Singapore, October 25th, 2024 – Bitunix launched a new functionality on October 21st to prevent price manipulation on the platform. This initiative aligns with Bitunix’s ongoing mission to offer a secure and transparent trading environment for all traders and investors equally as the fastest-growing crypto derivatives exchange.
Retail traders are usually victims of market manipulation by large players in the crypto industry. When whales manipulate the price by buying or selling their assets, this affects the overall price, usually putting retail traders at a disadvantage. This remains a serious concern in crypto, with numerous incidents involving the exploitation of system vulnerabilities.
As the IRS reported, 18 firms and individuals were charged in October for alleged manipulation in cryptocurrency markets. These cases highlight fraudulent practices like pump and dump schemes, which have been prominent in crypto space. Such actions demonstrate the ongoing regulatory focus on ensuring market integrity and protecting users.
Therefore, to prevent this phenomenon, the new feature on Bitunix “Trade Safer” will automatically cancel any orders that have the potential to move market prices by more than 5%.
“No more shady trades on our watch. With this feature, we are leading the charge to create a fairer, more transparent market for everyone. We’re here to empower traders, not just protect them.”” said Aron Lee, Co-founder at Bitunix.
The feature uses sophisticated algorithms to analyze trading patterns and detect irregularities that may indicate manipulation. By addressing these issues, Bitunix aims to create a more stable trading environment, ultimately benefiting all users.
With this feature, Bitunix protects users from volatility caused by large orders. This reaffirms the determination that Bitunix has to provide a platform that is fair for everyone. This feature not only ensures a more stable market for traders but also improves overall user trust. With a series of feature launches, Bitunix is setting a new standard for exchanges, making it the go-to platform for traders as well as the fastest-growing crypto derivatives exchange in the world.
For more information about Bitunix and its new price manipulation prevention feature, visit www.bitunix.com.
About Bitunix
Bitunix is a global cryptocurrency derivatives exchange founded in 2021, committed to offering simple, secure, transparent, and cost-effective trading services to its users. Bitunix specializes in both spot trading and perpetual futures, with over 250 trading pairs and leverage of up to 125x.
With features such as top-tier liquidity, 24/7 customer support, and a strong commitment to regulatory compliance, Bitunix remains at the forefront of providing a reliable trading experience for the global crypto community. Bitunix has attracted more than 1,000,000 users from over 100 countries, facilitating a daily trading volume exceeding $1 billion on its platform.