Do you agree with Binance's behavior?

[GreatArkansas]

To be honest, this is very difficult to identify if it was really a mistake by Binance. This is one of the disadvantages of using a centralized exchange.

OP is right, it is already fishy since it only happened on Binance Futures, not even on Binance spot BTC/USDT, and if even you look on other exchange futures markets, no $12k pump happened in just a few seconds.
Binance got no any published statement on what happened during that time, we don't even also know if there are some traders got affected about that, like liquidations or order executed, it could be only a bug? No one knows.

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[wallet4bitcoin]

Not only binance I face it with other exchanges also. Even I don’t understand now why that happen. No volume but big pump candle. As I remember, maybe I was face it with MXC spot trade.

[CryptocurencyKing]

BTC at $48k, its definitely a manipulation by Binance @OP. There is nothing far from a price manipulation being down there in order to tempt traders in to having a buy sentimental idea when there should have been selling and in the short run, once they observe the kind of responsiveness they have hoped to get, you see the reverse as shown by the long wick of the candle. It's too obvious to be an ordinary price action market response.

It goes a long way to prove that, In terms of an over run bear move, for which I suppose this wasn't it when compared to the bear move that followed the bullrun of 2017 as shown by statistics to have taken almost 2years, this is far more mid what we experienced lately but then, its unwarranted for binance to act this way as, it would live traders to loose trust in the market.

[stadus]

We should be careful as this might be an inside job, as Binance getting more popular, they got the biggest volume so a sudden price movement in favor of them will give them easy money. we are talking of millions of money here, if investors think there was something wrong within the exchange, then they should be reported and get investigated.

[2double0]

For my friends talking about leverage here, if it was not the reason then why did the volume of that candle spiked up to 180k btc? Was that something usually seen? I never saw it before. And some guy said that CZ clarified this and nobody got their stops hit, but I know some friends who got their positions filled later at their take profit levels near $45k and doesn't it also mean that shorts got liquidated 100%?

[Clavulanic]

We can't stop this thing called manipulation here, and it may sound obvious to see as we analyze but we can't complain the actual situation happening on their futures system. Only that that's best for us to prevent this scenario to potential drag others, is to avoid themselves on this kinds of trading activities. This has no better future for those people without proper knowledge on handling this certain trading, it's more like gambling which you really don't know what will going to exist in the futures of your trading.

[rahmatrf331]

It's not the first time I remember a similar story from Coinbase where the change in price was so vast.



I do not know if everyone affected by this matter will be compensated, but you can contact the support team and they will give you accurate answers.

CZ had already explained it on social media. That is actually weird, if it is either CZ is telling the truth or not at least we found something that we need to be aware of the situation and must act safely in order not to get surprised about their next actions.
Well, I'm still going to trust Binance but this time, I have to limit my funds on them and not even stay there longer to avoid any unnecessary things like what happened to the other exchanges. It is better to make it safe rather than regret it later.

This graph may lead to a variety of our understanding, we have done some analysis and confusing. it seems that investors have in a community network when someone influential says that the token will be bearish, then investors together withdraw their funds in cryptocurrencies. it is very painful for those who have assets there.

[hello_good_sir]

Binance has been so shady recently. I definitely would only deal with them if I had to.

They can try to justify these flash crashes and flash hikes away by saying they're expected, just as they did with their leveraged tokens plumetting in value. But at the end of the day, it's simply not plausible.

Besides, there are virtually no benefits to using them now that they have a much lower cap on withdrawals. That was the sole reason for using them in the first place, for the 2 BTC anonymous withdrawal cap.

[ethereumhunter]

Agree or not, we can only accept what happens to Binance because we do not know the truth. Even if we knew that is manipulation from the people inside Binance, we could not do anything. We hope that will not happen in the future and hopefully, Binance can watch out carefully for what will happen inside their exchange. If that really happens, we can only congratulate people who use that moment to buy or sell their coin at a high or low price because that will be the best moment in their life to see that moment. I think that is happening in the other exchanges.

[conected]

Agree or not, we can only accept what happens to Binance because we do not know the truth. Even if we knew that is manipulation from the people inside Binance, we could not do anything. We hope that will not happen in the future and hopefully, Binance can watch out carefully for what will happen inside their exchange. If that really happens, we can only congratulate people who use that moment to buy or sell their coin at a high or low price because that will be the best moment in their life to see that moment. I think that is happening in the other exchanges.

- Indeed, although this is not their first dark act but these are possibly the most overt acts, according to the latest announcement, after the manipulation occurred, they also reduced the leverage, a strategy to help people who lost in manipulation never have a chance to come back again. Complaints are many but the fact is that they are still the best exchange, users cannot oppose them, more precisely, except for them, we are also hard to find such a reputable exchange, can only take this as a lesson and get less involved in futures trading

[el kaka22]

This cannot be any institution or a normal person's work, I smell something fishy here to attack the traders and decide the trend, change it and liquidate them to make quick money.

Whether we agree or not, we cannot do anything about this; these are all just part of any leveraged market hence we need to just move on by accepting such kind of manipulations. Yeah, this kind of spikes are usually happening to trap small traders but those small traders (whales may not get liquidated for a $12k pump) must need to accept those losses because they are entering into leveraged the market after getting know about such a whales' manipulations.

This is most probably not a binance's thing but some whales manipulation in biannce markets. All leveraged traders must need to accept wherever they are trading as no one could assure these things will not happen outside binance markets.

[Silberman]

From those that don't know. This was nothing but some type of API error. The CEO of Binanace already talked about it on his twitter. Nobody got liquidated and even if you had a limit sell order in that number, you would of never got a fill.

Binance futures is VERY liquid and this shouldn't happen and most likely wouldn't. Even if it did, nobody would get liquidated unless the mark price was also that high because that is how liquidations are done. They are based on an index price and not on last traded price. Hence no liquidations however stop losses and limit sells would be affected.

However this was an error due to some API and its incorrectly displayed. Nobody I know managed to get an actual BTC sell at those prices compared to what happened in the spot market.

That is good to know, because the first thing that I thought when I saw the chart that was posted by the creator of this thread was that there was some kind of error with the software of binance, and I immediately thought about all the money that people will lose under those circumstances, but if no one was liquidated at that price then this means that it was only some kind of glitch with the display of the price, but still it is really impressive so I'm glad that they gave an explanation for what happened.

[2double0]

That is good to know, because the first thing that I thought when I saw the chart that was posted by the creator of this thread was that there was some kind of error with the software of binance, and I immediately thought about all the money that people will lose under those circumstances, but if no one was liquidated at that price then this means that it was only some kind of glitch with the display of the price, but still it is really impressive so I'm glad that they gave an explanation for what happened.

Even if nothing happened, we all know ffs that these things usually happen in crypto if you ever traded at bitmex. Bitmex used to liquidate the most powerful sides of the coin like if shorts are trending, then it gave a long wick and inverse during the longs' power. I have already clarified that some of my friends got their profits because of this pump while those who were shorting and did not have any sl, lost everything. If it was a glitch, this should not have happened.

[ethereumhunter]

Agree or not, we can only accept what happens to Binance because we do not know the truth. Even if we knew that is manipulation from the people inside Binance, we could not do anything. We hope that will not happen in the future and hopefully, Binance can watch out carefully for what will happen inside their exchange. If that really happens, we can only congratulate people who use that moment to buy or sell their coin at a high or low price because that will be the best moment in their life to see that moment. I think that is happening in the other exchanges.

- Indeed, although this is not their first dark act but these are possibly the most overt acts, according to the latest announcement, after the manipulation occurred, they also reduced the leverage, a strategy to help people who lost in manipulation never have a chance to come back again. Complaints are many but the fact is that they are still the best exchange, users cannot oppose them, more precisely, except for them, we are also hard to find such a reputable exchange, can only take this as a lesson and get less involved in futures trading

They know that their customer is hard to find the other exchanges that can compete with them, so they think, "Hey, I want to do this for a moment. I hope you do not mind".

If there is no bigger exchange than Binance, the customer will not move from Binance. It seems that if the exchange is becoming bigger, they can do that thing for some time and their customer will not complain for a long time.

[peter0425]

Agree or not, we can only accept what happens to Binance because we do not know the truth. Even if we knew that is manipulation from the people inside Binance, we could not do anything. We hope that will not happen in the future and hopefully, Binance can watch out carefully for what will happen inside their exchange. If that really happens, we can only congratulate people who use that moment to buy or sell their coin at a high or low price because that will be the best moment in their life to see that moment. I think that is happening in the other exchanges.

- Indeed, although this is not their first dark act but these are possibly the most overt acts, according to the latest announcement, after the manipulation occurred, they also reduced the leverage, a strategy to help people who lost in manipulation never have a chance to come back again. Complaints are many but the fact is that they are still the best exchange, users cannot oppose them, more precisely, except for them, we are also hard to find such a reputable exchange, can only take this as a lesson and get less involved in futures trading

They know that their customer is hard to find the other exchanges that can compete with them, so they think, "Hey, I want to do this for a moment. I hope you do not mind".

If there is no bigger exchange than Binance, the customer will not move from Binance. It seems that if the exchange is becoming bigger, they can do that thing for some time and their customer will not complain for a long time.

i must admit that i am a binance user for long time now , but i only trade in limited occasions .

there are issues about binance manipulations in the past and even those newly listed coins are unimaginary pumping but i believe that it was resolved already and not happening nowadays.

[palle11]

Not only binance I face it with other exchanges also. Even I don’t understand now why that happen. No volume but big pump candle. As I remember, maybe I was face it with MXC spot trade.

Again it is the negative side of having your coin in a centralized exchange. They can manipulate figures which can lead into pumping that is unexpected because traders will rely on the volume and figure to trade but they don't understand it is just manipulation from those exchanges. Trading in decentralized exchanges is surely the best. This is also why bitcoin becomes the biggest of all cryptocurrency because it is free of any influence.

[ene1980]

In the image above, that pump took place in futures markets on Binance's BTC-USDT perpetual pair on 26 Jul, 2021. You can check the spot charts that there was no $12k pump during when it pumped in futures. The volume at spot was also not so good, but that $12k futures candle had a 182k btc traded volume for that hour only. This cannot be any institution or a normal person's work, I smell something fishy here to attack the traders and decide the trend, change it and liquidate them to make quick money.

Do you really think that Binance will be transparent and will be willing to come out and say what really happened. They are running away from countries that ask them to be transparent and i bet they will keep on running until they clear all their wash trades and submit documents clearing them and that is what i am expecting what will happen in the future and there are chances they will die in the next 5 years.

[pealr12]

In the image above, that pump took place in futures markets on Binance's BTC-USDT perpetual pair on 26 Jul, 2021. You can check the spot charts that there was no $12k pump during when it pumped in futures. The volume at spot was also not so good, but that $12k futures candle had a 182k btc traded volume for that hour only. This cannot be any institution or a normal person's work, I smell something fishy here to attack the traders and decide the trend, change it and liquidate them to make quick money.

Do you really think that Binance will be transparent and will be willing to come out and say what really happened. They are running away from countries that ask them to be transparent and i bet they will keep on running until they clear all their wash trades and submit documents clearing them and that is what i am expecting what will happen in the future and there are chances they will die in the next 5 years.

It is not just binance only, most exchange are not transparent and will not be willing to come out and say anything, it is part of the game for them, even crypto users also run away from exchange that ask for kyc because they don't want to submit their personal data, which also indicate lack of transparency on the part of the users, it is a decentralized space with less interference from the law,  even if binance end up 6ft under, another similar one will rise up from scratch or from the existing ones.

[yhiaali3]

Of course, no one agrees with the suspicious behavior of Binance, it is a clear manipulation and this is not the first time, perhaps Binance is not directly responsible for this behavior and there may be something wrong with it, but this is not acceptable in all cases and this is the responsibility of Binance in the end, exchanges prevent pumps and this What happened pump should be prohibited in any case because it causes great losses to some traders, while others achieve huge profits in exchange for the loss of these poor people.
These things don't happen on Binance only I've seen a lot of platforms where such things happen and some people are exploiting such loopholes to make big profits.

[dothebeats]

There are lots of things that I do not agree with Binance. Lots of suspicious activities lately, plus they seem to halt trading operations whenever there is a sudden sharp increase or decrease on some coins in their platform. That calls for some understandable boycott of their services IMO, but knowing that there isn't any better alternatives as of the moment, we just have to suck it up and deal with it until something better comes along.

Imagine losing millions just because the platform decided to stop trading in an instant without letting users know what's happening.