Can Binance Manipulate Crypto Price Like FTX? Binance’s co-founder answers
He Yi, the co-founder and chief market officer of Binance, stated Tuesday that the crypto exchange has strict internal controls over employees trading in crypto. Employees must keep cryptocurrencies for at least 90 days after purchasing them. Only then can they sell them. This statement is in response to recent misappropriation by FTX/Alameda Research of customer funds.
Binance has strict internal controls
Binance’s cofounder, He Yi, revealed that they did not know about FTX’s misappropriation customer funds at the Hong Kong Web3 Innovators Summit. Binance decided to sell FTT tokens because FTX was overspending. As the events unfolded, however, it became apparent how serious the problem was.
She answered the question about whether internal fund transfers could be made on Binance.
No employee, regardless of their level, is allowed to make short-term cryptocurrency transactions. Employees must keep the cryptocurrency position for at least 90 days after purchasing it. It helps to prevent market manipulation and insider trading by its staff.
He Yi also revealed that Binance is moving forward with the Industry Recovery Initiative (IRI). The crypto exchange has selected projects that are eligible for funding. Binance also plans to use funds to fund two large transactions that target two trading platforms.
The crypto exchange recently welcomed Terra Classic developers to apply to the Industry Recovery Initiative (IRI) Binance may offer support to developers who want to continue building the Terra Classic chain. Many LUNC developers plan to apply for Binance’s initiative, according to confirmed influencers DemonMonke777 and Classy Crypto.
The Crypto Market is Still Stuck
Bitcoin and Ethereum prices are stable above $17,000 and $1300 respectively, despite Monday’s crypto market recovery. Altcoins lost ground and fell on Tuesday, ahead of Fed Chair Jerome Powell.
Traders are waiting for a huge recovery in 2023. However, FTX contagion is DCG and Genesis that traders should be watching in the coming weeks. A pivot by the U.S. Federal Reserve could confirm bull market conditions.
Also read: Coinbase CEO Brian Armstrong Announces a 20% Additional Layoff
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