Cryptocurrency exchange Binance is denying allegations of market manipulation and working against the interest of its users.
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.”
It’s unclear if the exchange was referring to any specific incident, but the statement comes after a Twitter user alleged that Binance 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.
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.
