Crypto exchange Binance has sparked widespread controversy in financial circles after being accused of practices described as opaque during the recent downturn in the digital asset market.
According to complaints circulating on social media, many traders faced significant difficulties accessing their accounts during the crash, as accounts were frozen and automated trading orders, such as limit and stop-loss orders, were suspended at moments deemed critical for risk control.
Analysts believe that these measures, if proven valid, would give the platform an unfair advantage over individual investors, especially during periods of extreme volatility when markets witness massive liquidation of open positions.
For his part, Richard Teng, the new CEO of Binance, is facing increasing pressure, with some regulatory bodies calling for a formal investigation into allegations of intentional market manipulation and harm to users.
These developments come as Binance seeks to restore investor confidence following a series of legal and regulatory actions that have plagued it in several countries over the past two years, amid growing calls for tighter regulation of crypto markets globally.
