Fri. Aug 19th, 2022
Alleged former Binance employee accuses broker of manipulation and says he will prove

An alleged former Binance employee accused the brokerage firm liquidates its trading clients, causing these people losses in their trading. Identifying only as “Fulltime Ape“The Twitter profile states that the person behind it is a former Big Data Engineer at Binance in Europe, a region that has sought to close the brokerage’s doors. It is worth noting that Binance is now the leading broker in terms of volume, both Bitcoin and various altcoins. Thus, any problem with the company ends up causing traders to worry about possible falls in the market.

What does the ‘ex-employee’ of Binance accuse the brokerage? understand the case

Last Saturday, user “Fulltime Ape”, who is not known who is the person behind the enigmatic profile, claimed to be a former employee of Binance in search of the truth, accusing the broker of trading against its clients.

“1) As a former Big Data engineer at Binance (Europe), I can say: YOU ARE being deceived. Binance is constantly trading and selling you off. Binance maintains an overview of large liquidity levels and purposely pump/dump the price to withdraw them for profit. I will provide proof soon.”

Without disclosing any evidence of its allegations, the profile made explosive charges against Binance, claiming it has audios and videos from inside the office that will be released soon. In addition, the person behind the profile says he has screenshots and more audio and video of meetings that asked employees to create price manipulation methods that will also be publicized. In the end, the profile stated that it does this because it was mistreated by the company, as well as all employees.

“Soon, I will release all the evidence I have that suggests and strongly proves that Binance is using malicious practices in order to financially benefit the company. Why am I doing this? Simply because they treated me (and other employees) like an underpaid me***.”

What does Binance say?

The largest brokerage in volume in the world ended up publishing this Monday (23) a clarification to the global cryptocurrency market, stating that it has never traded against its clients.

“When we become aware of allegations of market manipulation made against us, we want to clarify our position in relation to this critical issue. Binance has never traded against our users or manipulated the market, and we never will.”

According to note, published by Binance’s official Twitter, the brokerage attaches importance to business integrity and people who create accounts posing as employees create lies.

“Binance places great importance on customer experience and business integrity. As our industry strengthens relationships with regulators, we expect fewer FUD sellers and individuals with malicious intent, including the impersonation of Binance employees.”

Finally, the brokerage firm said it would take legal action to protect its interests, indicating it could sue the alleged former employee, who said he would prove what he alleges.

“Binance reserves the right to take legal action to protect its interests and welcomes responsible reporting that protects our community’s trust.”

Under international pressure, last week Binance started to demand proof of identity from all traders, new and old. In addition, the Brazilian division suspended trading in futures and derivatives, following a CVM request last year.

By Dov Herman

Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on TrustedBrokerz and across the web.