Cryptocurrency exchange Binance has denied allegations of market manipulation and actions contrary to the interests of users.
Binance
writes on Twitter that the management of the exchange intends to clarify its position regarding the statements of some persons posing as exchange employees. Their claims that the platform is manipulating the market and trading against its own users spread fear, uncertainty and doubt among them.
Binance said it has no objection to providing accurate information to ensure community trust, but reserves the right to take legal action to protect its business reputation.
“Binance has never traded to the detriment of its clients’ interests or influenced the market. We will never do that. ”
The exchange did not report the specific incident for which such a statement was made. It was published following claims from a Twitter user under the pseudonym RealFulltimeApe that Binance monitors high levels of liquidity and then deliberately orchestrates “pump and dump” schemes for its own benefit. This user claimed to have previously worked at Binance as a Big Data Analytics Engineer.
According to him, he has several audio and video files, testifying to the rapid liquidation of long and short positions before the fall and rise in the price of cryptoassets, which allowed the exchange to increase the insurance fund and the company’s profits. At the same time, the user did not provide any evidence, and now his tweets are no longer available.
Recently, Binance has come under attack from regulators in various countries. They state that Binance operates in their country without a license and urge investors to be careful. Among these regulators were the Central Bank of the Netherlands and the Commission on Companies and Exchanges of Italy (CONSOB).
However, Binance is making every effort to comply with international regulatory standards. Last week, the marketplace tightened its customer verification requirements.
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