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Cryptoknowmics 2022-07-09 06:56:30

Binance CEO Nixes Incentives After Bitcoin Wash Trading Surges

Binance CEO Changpeng Zhao is taking stricter measures against wash trading on its cryptocurrency exchange, following the company’s decision to eliminate fees for Bitcoin spot trades. On Friday, a community manager at Mandala Exchange discovered that although a significant amount of Bitcoin had been traded quickly and unexpectedly, its price had hardly altered. It implied that many dealers were buying and selling, maintaining a constant price. Zhao stated that Binance would “exclude BTC trading from VIP calculations” and “eliminate any incentives to wash trade” on the exchange. He believed this was because of $0 fees and users wanting to advance in the VIP tiers. Think this is due to zero fees and people trying to gain VIP tiers. We will exclude Btc trading from VIP calculations. Remove all incentives to wash trade. Announcement with details coming shortly. https://t.co/5wm4uPAudX — CZ 🔶 Binance (@cz_binance) July 8, 2022 Binance Avails Nine Different VIP Tiers There are presently nine different VIP tiers available on Binance, and each one lowers user fees for all currencies available on the exchange. The higher a user’s VIP tier, the more money they have spot traded within 30 days. Hours later, Binance announced that its 13 distinct Bitcoin spot pairs (such as BTC/BUSD) would no longer be eligible for VIP tier perks and its spot liquidity provider programme. According to the firm, the modifications were made to “maintain a f...

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