๐ชBinance in the eye of the storm after the market crash
After the strong crash of the crypto market last weekend, Binance, the largest exchange in the world, became the center of criticism. Although Binance has explained the cause of the incident and announced compensation, the wave of anger has not subsided.
In this context, CZ (Changpeng Zhao), the founder of Binance, stated: โFrom the very beginning, the core value of Binance has always been to protect users.โ
However, this reassurance did not calm the community but rather triggered further opposing reactions.
๐ฅ Three major accusations aimed at Binance:
1๏ธโฃ Eliminate competitors
Many believe that Binance has a โhistoryโ of pressuring or causing competitors to collapse, for example:
FTX previously.
Hyperliquid (Binance launches Aster to compete).
Solana (Binance launches the Meme Rush program to attract memecoin projects to the BNB Chain ecosystem).
2๏ธโฃ Lack of transparency
Binance does not publicly disclose details of liquidation events and position handling mechanisms, leading the community to suspect that data could be manipulated.
3๏ธโฃ State the principles but do not act thoroughly
Although Binance holds hundreds of billions of USD in assets, after the collapse, the exchange only offered a very small compensation package.
The community believes that Binance is both the influencer and the beneficiary.
โ๏ธ Side drama: the โdemand for 8% tokenโ case
The CEO of Limitless (a project on Base) accused Binance of demanding 8% of the total token supply to be listed. Binance immediately responded: that figure is the airdrop for the community, not a listing fee.
โ ๏ธ The community is deeply divided
One side argues that Binance is being attacked and misunderstood, as all major exchanges must protect their ecosystems.
The other side believes that Binance has become too powerful, even potentially going against the decentralized spirit of crypto.
๐ญ Commentary
This crisis has no verified evidence so far, but it shows: Binance's overwhelming influence means that any fluctuations related to the exchange significantly impact the entire market.
The community's trust is wavering, and if Binance does not become more transparent quickly, this โdramaโ may drag on and destabilize the entire BNB ecosystem....
