National Union of Consumer Rights Protection of Russia accused Binance of manipulation

According to the organization, the exchange uses its influence to form prices in the crypto market

27.12.2021 - 08:00

259

1 min

What’s new? The National Union of Consumer Rights Protection (NSZPP) believes that the popular cryptocurrency exchange Binance manipulates the market and uses its influence for personal gain. A statement to this effect has been published on the organization's website.

News source on the NSZPP website

What is the essence of the allegations? The organization‘s representatives highlighted that Binance accounts for about half of all global cryptocurrency transactions. Meanwhile, the exchange’s head, Changpeng Zhao, uses this monopoly for personal gain.

“Changpeng Zhao has unlimited opportunities to open sell deals and unlimited opportunities to open buy deals for his own issued cryptocurrency BUSD. Thus, Binance has truly unprecedented opportunities to manipulate the global rates of cryptocurrencies.”

What actions will be taken? The NSZPP has already sent a letter to the Bank of Russia with a request to respond to these manipulations. One of the possible measures may be a restriction on contracts between the exchange and individuals, which will essentially be a ban on Binance's operations in Russia.

Author: