Business

Erik Gibbs

Binance built on fake volumes, should be banned, asserts critic

Binance has come under fire from a critic who believes the cryptocurrency exchange built its entire business on fake volumes. The individual, Yevgeny Devine, took his views to Twitter, adding that the exchange should be completely banned from Russia.

Devine is an investor in Bitcoin SV (BSV), the original Bitcoin, and asserted a few days ago on Twitter, “The business of CZ was built on fake volume — it allowed him to market his exchange as ‘the biggest crypto exchange in the world’, which attracted crypto projects that desperately wanted to get listed, as well as unsophisticated traders. His power is built on violation of trust.”

He added later, “Binance just lost a $5B consortium by threatening one of our investments. Anymore of this shit, we discuss banning Binance in Russia with our authorities. There’s a plenty of subject.”

Devine is calling out Binance after the exchange’s CEO, Zhao Changpeng, has taken to publicly calling for exchanges to delist BSV over Dr. Craig Wright’s assertions that he is Satoshi Nakamoto. There has always been some debate regarding that assertion; however, the debate has raged on through a number of individuals who have no clue and no evidence to support their belief that Wright and Satoshi are not one in the same.

The whole debate started with the publication of a few documents by one individual who asserted that those documents were forged by Wright in his assertion of being Satoshi. Since then, pundits have latched on, unwilling to verify the information for themselves. However, Wright has already released evidence to support his claims and is even willing to testify to prove the legitimacy of the claims.

Devine adds, “Binance wasn’t banned in Russia solely because certain entities advised the authorities to go soft on exchanges of their own preference, Binance being such, despite its ~70-80% fake liquidity, while pushing the banning of their more legitimate competitors: Bitfinex and Bitstamp.”

While Devine hasn’t put up any evidence in his Twitter posts to verify the volume manipulation claims, others have provided proof. BitWise, in filing for an exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), was able to irrefutably prove that manipulation by exchanges was occurring.

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