Did Binance Trade Fairly As A Crypto Exchange During Bitcoin Crash!?

Binance is one of the largest crypto exchanges in the world. But did the crypto exchange trade fairly during the recent Bitcoin crash?

Binance is a crypto exchange and one of the largest in the world. Yet the company is not that old, it was founded in 2017. During the latest Bitcoin crash, some customers lost a lot of money. Lots of money.

Binance and the Bitcoin Crash

People are greedy. And if the price of a crypto does not rise fast enough, you can also start working with leveraged products. Many people have done that, while they did not expect Bitcoin to fall so fast. With a lever you lose twice as fast.

Binance has cleverly responded to this by launching a new product on the market, namely the Binance Leveraged Tokens (BLVT). So they work with a lever. You then buy positions, with which you speculate on a rise or fall of a crypto. The unique thing about this is that you are not buying actual crypto. You can therefore only buy these positions on Binance. Customers have done that and linked the value to Bitcoin. It just kept rising anyway, so why not take advantage? Well, a lot of people have gotten into the boat with this. Some customers have lost as much as 96% of their investment. Ouch! Extra juicy: during the Bitcoin crash in May, Binance was suddenly out. Many customers find this very coincidental. Because as a result, they could not sell their positions and the losses rose enormously.

angry customers

Yes, many people are therefore angry with Binance’s behavior during the Bitcoin crash. Losing so much money is not fun, to describe it so diplomatically. Binance doesn’t feel like compensating the customers. In fact, Binance believes that this is the traders’ own fault. You consciously choose it yourself and that is again true. If you would like a lot of profit, then you should not whine about a loss. However, the customers are not letting it go and are now preparing legal action.