Bitcoin (BTC)Cryptocurrency

Binance Says It Has Never Manipulated The Crypto Market

Binance, a prominent crypto exchange, is denying the allegations levelled against it for manipulating the market as well as operating against its consumers’ interests. In a Twitter thread on Monday, Binance apparently put the responsibility of all the assertions regarding crypto market manipulation on the publications saying that they spread FUD (fear, uncertainty, doubt). The firm stated that it has the right reserved for taking legal action for protecting its values. However, it assured that the company was not against the responsible criticism that guards the faith of the community. It further stated a simple, straightforward negation of ever trading at odds with its customers or doing market manipulation and asserted that it would never do it in the future.

It is ambiguous whether the firm was making any direct reference to a specific event. Nonetheless, it seems like a response following an allegation by a Twitter user having pseudonym of RealFulltimeApe on the 21st of August. He said that Binance always takes the high liquidity levels into account and deliberately increases or decreases the price level for making a profit. The accuser claims to have worked at the exchange as a former senior data engineer and that he would provide the evidence shortly, which he has not yet shared.

RealFulltimeApe further claimed that he possesses many video and audio files in which the officials are specifically talking about swiftly liquidating the shorts and longs, which are overleveraged prior to permitting the price to move up or down, thus increasing the exchange’s profits & insurance fund.

The authorities have targeted Binance Holdings Limited in several countries such as Italy, Netherlands, Singapore, Japan, Canada, Thailand, the Cayman Islands, the United Kingdom, as well as Germany by warning the depositors to be cautious about the operations of the company or claiming that the exchange was functioning illegally. Such warnings from the regulators compelled several financial institutions to stop their customers from sending payments to the exchange.

Various lawsuits are alleging the company to have violated its own specified rules in the case of futures trading. Lexia Avvocati, an Italy-based firm providing consulting and legal services, declared in July that a number of investors were deprived of several million dollars for not being capable of managing their positions of trading and checking their balances because the exchange went offline for many hours on diverse days. A Switzerland-based provider of litigation funding, Liti Capital, has also made such accusations in another lawsuit submitted in August.

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