Binance CEO Changpeng Zhao has been cracking down on clothes trading on cryptocurrency exchanges following the company’s decision. Remove fees For Bitcoin Spot trading.
When is the clothes trade? When a trader buys or sells assets from himself or makes a fictitious transaction.For example, NFT Marketplace Looks rare The LOOKS tokens earned using the site will generate a large number of clothes transactions.
Mandala Exchange Community Manager Noticed on friday A large number of Bitcoins were suddenly traded in a short period of time, but the price of Bitcoin remained almost unchanged.This suggests that many traders are buying When It stabilizes sales and prices more or less.
“Think of this as zero fees and due to people trying to win the VIP tier,” Zhao explains, Binance “excludes BTC transactions from VIP calculations” and “removes all incentives.” I added. Wash tradeIn exchange.
Binance currently has nine different VIP tiers, each lowering user rates for all currencies listed on the exchange.Users have a lot of money Spot trading Within 30 days, the VIP tier will be higher.
Tier systems that reward high-volume transactions, offer benefits to transactions, and charge low to free fees can be vulnerable to operations and clothes transactions.
Within a few hours, Binance publication Exclude that 13 different Bitcoin Spot Pairs (ie BTC / BUSD) from the VIP Tier Benefits and its Spot Liquidity Provider Program. The company said changes were made to “ensure a fair trading environment for all users.”
The exchange has decided to remove the Bitcoin spot trading fee on the 5th anniversary.Compared to other struggling crypto companies like BlockFi When Celsius Or exchange like Coinbase When GeminiBinance seems to be doing well through the bear market, dismissing employees.
Last month we announced that we would be sponsoring a musician. WeekendUpcoming World Tour, and a few weeks later, with substantial social media NFT Partnership with Cristiano RonaldoSoccer star, Instagram’s most popular person.
However, Zhao is also thinking about some FTX strategies. Specifically, it’s about FTX. Loan funds To the sick company May get Later, the company said.
“I never make such a deal,” Zhao said. Decryption..
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