Binance denies allegations of market manipulation

[Nathrixxx]

Major cryptocurrency exchange Binance is pushing back against allegations of market manipulation and working against the interest of its users.

In a Monday Twitter thread, Binance seemingly laid the blame for any claims of manipulating the crypto market on publications spreading fear, uncertainty and doubt, as well as certain individuals impersonating employees at the exchange. The firm said it “reserves the right to take legal action to protect its interests,” but was not opposed to “responsible whistle-blowing that protects the trust of our community.”

“Binance has never traded against our users nor manipulated the market, and we never will,” said the exchange.

It’s unclear if the exchange was referring to any specific incident, but the statement comes after a pseudonymous now-deleted Twitter user under the name RealFulltimeApe alleged on Saturday that Binance “keeps an overview of big liq levels and purposely pumps/dumps the price to take them out for profit.” The user claims to be a former “big data engineer” at the exchange and would be “providing proof soon,” but has not shared any evidence at the time of publication.

"I have multiple audio and video files inside the office in which management is CLEARLY talking about 'quickly' liquidating the overleveraged 'longs and shorts' before allowing price to continue up/down, in order to increase the companies' insurance fund & profits," claimed the user.
The exchange hinted of legal action against "FUD-peddlers and individuals with malicious intent" threatening its business interests.

https://cointelegraph.com/news/binance-denies-allegations-of-market-manipulation

Binance Holdings Limited has been the target of authorities in multiple countries including Italy, Malaysia, Poland, Germany, the United Kingdom, the Cayman Islands, Thailand, Canada, Japan, Singapore and the Netherlands, warning investors to exercise caution in regards to the company or claiming it was operating illegally. The warnings from regulators have likely led to some financial institutions no longer allowing customers to send payments to the exchange.

The exchange is also the subject of more than one class-action lawsuit alleging it violated its rules on futures trading. Italy-based legal and consulting firm Lexia Avvocati announced in July it was representing investors who lost “tens of millions” of dollars due to not being able to manage their trading positions and view their balances due to the crypto exchange going offline for several hours on different days. Liti Capital, a Switzerland-based litigation funding provider, has made similar allegations in a separate class-action lawsuit filed in August.

Reliability and customers service satisfaction is one of the key controlling factors to standing out good in a business, one of the most effective and versatile exchange "Binance" well known for it reliability and credible professionalism in Cryptocurrency denies the allegation made on it to have participated in trading against it users neither does it involve in any form of manipulations.
Do you think Binance can do such a ridiculous act to tarnish it already built reputation...? Hackers, scammers, and imposters were behind the ugly scenes but with time they would be track down.

[Charles-Tim]

This happened on binance few weeks ago, it was only on the future trading, I checked the spot trading candle chat but it was okay, nothing happened, I checked some other exchanges both spot and future trading, nothing like that happened also. So, what happened to binance future market that resulted to such Bitcoin price upsurge?

one of the most effective and versatile exchange "Binance" well known for it reliability and credible professionalism in Cryptocurrency denies the allegation made on it to have participated in trading against it users neither does it involve in any form of manipulations.

Nothing in this regard will be reliable than you noncustododial wallet that you have the private key with you, if it is not your private key, it is not your coin on blockchain, you do not have full control on centralized exchanges and other centralized services.

Do you think Binance can do such a ridiculous act to tarnish it already built reputation...? Hackers, scammers, and imposters were behind the ugly scenes but with time they would be track down.

I do not know if they are the one or not, but what actually happened I did not know. I believe the chat above could be what the news and the tweet is all about.

[Baofeng]

The burden of proof will be on the accuser, let's see if he/she can come out with evidences against Binance. I'm not defending Binance per se, but we all know that when you are on top, everyone is going to throw stones at you.

I wonder though why the accuser's twitter account has been deleted: https://twitter.com/RealFulltimeApe/. So let's see how it goes, again, I'm interested to see what data this individual can show to us Binance traders and make our decision it there is market manipulation from behind or not.

[GreatArkansas]

This is one of the disadvantages of using centralized exchanges.
To be honest, they can do whatever they want especially manipulating the market and deny it to the public. This is one is an example.
But we are still not sure of it what happened. They will do or said all to protect their image and platform.

[iTradeChips]

This is one of the disadvantages of using centralized exchanges.
To be honest, they can do whatever they want especially manipulating the market and deny it to the public. This is one is an example.
But we are still not sure of it what happened. They will do or said all to protect their image and platform.

That is why we must be very wary of our investments. Put it on local wallets and not use the exchange as some sort of crypto bank, unless you are on active trading. These kinds of news sure affects binance but it is still publicity. Remembered news before about a big rank officer who resigned from Binance? This is just it, nothing happened with that and the exchange just moved on. Binance will move on from this  and many will forget.

[sheenshane]

That is why we must be very wary of our investments. Put it on local wallets and not use the exchange as some sort of crypto bank, unless you are on active trading.

Please explain further with the local wallet and how it is safe to store our crypto there?
It's not really advisable to store your crypto asset on exchange for a long period of time, just use it for a non-custodial wallet, open-source wallet, or hardware wallets much better.  It's safe and reliable to hold your crypto asset for a long time and don't believe in Binance saying that there's a SAFU out there.

There's nothing impossible in centralized exchange everything they can do, as we can see, they even bought the CMC so that they can possibly manipulate the price and own a crypto price tracker, IMO.

[amishmanish]

Binance has established itself through embracing and legitimizing all sort of coin startups. Its a symbiotic relationship where they list unknown projects with a semblance of existing community and success. There are quite a few good projects that they have listed but due to the sheer scale of transactions on their platform and the number of users, they are in a position where a project gains legitimacy, simply by the fact that it is on Binance.

The addtitional services like Binance research and Binance Launchpad have played their part in it. I think CZ is a good businessman who saw an opportunity and was able to gain a quick foothold and eventual supremacy of the market. Now, if anybody thinks that they have been able to do this without less than scrupulous means is just being naive. Binance is pretty much a big staker of almost all of these PoS coins that keep releasing their own blockchains.

So, overall they have made a market for themselves and been a net positive to the space. The whistleblower mentioned in the OP has talked about having audio-video recordings (hitherto unreleased). If true, this will be pretty bad for their reputation.[quote

I wonder though why the accuser's twitter account has been deleted: https://twitter.com/RealFulltimeApe/.

That though is worrisome and would probably be the end of this saga?

[ARTURVH]

Yes, I am also trading on Binance Exchange, and also using trading tools such as leverage. Since May 19, I have suffered huge losses. I am very worried that Binance's internal operations will bring even greater losses in the future.

[cryptoaddictchie]

Do you think Binance can do such a ridiculous act to tarnish it already built reputation...? Hackers, scammers, and imposters were behind the ugly scenes but with time they would be track down.

I dont think they will tarnish their reputation. Binance will denied it ofcourse cause they definitely will fixed the issue with it. We all knew that they will not lower their name just of the scenario. People will always trust CZ, and as number 1 exchange I dont think they will be victimized with such fud. There are plenty of issues arises during the past few weeks but Binance always counter it. Not a pro binance, but I am one of the solid user of it so I know that they will always make up for it.

[StanleyBoyle]

To be honest, if a centralized exchange does not participate in manipulating the market, there are two reasons. One is that the scale of the exchange is too small and there are too few users to be able to manipulate it. The second possibility is that the exchange is a fool + fool.

Adhere to the development of decentralization, I will not trust centralization, because it is not trustworthy at all.