InstaForex

August 24, 2021

Accused of Market Manipulation, Here's Binance's Explanation

 Binance in his latest tweet last night explained that they have never manipulated the market and are against the interests of its consumers.


Upon learning about allegations of market manipulation made against us, we want to make our position regarding this critical subject matter clear.


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


- Binance (@binance) August 23, 2021


Not sure what triggered Binance’s ‘emotions’, however there are a handful of parties who argue it may be related to a statement uploaded by an individual who claims to be a former Binance employee.



On August 21, a twit user with the username @RealFulltimeApe had accused Binance of exploiting his users: “As a former Binance (Europe) data engineer, I can tell you: You have been cheated. Binance is always countertrading and liquidating you. Binance there keeps an overview of large liquids and deliberately pump/dump prices to make a profit. Evidence will follow. ”


Realizing that this situation further complicates the Binance market, they did not hesitate to take legal action to protect its interests.


Meanwhile, the @RealFulltimeApe account was found to have been deleted at the time this article was written.


Binance’s position is arguably getting sharper.


Previously, the firm had faced the issue of illegal operations and was targeted by authorities in several countries including Italy, Malaysia, Poland, Germany, the United Kingdom (UK), Thailand, Canada, Japan, Singapore, South Korea, and the Netherlands.