Following allegations of market manipulation, the management of the largest digital currency exchange platform by transaction volume, Binance, has announced that the platform has never traded against its users.
In the statement, which was released on the official Twitter account of the organization, the management also maintained that it has never manipulated the market and does not plan to do so in the near future.
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
“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.”
Furthermore, the statement noted that the organization places utmost importance on client experience and trading integrity.
“As our industry strengthens relations with regulators, we expect fewer FUD-peddlers and individuals with malicious intent, including the impersonation of Binance employees.
Binance reserves the right to take legal action to protect its interests and welcomes responsible whistle-blowing that protects the trust of our community.”
Binance outages cause uproar
Binance became the target of what is set to become one of the largest International consumer arbitration cases history after a May 19 outage made it impossible for consumers to exit their positions on a day Bitcoin and Ethereum posted their biggest one-day drops since March 2020, with the entire crypto market losing roughly $1 trillion in value
Binance has experienced several outages over the years in times of heightened volatility for virtual currencies. That can be costly for traders, especially when prices are plunging.
And those losses can balloon to millions of dollars when investors make risky bets using leverage, or borrowed money, to augment trades — which, on Binance, is something users do often.
Binance recently cut the maximum leverage customers can take on futures — financial derivatives that oblige investors to buy an asset at an agreed-upon price at a later date — to 20 times from a previous limit of 125 times.
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