Thursday, September 16, 2021
HomeNewsInvesting.com's lousy tricks of the crypto exchanges

Investing.com’s lousy tricks of the crypto exchanges




Investing.com – It wasn’t that long ago that the UK’s Financial Conduct Authority (FCA) warned Brits not to use the services of the Binance cryptocurrency exchange.

The FCA issued a corresponding warning on June 26, 2021:

“The requirements imposed by the FCA do not currently allow Binance Markets Limited to engage in regulated activities. The Binance Group appears to offer a range of products and services to UK customers through its website, Binance.com. Be aware of advertisements on the Internet and on social media carefully … “

Whistleblower threatens Binance

But that’s not all: Now a former Binance “big data programmer” claims that he has solid evidence of price manipulation.

According to the whistleblower, the evidence is audio and video files, which clearly demonstrate that management is targeting certain long and short positions in order to increase the company’s profits.

In this context, Binance was forced to do the following report to publish:

“Binance has never acted against its users or manipulated the market in the past and will not do so in the future.”

What is certain is that the regulatory authorities in many countries do not speak well on Binance (Germany, Great Britain, Poland, Italy, Canada, Japan, the Netherlands and many more).

The Twitter community is sure that there is some truth in the claims and provides a variety of examples in the more than 500 responses to this tweet.

So that the matter does not get completely out of hand, the crypto exchange announced legal steps to protect its own interests.

We may never know whether the whistleblower @RealFulltimeApe really had evidence that the prices of,,, & Co were manipulated. His tweet has disappeared and the account is no longer active.

Reddit is already speculating whether Binance could have paid a “hush money”.

Class actions against Binance are rolling

Just because the whistleblower went into hiding doesn’t mean Binance is off the hook – on the contrary. Italian law firm Lexia Avvocati announced last month that it was representing several investors who lost “tens of millions of dollars” on the Binance Futures platform.




Since it was not possible to manage the open positions several times due to “technical problems”, such losses occurred.

On August 19, Liti Capital SA, a Swiss-based litigation finance provider, issued a press release regarding another class action lawsuit.

It will represent more than 700 plaintiffs who have suffered over $ 100 million in damage with Binance.

There is still no plausible explanation for the failure of Binance services on May 19, 2021. These “difficulties” have occurred repeatedly since October 2020.

Liti Capital SA knows that crypto is not a bad thing in and of itself, but this market has yet to learn that you will be held accountable for missteps.

“Crypto and blockchain are the future, but we still have to put order in this area. It’s like the Wild West here. Companies like Binance – which are the largest and most influential players – must be held accountable,” says David Kay, CEO of Liti Capital.

Binance has secured itself well against possible lawsuits from individuals. Anyone who has not only confirmed but also read the terms and conditions should have noticed that disputes are only settled in front of the Hong Kong International Arbitration Center.

Anyone who does not have their own legal department and can pay the escalating travel and court costs from the postage account will never get their rights in the event of a case.

“Binance has made it difficult – not impossible, but very difficult – for the average consumer to appeal,” says Aija Lejniece, an arbitration attorney who worked with the group of traders. “There is no monitoring of Binance’s activities. Nothing to control what is really going on here.”

Liti Capital SA CEO David Kay concluded:

“We firmly believe that Binance has gone far beyond what the law allowed”.

From Marco Oehrl


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending News

Recent Comments