NewsletterCan Binance Manipulate Crypto Prices Like FTX? Binance’s Co-Founder Answers
He Yi, co-founder and chief marketing officer of Binance, on Tuesday said the crypto exchange has strict internal control over crypto trading by employees. After buying cryptocurrencies, employees must hold them for more than 90 days before they decide to sell their holdings. The statement comes in response to the recent misappropriation of customer funds by FTX and Alameda Research.
Binance Has Strict Internal Controls
During the Hong Kong Web3 Innovators Summit on January 10, Binance’s co-founder He Yi revealed that they didn’t know about the misappropriation of customer funds by FTX. Binance’s decision to sell FTT tokens was taken as FTX was spending too much money. However, the seriousness of the problem became clear as things unfolded.
Answering the question of whether internal fund transfers can happen on Binance, she explained that the crypto exchange has a strict internal control policy.
Regardless of level, no employee is allowed to conduct personal short-term cryptocurrency transactions. After buying a cryptocurrency, employees must hold the position for more than 90 days before trading. Therefore, it helps prevents the possibility of market manipulation and insider trading by its employees.
Furthermore, He Yi revealed that Binance is moving ahead with the Industry Recovery Initiative (IRI). The crypto exchange has shortlisted some projects eligible for funding. Moreover, Binance plans to use funds for two large transactions, targeting two trading platforms.
Recently, the crypto exchange welcomed Terra Classic developers to apply for the Industry Recovery Initiative (IRI). Developers wanting to continue to build the Terra Classic chain may receive support from Binance as part of the initiative. Many LUNC developers are planning to apply for Binance’s initiative, confirmed influencers Classy Crypto and DemonMonke777.
Crypto Market Remains Stuck
After a crypto market recovery on Monday, Bitcoin and Ethereum prices remain stable above $17,000 and $1,300, respectively. However, altcoins pared gains and fell on Tuesday ahead of Fed Chair Jerome Powell speech.
While traders await a massive recovery in 2023, FTX contagion to DCG and Genesis is key to look out for in the coming weeks. Moreover, a pivot by the U.S. Federal Reserve can confirm bull market conditions.
Also Read: Coinbase CEO Brian Armstrong Announces 20% Additional Layoff
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Arthur Hayes Predicts Bitcoin Will Hold Above $80k as Fed Ends QT
- Trump Family Loses Over $1B as Crypto Investments In Multiple Holdings Crashes
- Tom Lee’s Bitmine Immersion Buys $82M in Ethereum, BMNR Stock Jumps
- Crypto Market Rebounds Ahead of Key U.S. PPI, Jobless Claims, and PCE Inflation Reports
- JPMorgan Faces Heavy Backlash from Grant Cardone, Jack Mallers, Max Keiser, Other Bitcoin Advocates
- Cardano Price Outlook as NIGHT Token Set to Launch on December 8
- Hedera Price Set for Explosive 30% Rally as Bulls Trigger Breakout
- Bitcoin Price Prediction: Is BTC on Track to Hit $90K This Week?
- Here’s Why XRP Price Will Hit $3 This Week
- Zcash Price Soars 10% as OKX Eyes ZEC Relisting
- WLFI Price Soars 17%: What’s Fueling the Surge?
