Trading Volume Higher Than Stock Platforms on Binance, Critics Claim Potential Insider Trading Happening
The CEO of Binance crypto exchange clarified that Binance leadership always ensures zero insider trading on the platform to comply with all basic rules and laws of the volatile money market.
Binance is a top-ranked, popular crypto exchange known for its highly responsive and secure crypto trading services for all types of users. The services of this exchange are available globally in almost every country where cryptocurrency trading is legal. This crypto exchange also operates its subsidiaries in some countries. As per reports, Binance is the only crypto exchange with the highest number of regulatory approvals to provide crypto services.
On 21 Nov 2024, many media reports noted that the trading volume on the Binance platform surpassed major global stock markets: 10% higher than NASDAQ, 2x the New York Stock Exchange (NYSE), and accounting for 50% of all CEX trading volumes. This sudden increase in volume was observed between October 7th and November 15th, 2024.
Following this sudden increase in trading volume, many critics claimed it was due to insider trading on the platform.
Addressing these concerns, Binance’s new CEO, Richard Teng, stated that Binance ensures a zero-tolerance policy for insider trading and that all such claims against Binance are false. He also encouraged users to report any suspicious trading behaviour to the Binance team.
Binance WhatsApp Channel
On 21 Nov 2024, Binance launched its WhatsApp channel to connect more closely with its customers.
In countries like India, people prefer WhatsApp Messenger over other platforms due to its popularity and widespread use. This decision by Binance to launch a WhatsApp channel is seen as a strategic move to maintain better communication with customers.
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