Binance scamming its users with the up and down tokens .

[CryptoNoob1]

Someone needs to expose Binance and what they have done here, I have lost my entire life savings in the last 5 months and its clearly theft.
Below is a clear Chart of Sushi and its movement in 2021.


And Below is a clear chart of Sushiup its counter up token.

Here we can see in the 1st of April sushi token was priced at 15 Dollars while sushiup was valued at 40 usd.

as of Today 20th May , sushi is still valued at 15usd, however sushiup is valued at 0.30 cents ?

If this is not outright theft from Binance then I dont know what is . I had put my life savings into it at 15 usd , and its still valued at 15usd however Binance has decided to re-value sushiup at 0.30 cents.

Now I have to somehow come up with money to pay my childs school fees and beg borror or steal to get our rent and car payments done which doesnt look likely at this point.

I do not understand how this is not all over the news, they have clearly manipulated the market so much that they are just taking everyones money and not a single article on it from the news.
I honestly think everyone should stop trading on Binance together and spread the work how they steal everyones hard earned money ,

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[arwin100]

Maybe you should check first the overall market condition since it will give an effect to each an every alt listed on exchange and also you should understand that there's no always pump up happening in open market. Also for sure the reason why your behold tokens got dump is the current fear happening in the market many traderd now are shifting to stable coins to avoid such huge losses.

Maybe you should learn a lesson to not hold for any longer especially those tokens which have questionable future and always secure your profits once you already see a big gains on your portfolio.

[CryptoNoob1]

Arwin Im not sure you are talking about the same thing here,

Binance sells Down tokens and up tokens, if you buy a down token and the market crashes  , that token gives you profit, the same way if you short bitcoin and it crashes, the short position gives you profit.

I shorted the market , and Eth crashed and instead of my short paying me out +80% Binance paid me out -90%

take a look here if you do not understand

https://www.reddit.com/r/binance/comments/ngtlei/how_is_it_possible_ethup_and_ethdown_80_binance/

[sheenshane]

I don't have much experience in trading and I'm outdated using Binance exchange but here's what I say.  Move your balance out quickly and find other exchanges that you didn't annoy.

I shorted the market , and Eth crashed and instead of my short paying me out +80% Binance paid me out -90%

I saw a lot of complaints regarding this but I think this is just because they included/charges more fees.
BTW, have you read the terms before using Binance?

Each exchange platforms have different strategies for how to gain profit and it might this token pump and dump will Binance gain more profit.  So, you need to understand first how their trading mechanism works including the fees to which way you can save on it, I've heard using their BNB coin will traders can have lesser fees than using other cryptos.

This is the problem in most micro traders, use their coin if you wanted to save fees or else, just a quick tip, stop using them if you aren't comfortable using them.

[Bitcoin_Arena]

I don't know why people trade the shit Binance Leveraged tokens more or so using their life savings. The game is already rigged and therefore you chances of losing are way higher than chances of making returns.

Complaints have been cropping up about Leveraged Tokens. I even remember at one point, they had to delist FTX leveraged tokens from the platform citing lots of losses to traders especially beginners.

Looking at this image, it's a complete shit show



This is what they said about the scenario

A large volume of leveraged tokens were redeemed when their Net Asset Value (NAV) hit an ATH during a period of very high market volatility on 2021/05/19. This resulted in an erosion of the leveraged tokens’s NAV.
The issue was resolved at 2021/05/19 18:00:00 PM (UTC). We have improved the redemption mechanism to prevent further occurrence.
Affected leveraged token users may submit a claim form here for our verification and processing. We will notify and follow-up with affected users in batches so we thank you in advance for your understanding.
As we are currently experiencing a high number of enquiries, please do note that our response time is therefore longer than usual. Thank you for your patience.

So Imagine newbies who even have no idea what's going on, I wonder how they will know that there is a compensation form to fill up.  

[jrrsparkles]

Almost all the cryptos are bump and dump coins as of now because we use it for investment not for the transactions.

Binance have certain criteria to list a coin or token into their platform, so if any project meets those criteria will get a spot but they are not forcing anyone to invest, if you are buying a token without knowing the actual use then you should blame yourself.

Another important think never take loan or use your life savings to invest on cryptos, use the money only which is excess in your hand.

[livingfree]

If I did that for the first time and I've down with a quick loss, I'll definitely leave it won't ever try to trade with those tokens.

The best would be leaving with it and stop thinking of quick rich through those leverage tokens and also, don't deposit your life savings. The market is very volatile for which you're putting yourself to a bigger risk.

Trade on spot and those cryptos that have been verified and very well established and also, leave Binance if it's no longer doing you good.

[JeffBrad12]

Please, use a normal trade if you can't trade with the leverage token. It's a very high risk token. You can only use your free money to trade on the leverage token. My question is have you read the explanation about what the leverage token is?
it seems like that you didn't read that and that's why you call it a scam. If you are using a normal spot trade and you will not face the worst thing like this.

[Yogee]

...So Imagine newbies who even have no idea what's going on, I wonder how they will know that there is a compensation form to fill up.  

It's their responsibility to understand how it works and it would be their fault if they don't notice what happens to their port. Newbies shouldn't be trading leveraged tokens to begin with. It doesn't look like there's a deadline to file a complaint so they should have enough time unless they completely abandoned their "bloodied" accounts hehe.

[Moeda]

~snip

Have you read before investing in SushiUp or SushiDown. This token may suddenly lose price. Because these are not real coins. Not only SushiUp, but many other coins like XRPUp or XRPDown. I think Binance gives you a notification before you trade with the coin. I think people who invest with these coins are already very knowledgeable about crypto.

[Bitcoin_Arena]

Have you read before investing in SushiUp or SushiDown. This token may suddenly lose price. Because these are not real coins. Not only SushiUp, but many other coins like XRPUp or XRPDown. I think Binance gives you a notification before you trade with the coin. I think people who invest with these coins are already very knowledgeable about crypto.

OP's claim is OK. Just look at the image I posted. During the recent downtrend. You would have expected all the DOWN leveraged tokens to have made some positive percentage gains but guess what Binance shows? All tokens, both UP and down leveraged tokens are in negatives 

Now tell me if this is fair?

It doesn't matter if you know about BLVTs or not, Binance's result are not right. it's their fault.

[bitcub]

I cannot agree or disagree with you. But it is so risky to do leverage. Its really disappointing to be liquidated. May be binance might generating pump and dump algo to get you liquidated, or you do not have a deep understanding of reading charts.

[carlfebz2]

I cannot agree or disagree with you. But it is so risky to do leverage. Its really disappointing to be liquidated. May be binance might generating pump and dump algo to get you liquidated, or you do not have a deep understanding of reading charts.

Sometimes blames like this are bit on the ignored side for my own personal view where people do make out some reasoning when they got liquidated.

Usually they do blame out the platform saying this and saying that without even trying to look back on how they do make out such trade basing off
with reading charts.

Legit or not then theres nothing we can do but rather op should make out some complaints directly to Binance if he do found some inconsistencies.

[WalkerIVIV]

I cannot agree or disagree with you. But it is so risky to do leverage. Its really disappointing to be liquidated. May be binance might generating pump and dump algo to get you liquidated, or you do not have a deep understanding of reading charts.

Is not it his own fault? it's your choice whether you wanna play with the leverage token or not. There are lots of awareness if someone will be dealing with a very high risk by playing with the leverate token.
it cna't be blamed. binance has not scammed its users but its users will try to decide whether they wanna play with the leverage token or not.
This is the user's choice and it's not binance.

[dark1234]

 
may i laugh...
you are not new here. if you are new, i don't mind your attitude and opinion. if you have been a long time, it is very unfortunate, your experience may still be lacking.
OK..... it's a risk when you play on laverge tokens or something else
if you want better security you buy stable coins maybe your money will not be stolen

[shoreno]

you really are a crypto noob like your username because if you arent , you will know that those coins and simillar are risky type of coins .

 investing on them was like playing a gambling and your gambling with your life savings . binance is not responsible for your loss for any traders that trade on them because they are just an exchange and they dont manipulate the coin but the coin can be manipulated by its creator and the whales .

[batang_bitcoin]

you really are a crypto noob like your username because if you arent , you will know that those coins and simillar are risky type of coins .

 investing on them was like playing a gambling and your gambling with your life savings . binance is not responsible for your loss for any traders that trade on them because they are just an exchange and they dont manipulate the coin but the coin can be manipulated by its creator and the whales .

I can't blame him for that because he probably lost a lot of money but the problem is on him. He doesn't check in which market he is trading with.
Well, if Binance gets the same customers and traders like this then it's been so long we're seeing them step down from being a top exchange because of such accusations and blaming of their losses.

[leea-1334]

I can't blame him for that because he probably lost a lot of money but the problem is on him. He doesn't check in which market he is trading with.
Well, if Binance gets the same customers and traders like this then it's been so long we're seeing them step down from being a top exchange because of such accusations and blaming of their losses.

It is so strange that in crypto,,, people do not seem to use the same common sense normal people do with money.

1. If it is too easy, it is not right.
2. If it is too good to be true,,, it is too good to be true.

Besides, why believe in Binance numbers? Or rather, why believe the numbers are a true representation of data? Everyone knows there is wash trading and bots right?

[batang_bitcoin]

I can't blame him for that because he probably lost a lot of money but the problem is on him. He doesn't check in which market he is trading with.
Well, if Binance gets the same customers and traders like this then it's been so long we're seeing them step down from being a top exchange because of such accusations and blaming of their losses.

It is so strange that in crypto,,, people do not seem to use the same common sense normal people do with money.

1. If it is too easy, it is not right.
2. If it is too good to be true,,, it is too good to be true.

Besides, why believe in Binance numbers? Or rather, why believe the numbers are a true representation of data? Everyone knows there is wash trading and bots right?

Well, it's because of the greed that human beings have. And that's what he might thought from the beginning after seeing some very success stories or by just looking at the projected profit. That's it. In crypto, before committing a trade or getting into the market, you must be aware of the potential risk or the actual risk itself that you'll get. Even buying bitcoin has its risk because you may purchase it at a considered low price and then after buying, another dip comes and that's the risk that others don't consider.

[ultrloa]

I can't blame him for that because he probably lost a lot of money but the problem is on him. He doesn't check in which market he is trading with.
Well, if Binance gets the same customers and traders like this then it's been so long we're seeing them step down from being a top exchange because of such accusations and blaming of their losses.

It is so strange that in crypto,,, people do not seem to use the same common sense normal people do with money.

1. If it is too easy, it is not right.
2. If it is too good to be true,,, it is too good to be true.

Besides, why believe in Binance numbers? Or rather, why believe the numbers are a true representation of data? Everyone knows there is wash trading and bots right?

Well, it's because of the greed that human beings have. And that's what he might thought from the beginning after seeing some very success stories or by just looking at the projected profit. That's it. In crypto, before committing a trade or getting into the market, you must be aware of the potential risk or the actual risk itself that you'll get. Even buying bitcoin has its risk because you may purchase it at a considered low price and then after buying, another dip comes and that's the risk that others don't consider.

To much expectation without watching the risk will end up misery and this is what happen to him right now, thats why next time its really better to know first how to manage the risk before jumping in since there are always sudden shift of market movements and for sure we lose our money if we are not prepared on how to act on this. Maybe he shouldn't blame the exchange if he lose but rather make this as learning experience.

[stomachgrowls]

I can't blame him for that because he probably lost a lot of money but the problem is on him. He doesn't check in which market he is trading with.
Well, if Binance gets the same customers and traders like this then it's been so long we're seeing them step down from being a top exchange because of such accusations and blaming of their losses.

It is so strange that in crypto,,, people do not seem to use the same common sense normal people do with money.

1. If it is too easy, it is not right.
2. If it is too good to be true,,, it is too good to be true.

Besides, why believe in Binance numbers? Or rather, why believe the numbers are a true representation of data? Everyone knows there is wash trading and bots right?

Well, it's because of the greed that human beings have. And that's what he might thought from the beginning after seeing some very success stories or by just looking at the projected profit. That's it. In crypto, before committing a trade or getting into the market, you must be aware of the potential risk or the actual risk itself that you'll get. Even buying bitcoin has its risk because you may purchase it at a considered low price and then after buying, another dip comes and that's the risk that others don't consider.

To much expectation without watching the risk will end up misery and this is what happen to him right now, thats why next time its really better to know first how to manage the risk before jumping in since there are always sudden shift of market movements and for sure we lose our money if we are not prepared on how to act on this. Maybe he shouldn't blame the exchange if he lose but rather make this as learning experience.

He would soon realized that when he do already know on how the market move specially with futures/margines because if we do compared on how the movement out of these things then you would really get shocked on how fast it would blown out your account so better be aware.

This is actually true when newbies tends to lose up money and then they do took the blame into the platform without even knowing that the platform he's been blaming off is one of the most popular as of today.

Know the basics and mechanics first and learn first on how to make some risk management before making any complaints.

[Reatim]

you really are a crypto noob like your username because if you arent , you will know that those coins and simillar are risky type of coins .

don't be so harsh mate , let them be because it is their choice in what to believe.

investing on them was like playing a gambling and your gambling with your life savings . binance is not responsible for your loss for any traders that trade on them because they are just an exchange and they dont manipulate the coin but the coin can be manipulated by its creator and the whales .

That's what i am rooting here , before we invest then we must have knowledge in what we entering and this OP has so much mistakes and now blaming binance .

i am a years user of this exchange and yet nothing be an issue from the start.

[batang_bitcoin]

Well, it's because of the greed that human beings have. And that's what he might thought from the beginning after seeing some very success stories or by just looking at the projected profit. That's it. In crypto, before committing a trade or getting into the market, you must be aware of the potential risk or the actual risk itself that you'll get. Even buying bitcoin has its risk because you may purchase it at a considered low price and then after buying, another dip comes and that's the risk that others don't consider.

To much expectation without watching the risk will end up misery and this is what happen to him right now, thats why next time its really better to know first how to manage the risk before jumping in since there are always sudden shift of market movements and for sure we lose our money if we are not prepared on how to act on this. Maybe he shouldn't blame the exchange if he lose but rather make this as learning experience.

Many newbies got this the same mistake and they are assuming to become rich with crypto as soon as possible. But they don't understand the risk that they're taking with those leverage trades is higher than the usual market that we see.
To avoid such is to know what they're entering so that they're informed of what they do.

[Mistafreeze]

The op needs to understand that a lot of risks are attached to trading, so he needs to understand all that is involved in trading including risk management and lot size uses before embarking on it. A lot of newbies still thinks that trading is very simple and easy without calculating the amount of risks they're ready to take before clicking the buy or sell botton.
The op did not calculate his risks before holding the coin which is the reason why he was not able to bear the loses.

[semobo]

Investing on a project is everyone's personal choice because they are going to invest their money from from their own pocket so if they invested on a project because it promoted by reputed exchange means you ignorance is the reason for losing your money and the exchange will never come in this view.

[Beparanf]

Investing on a project is everyone's personal choice because they are going to invest their money from from their own pocket so if they invested on a project because it promoted by reputed exchange means you ignorance is the reason for losing your money and the exchange will never come in this view.

This is fact since the majority of the coin experience pump and dump too. It just vary on how much changes it will go on a given time but it's a different scenario once the PnD was manipulated, Exchange will be liable on that part once proven but considering that Binance is not officially regulated by SEC, its impossible to determine that.

[Ararbermas]

Investing on a project is everyone's personal choice because they are going to invest their money from from their own pocket so if they invested on a project because it promoted by reputed exchange means you ignorance is the reason for losing your money and the exchange will never come in this view.

correct.. Because even the exchange is trusted and those new projects can really pay for listing it will always be our consideration when it comes trading /investing and we can't blame them since that's the reason why they built that platform as well.. Especially now that there are some new features such staking and etc..so be aware because it's not their responsibility anymore.

[kram31]

Probably, you don't really understand what you are entering here in this field of business dude, You are lack of knowledge or if ever there is,  it's not enough as well for you to understand it also. This is sometimes the problem with a traders like you. Did you think it more than twice before you post this topic here in the forum?