Binance rejects accusations of market manipulation

Representatives of the trading platform commented on the publication of an anonymous user on Twitter, who claimed to be a former employee of the platform

Binance rejects accusations of market manipulation

The world’s largest cryptocurrency exchange by trading volume, Binance, rejected allegations of market manipulation and trading against its users. Representatives of the trading platform commented on the publication on Twitter of an anonymous user who introduced himself as a former employee of the exchange.

The anonymous user accused Binance of manipulating the market to take advantage of liquidation of long and short positions. He also promised later to provide proof of his words, but his publication was soon deleted. The user’s account was also deleted.

Binance representatives said that they reserved the right to go to court to protect their interests. The crypto exchange said in a statement that the allegations of an anonymous user refers to the psychological manipulation of FUD (the use of news that generates “fear, uncertainty and doubt”).

On August 20, Binance notified users about the introduction of compulsory confirmation of identity (the procedure “know your customer”). New users of the trading platform will not be able to access the deposit, transaction and withdrawal of funds without proof of identity. Earlier these possibilities were available to users without KYC procedure.

In 2021, the trading platform faced pressure from global financial regulators. On August 13, it announced that residents of South Korea and Malaysia are no longer available some of its products, in particular, trading pairs with the Korean Won (KWN) and Malaysian Ringgit (MYR), payment options for the same currencies, as well as P2P applications. Binance attributed the changes in operations to the requirements of local authorities.

In July, Binance warned that it was discontinuing cryptocurrency derivatives trading in Europe. The first countries for which this opportunity was not available were Germany, the Netherlands and Italy. Their residents cannot open new accounts to trade futures or derivatives. The crypto exchange has also been the subject of investigations in Thailand, Singapore and the Cayman Islands.

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The post was written by Crypto Expert John Belford

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