Why I think Binance should most likely be sued along with this new Bitfinex case

[blandana]

Everyday I (and everyone else, knowingly or unknowingly) have to deal with basically someone trying to mentally rape the entire world market on binance and strangle it into buying bitcoin.  I see the machine or team and how it strangles the price of bitcoin trying to force the price color to be green even when it's going down.

Literally every second people are forced into a borderline war by something that thinks its ok to strangle the price and try to "DISRUPT"  (illegal/manipulation, cited in laws) the market.  EVERY SECOND OF THE DAY something thinks its ok to strangle/screw with/force the price ticker of bitcoin to be green (even when it's going down).  This is not ok and it's illegal.  As a professional exchange I am certain Binance has the obligation to prevent something like this, but it has gotten worse and worse.

Tell me,  there's an SEC and other equivalents in China.  Why do you think Binance must be safe if they continue to allow this to happen?  I almost want to sue them myself.  They did allow U.S. customers there for a while and it had been going on before they were forced to leave.

There may be serious legal consequences and I might begin demanding an explanation as to why people think this is ok to put up with anymore.
Using robots to commit crimes is still a crime.  Even if it's a bot, it belongs to someone, and they need to really be charged for the crimes they're committing.


link to previously mentioned new bitfinex case: https://finance.yahoo.com/news/crypto-traders-lawsuit-claims-bitfinex-144356661.html
Article mentions a bot used by Mt. Gox that was used to manipulate bitcoin illegally by its website owner.  Binance may be using a derivative of that software illegally.  Either that or they're doing it themselves, or not banning whoever is.  There will be legal consequences for them if they continue this behavior of acting like its not happening.

I've recently filed multiple reports with the U.S. CTFC and I may be getting ready to sue in the future.  I refuse to put up with this illegal behavior any longer without there being any consequences.

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[squatter]

Everyday I (and everyone else, knowingly or unknowingly) have to deal with basically someone trying to mentally rape the entire world market on binance and strangle it into buying bitcoin.  I see the machine or team and how it strangles the price of bitcoin trying to force the price color to be green even when it's going down.

Literally every second people are forced into a borderline war by something that thinks its ok to strangle the price and try to "DISRUPT"  (illegal/manipulation, cited in laws) the market.  EVERY SECOND OF THE DAY something thinks its ok to strangle/screw with/force the price ticker of bitcoin to be green (even when it's going down).  This is not ok and it's illegal.  As a professional exchange I am certain Binance has the obligation to prevent something like this, but it has gotten worse and worse.

What you're describing sounds like it could be typical bot activity. How does it negatively affect you? Binance's prices seem to be in line with the rest of the market.

There may be serious legal consequences and I might begin demanding an explanation as to why people think this is ok to put up with anymore.
Using robots to commit crimes is still a crime.  Even if it's a bot, it belongs to someone, and they need to really be charged for the crimes they're committing.

What's the crime? Are they spoofing, wash trading, employing bear raids?

[CryptoBry]

Thanks for taking the time to expound on something which can be a controversial involving the king of all exchanges: Binance. I am sure that Binance can have an explanation for this and we need to get their side of the story so we can have a bird eye's view of the problem. Manipulation of data in any form and for whatever reason is something that we should not allow to take a root in this industry. No tolerance for that no matter if the one involved is a big name in the industry and in fact we should expect them to be above board all the time.

Cleaning up our acts can have a long-term effect on the industry's viability and can be helping or encouraging many people to be part of us here. In case it is necessary to sue Binace after a good investigation so be it but of course, we need solid and fool-proof evidence at hand otherwise we can just be joking and can be accused of just seeking some publicity mileage.

[magneto]

The Bitfinex case just seems quite fishy to me. The people that are suing them don't really have any concrete case, and they are trying to claim an absurd amount in terms of damages that probably will never be reimbursed to them (not that they would be the rightful people to reimburse, anyhow).

I doubt that Binance would get dragged into this case at all, because firstly, it's incorporated in Malta, which has been historically very pro-crypto. And secondly, it has nothing to do with any sort of stablecoin or any major allegations of market manipulation really.

But yeah, for Bitfinex users, this ain't good news.

[NeuroticFish]

Binance may be using a derivative of that software illegally.  Either that or they're doing it themselves, or not banning whoever is.

All exchanges are abundant in trade bots, fake sell/buy walls and all the "tools" that give them an edge. It's clearly not only Binance or Bitfinex, and I don't think that it's only the in-house bots there.
However, I don't think that there's any legislation they break (edit: and this is quite a shame) and you don't seem to have clear proof for market manipulation. And that means that you have nothing, really.

[hamdi]

who has money can drive prices.

binance proved to be very reliable even when they had to cut losses in order to keep customers whole.

also an US lawsuit wont bother binance much.

[teosanru]

First of all yes Binance is definitely using a bot software to manipulate the price in either side. Secondly even if it not Binance who themselves have created the bot it is some person but who definitely has permission from Binance to do this.

Thirdly, Binance is not registered in China. They are registered in Malta you can see that on Wikipedia so technically Chinese government has no authority on them. This shifting was actually done when China completely banned cryptocurrency exchanges. So Binance was wise enough to move abroad and most of the people don't even know it. Malta is a complete Tax heaven where most of the shell companies are incorporated. Think if even shell companies can survive there. Survival for Binance isn't that difficult.

Fourthly, There are no laws regarding it. Binance is not any registered exchange which has to obey the rules  of some SEC, it's a third party shop which does matching of order in a layman sense. So making a law suit against them and bringing them to court of law is going to be an almost impossible task. This is why Binance is so difficult to catch than Bitfinex which is headquartered in Hong Kong.