???
Does that include the horrendous sell stop fills at $40,000 below the price of other exchanges that binance dealt to customers, only to NOT report those prices in your daily data record???”
Really???? Is that really true???
Does that include the horrendous sell stop fills at $40,000 below the price of other exchanges that @binance dealt to customers, only to NOT not report those prices in your daily data record???— Peter Brandt (@PeterLBrandt) July 7, 2022
The renowned analyst tweeted in response to a statement by Binance’s Changpeng Zhao asserting the immutable nature of the blockchain.
While it appeared to other crypto community members that Brandt had mixed up the meaning of blockchain with exchanges, Brandt maintains that the relevance of his point remains. Consequently, Brandt added, “I understand the difference between the blockchain and exchanges. My point was the horrendous abuse binance imposes upon its customers by matching bad fills against its own book.”
I understand the difference between the blockchain and exchanges. My point was the horrendous abuse @binance imposes upon its customers by matching bad fills against its own book
— Peter Brandt (@PeterLBrandt) July 8, 2022
It is worth noting that at the time of writing, there has been no response from Binance or CZ on the matter.
Besides his reputation as a savvy technical analyst, Peter Brandt has also built up a reputation as an ardent critic of crypto exchanges and the crypto space. In the past, the market analyst has often warned crypto faithful against holding their assets on Coinbase as he believes that the exchange fails to abide by best practices and that holders could lose their assets.
Brandt has also often warned crypto investors about investing in altcoins. For example, following the Terra crash, the trader reiterated this belief saying, “crypto is Bitcoin and Bitcoin is crypto.” Meanwhile, despite these statements, Brandt has also often warned that Bitcoin still has a 50% chance of going to zero or the moon.
Brandt’s most recent chart analysis of the leading digital asset predicts further downside.