Binance CEO accuses traders of the increasing problems with orders

According to Changpeng Zhao, on an unnamed crypto exchange, traders’ orders get stuck for a while, skipping other orders ahead

21.08.2022 - 07:30

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2 min

What’s new? The CEO of crypto exchange Binance Changpeng Zhao has criticized “the bad players” for repeated problems with trade order execution on one of the platforms. On the unnamed crypto exchange, he said, traders’ orders got stuck for some time, skipping other orders ahead. Zhao noted that this probably happens quite often on this platform, which is why traders have coined the term “jitters” for it. Binance CEO wrote on his Twitter account that he has learned about this phenomenon recently.

Just learned a new word, jitters. On 1 particular exchange, sometimes your orders will be stuck for a bit, and a few other orders will get in front of you. Apparently, this happens often enough on this exchange that the traders coined a term for it, jitters. (Front running) 🚫— CZ 🔶 Binance (@cz_binance) August 19, 2022

What else did Zhao write? While Zhao’s statement about jitters was not directed at any particular exchange, the crypto community has speculated that it is about FTX, led by Sam Bankman-Fried. Zhao also noted that he had contacted VIP traders at Binance, who confirmed that they were aware of this issue. Community members also noted that they were aware of this situation, to which Zhao responded, “All of you guys knew and didn't say anything. We need to fight the bad players.”

The community’s suspicions about FTX came as the US Federal Deposit Insurance Corporation (FDIC) accused the exchange’s US division and four other cryptocurrency companies of spreading false information on August 19. According to the FDIC, FTX US, SmartAssets, FDICCrypto, Cryptonews, and Cryptosec misled investors by claiming that their products were insured by the agency’s program.

Earlier, analyst Colin Wu reported that FTX froze the account of a user who sent funds to the platform Aztec Network. It uses zk-SNARK technology to increase the privacy of Ethereum transactions. Wu added that the exchange identified the network Aztec Connect as a high-risk crypto mixing platform.

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