Binance co-founder Yi He says the exchange cannot be held accountable for the ‘the rise and fall of coins’ listed on its platform. The criticism comes after several tokens experience major declines in trading.
In a recent post, Yi He acknowledged that the platform still had issues and the team is committed to continuously improving the crypto exchange’s performance. However, she disagreed with critics who were blaming Binance for the fall of several tokens that were recently listed on its exchange.
“We certainly have many problems, but Binance cannot be responsible for the rise and fall of all coins. There are many areas that need improvement in products and operations,” stated Yi He in her recent post.
Although she understood where the critics are coming from, she admitted to feeling exhausted by the frequent accusations aimed towards Binance in the crypto space. She compares the constant witch hunts of traders placing blame on the crypto exchange for things out of their control.
“It is not enough to prove your guilt and apologize. As soon as you are involved, you will be charged with the next crime and paraded through the streets with drums and gongs,” said Yi He, adding that she is “tired” of the accusations.
Yi He’s response came after several altcoins losing between 20% and 50% on Binance spot trading pairs from April 1 to April 3. So far, the tokens listed on Binance which have experienced major declines include ACT, TST, MASK and LEVER. The most recent token to experience a short-term huge drop is CATI, the native token from TON mini-game Catizen. CATI fell by more than 20% from 11:15 to 12:00 UTC+8 during trading on April 3.
On April 1, several altcoins fell in succession on the Binance trading platform. The trading pair ACT/USDT fell by nearly 50% within 30 minutes, while DEXE/USDT plummeted more than 23%, and DF (DF) fell by 16%. This led to the ACT team declaring that it will launch an investigation regarding the token’s recent price drop.
The next day, ACT and DF continued to fall by 64% and 36% respectively. Trading pairs for LEVER and MASK (MASK) also suffered sharp drops, with LEVER/USDT went down by 28% and MASK/USDT decreased by 29%. Traders have surmised that the sharp drops in select tokens are due to mass sell orders that were executed simultaneously on the platform.
This has led to many traders online blaming Binance for the token downfalls and comparing its performance to platforms like Coinbase and Bitfinex.
“The current backlash against Binance is a result of its market dominance and the lack of transparency in its operations,” said one trader.
“Has Binance taken responsibility for ACT?” asked another trader in Chinese.
