Published
3 years ago on
September 07, 2020
- One of the biggest platforms in the world, Binance is very popular throughout the industry and with good reason.
- The platform is well known for responding fast to market dynamics and increasing investor trading options on the exchange all the time.
One of the biggest platforms in the world, Binance is very popular throughout the industry and with good reason. The platform is well known for responding fast to market dynamics and increasing investor trading options on the exchange all the time.
The platform has numerous coins and tokens on its platform exchange and with the so-called “DeFi bubble” thriving throughout the industry, the exchanges at the front line to list new projects with potential for huge gains.
15 of these tokens were listed in August on the platform with four more so far being listed in September. Some of the listings are also available on the Binance margin trading and even though many of these projects are legitimate, there are some that are simply out to scam you. This can include numerous coins including YFI, Sushi & DFi.Money.
One well-known crypto investor known as ‘CryptoWhale’ believes that the quick decisions by the platform to list more and more tokens isn’t good for anyone involved, including investors. He believes that it is a big obstacle for the adoption of Cryptocurrency as he further went on to say:
“You should really consider adding restrictions to the coins you add to your exchange. Hundreds of scams have been listed on Binance over the years and millions of dollars of investors’ funds forever lost.”
He’s now calling on the chief executive officer of the company, CZ to practice more accountability for the investors sake as well as the reputation of the platform. He said:
“As an exchange, CEO, you have the responsibility to list projects that have true potential, not just whoever pays you the most. It is very discouraging seeing this behavior. It’s another reason why new money is reluctant to join this space. “
It will be interesting to see how this situation plays out.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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