$ 1,197.93 1.54%
$ 40.77 0.62%
$ 0.066589 1.94%
$ 4.40 2.90%
$ 21,214.00 0.36%
$ 235.10 2.22%

Critic alleges Binance is built on nothing more than fake volumes

critic devine bashes binance after zhai bsv statement

A Binance critic alleged that the exchange has built its business on illegitimate trade volumes. The Bitcoin SV defender holds the view that this exchange should be shut down and banned in Russia too, after the threats received from Changpeng Zhao for delisting.

A Bitcoin SV investor, Yevgeny Devine has threatened to initiate a campaign to expel the digital currency exchange in Russia. This came following the threat made by Zhao, to delist the exchange if the rumors around Craig Wright being Satoshi did not stop.

Binance faced a loss of almost five billion dollars ($5b) after this statement was made. Digital currency enthusiasts were not bothered by this since they feel that Binance SV will face a greater loss if it becomes delisted.

Many in the crypto space believe that Binance SV was established on the false claim by Craig Wright that he is Satoshi. Devine stated that Binance was not banned in Russia only because of the suggestions of authorities to go easy on the exchanges of their choice. Binance, despite its seventy to eighty percent fake liquidity, while promoting the banning of the more lawful competitors, Bitstamp and Bitfinex.

He went on to add that the majority of the trading volumes of Binance are unreliable and even though his claims were not backed with strong evidence. He is of the firm belief that these fake volumes enabled Zhao to promote his exchange as the greatest digital currency trading platform.

According to recent studies by BitWise as presented to the SEC, Devine’s claims regarding manipulation of trade volumes being a common and more widespread practice in the crypto space are somewhat supported.

Johnson Go

Johnson Go

Blockchain enthusiast, project management specialist, writer and crypto investor. JG deals mostly with problems and solutions of crypto projects and provides market outlook for investments. He contributes his analytical skills to projects.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Cryptocurrency Investments To Make in a Bearish Market - Shiba Inu (SHIB), Dogecoin (DOGE), and RoboApe (RBA)
Monero Price Prediction 2022-2031: Is XMR Price Going Higher?
Polkadot price analysis: DOT price will break above the closest resistance level found at $ 9 over the weekend
ISO 20022 compliant crypto-list

Follow Us

Industry News

Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon
Uphold announces restriction of Venezuelan users