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Author Topic: Binance could be Wash Trading Latest Statistics Show  (Read 233 times)
BChydro
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October 26, 2019, 04:27:00 PM
 #21

Unless otherwise Binance will allow an independent third party audit on its trading platform, its source codes and internal records, the public will never cease to allege that the exchange is indeed doing wash trading since its a common practice nowadays among exchanges.
If you are doing something illegal and claim that it is a common practice then they will be held accountable for the actions but Binance letting an independent party to audit without any government or court intervention is highly unlikely as they are registered in Malta.

Now I feel like the Government or any other entity that has the power to do it might intervene in behalf of the community.  Lips sealed
It is a Federal issue and if they are doing wash trading and if they are caught doing so they will be getting huge fines but the fact is they are registered in Malta and i do not think that any investigation will be conducted.
lobat999
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October 27, 2019, 12:10:12 AM
 #22

Unless otherwise Binance will allow an independent third party audit on its trading platform, its source codes and internal records, the public will never cease to allege that the exchange is indeed doing wash trading since its a common practice nowadays among exchanges.
If you are doing something illegal and claim that it is a common practice then they will be held accountable for the actions but Binance letting an independent party to audit without any government or court intervention is highly unlikely as they are registered in Malta.

Now I feel like the Government or any other entity that has the power to do it might intervene in behalf of the community.  Lips sealed
It is a Federal issue and if they are doing wash trading and if they are caught doing so they will be getting huge fines but the fact is they are registered in Malta and i do not think that any investigation will be conducted.

Being registered in Malta doesn't mean Binance will have immunity from lawsuits or any form of investigations. The U.S. Government, being in good terms with the Malta Government not to mention its existing extradition treaty can always exert pressure on Malta if the need warrants it.

Aside from that, Malta also cooperates with other nations including the U.S. on various treaties and agreements even with regards to combating  transnational crimes, so in essence, Binance or any other exchange for that matter should be and could be held liable and accountable if proven they did wash trade or did any other form of manipulation which is illegal! I think these are the very reasons why Binance had blocked U.S. customers from trading in  its platform!

Now the questions is, will the U.S. Government have the political will to pursue Binance if they can acquire strong evidences suggesting a wash trade or manipulation had occurred?
cahbagus555
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October 27, 2019, 03:06:21 AM
 #23

interesting catch, ya i think its pretty normal
im not a big trader, is there anything bad that can come from this?
i know whales can use it to make market moves, but thats just part of the game, no?
remember most normal market manipulation is not illegal in crypto, YET : /

Agree, things like those shown on the chart are normal because of many factors. It could happen because of a wrong trader input buy order or sell order. Even in the stock market, things like this often happen and this is something normal
Hueristic
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October 27, 2019, 03:16:07 AM
 #24

Well i have been lazy an have too much on binance but have felt pretty comfortable as they seemed to be honest and with such a large user base I would never have guessed they would take the chance of ruining their income by getting into shady shit like this. I'm going to be looking forward to an investigation of this and Binances reply. In the mean time I guess i have to make some cold wallets.

BTW OP, you should put the source at the top of your post because otherwise it looks like you did this legwork as not everyone reads the entire post.

“Bad men need nothing more to compass their ends, than that good men should look on and do nothing.”
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October 27, 2019, 07:59:00 AM
 #25

Every single exchange can be suspected of it. Binance is no exception.

I remember a big fuss was made about OKCoin and Huobi a while back in regards to wash trading. Obviously these accusations still stand but people's hatred towards them have died down quite a bit. It's probably because of the fact that wash trading doesn't necessarily directly influence the outcome of trades, but rather just buffs up volume, and that it's very hard to find real evidence of it.

Either way, just don't let exchanges who have large volumes fool you into thinking that they're automatically trustworthy.
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