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Home Tech Crypto CEX, Lies and Videotape: Binance Accuses Rivals of Fighting Dirty

CEX, Lies and Videotape: Binance Accuses Rivals of Fighting Dirty

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redaction

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probably it's an affirmation
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Summary (IA Generated)

The latest flap is over a bogus video that purports to show a single sell order of 21 million bitcoin on Binance on Jan.

4.

The clip went viral last week on WeChat, a popular China-based social media platform.

A screenshot of the video viewed by CoinDesk highlighted a sell order of 21 million bitcoin at a price of $31,307.

Screenshots in a WeChat group’s chats show that some users appear to be furious, accusing Binance of “market manipulation.

But because we’re nothing if not thorough, CoinDesk confirmed with several on-chain data firms, including CipherTrace and CryptoQuant, that no orders of that size were placed on Binance at the time the video purports to show.

The video “could not be more fake,” Yi He, co-founder and chief marketing officer of Binance, wrote in Chinese on WeChat.

If you looked at English-language social media platforms, you would think the three China-originated centralized crypto exchanges coexist in peace and harmony.

Screenshots of chats and public posts on WeChat and other popular Chinese social media platforms such as Weibo show multiple disputes among the three exchanges over the past several years.

This is not the first time Binance’s He has confronted executives from rivals OKEx and Huobi on social media.

Ciara Sun, vice president of global business at Huobi Group, denied Huobi was involved in “the creation of the video,” and told CoinDesk the video “falsely” recorded a sell order on Binance’s platform.

Likewise, OKEx CEO Jay Hao told CoinDesk that crypto exchanges are often the victims of false accusations of “price manipulation.

These hard feelings go back at least four years, when OKCoin’s then-CTO, Changpeng Zhao, and co-founder Yi He left what was at the time the largest Chinese crypto-to-fiat exchange to start Binance, according to Colin Wu, a China-based crypto writer who previously worked in the country’s crypto mining industry.

Meanwhile, OKCoin, along with other China-based bitcoin trading platforms, closed their trading operations in the country and moved offshore after Chinese regulators banned initial coin offerings in late 2017.

OKEx currently is the second-biggest derivatives exchange by bitcoin open interest, followed by Binance and Huobi.

Several sources, who agreed to speak on the subject anonymously due to close business relationships with the three exchanges, told CoinDesk that as the competition heats up again there may be an uptick in tricks and false information such as the fake Binance video.


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