December 8, 2023

Russian public organization accused the crypto exchange Binance of manipulation

Russian public organization accused the crypto exchange Binance of manipulation

The National Union for the Protection of Consumer Rights (NUCPP) called on the Central Bank of Russia to ban cryptocurrency tradingBinance platforms to conclude contracts for financial services in the country.

According to activists, Binance has established a “monopoly on pricing” and has limitless opportunities to manipulate prices in the digital asset market.

They claim that the head of the Changpeng exchange Zhao pampitor collapses prices for its own benefit, dumping or acquiring cryptoassets for its own BUSD coin, thereby manipulating prices. The organization is confident that Changpeng Zhao is acting solely in his own personal interests, and will continue to manipulate the market.

Activists are also worried that a company with a daily turnover of up to $ 80 billion does not have an actual address and a license to operate crypto-exchanges in the jurisdiction of registration.

NSZPP asks the Bank of Russia, as a body,regulating, restrict the activities of Binance in the territory of the Russian Federation. In addition, the Bank has the right to oblige Binance to return funds to investors for the acquired assets if they were provided with “incomplete or inaccurate information”. At the same time, the NSZPP did not provide documentary evidence of the accusations of the largest cryptocurrency exchange Binance set out in the letter.

Binance has faced pressure this yearregulators in many countries. Previously, regulators in the UK, Cayman Islands, Thailand, Hong Kong, Poland, Malta, Italy and Malaysia raised claims against the exchange’s activities. Binance's European partners have stopped working with the exchange. 

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