Traders Tread Carefully As Red Flags in Crypto Exchanges Continue To Rise

[CryptoBun]

Honestly, i had always thought the crypto world to be one of transparency, trust and stability, every now and then there’s always something exciting be it new projects or new coins with utility but lately regulatory reports keep showing up everywhere. Serious allegations such as internal corruption, bribery, money laundering is getting rampant, trust and transparency that always seemed to be there is now out of the window.

As a trader, the chances of taking profits might get slimmer when the exchange you trust your funds with are being shady. At first it was Bybit, then Kucoin and now Binance …..the one exchange that’s a dominant player with high credibility, who would have thought but hopefully, the list doesn’t get longer. In the crypto world, exchanges are to bring about a reliable and secure environment for users not the one that instills fear.

From recent reports, it turned out most of them would rather fight for their pockets rather than creating a profitable environment for traders. Source; https://x.com/solananew/status/1886159203095691684. More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.

[TomPluz]

More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.

Yes, this can be right...as I also noticed that big exchanges are now so easy in listing many new memecoins maybe to take advantage of the hypes surrounding the project which can mean more volume of trades and more volume of fees that exchanges are charging. These exchanges are now primarily concern on making money...yes making their profits as fatty as possible sometimes to the detriment of ordinary traders. I am hoping that we can call on these exchanges to be more prudent on what they are doing and be cautious with what they are listing though I also understand that they are primarily outfits to make money. At the end, it is the responsibility of the traders to behave according to their own interests and not be swayed by the exchanges they are working with.

[CryptoBun]

More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.

Yes, this can be right...as I also noticed that big exchanges are now so easy in listing many new memecoins maybe to take advantage of the hypes surrounding the project which can mean more volume of trades and more volume of fees that exchanges are charging. These exchanges are now primarily concern on making money...yes making their profits as fatty as possible sometimes to the detriment of ordinary traders. I am hoping that we can call on these exchanges to be more prudent on what they are doing and be cautious with what they are listing though I also understand that they are primarily outfits to make money. At the end, it is the responsibility of the traders to behave according to their own interests and not be swayed by the exchanges they are working with.

Exactly, traders need not to trust any exchange blindly even though it might have a great track record. It seems they are taking advantage of the trust they’ve built over the years to manipulate the markets knowing fully well that traders won’t take note and i hope things change for the better very soon

[hugeblack]

Internal corruption, bribery and money laundering are present in any centralized system and even in highly regulated markets such as the stock market. Although the market is unregulated, the percentage is still small. The impact of these centralized services does not mean a lack of transparency at the blockchain level. The Bitcoin blockchain is still transparent. On the contrary, many are calling for the importance of developing privacy tools.

[rdluffy]

I've been reading about this situation and I hope Binance has a good explanation
To tell you the truth, after CZ was arrested it seems that Binance has changed a bit from the kind of exchange it used to be

However, one tip to protect yourself from these possible price manipulations is not to leverage yourself up and not to get desperate and sell when the price drops sharply.
They can manipulate as much as they like, but if you have your coins in your custody, without leverage, they can't liquidate you

[Akinwale Akinkunmi]

More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.

Yes, this can be right...as I also noticed that big exchanges are now so easy in listing many new memecoins maybe to take advantage of the hypes surrounding the project which can mean more volume of trades and more volume of fees that exchanges are charging. These exchanges are now primarily concern on making money...yes making their profits as fatty as possible sometimes to the detriment of ordinary traders. I am hoping that we can call on these exchanges to be more prudent on what they are doing and be cautious with what they are listing though I also understand that they are primarily outfits to make money. At the end, it is the responsibility of the traders to behave according to their own interests and not be swayed by the exchanges they are working with.

It is so sad to see the recent allegations of internal corruption, bribery, and money laundering in the crypto exchange space. And it is very disheartening to see that popular exchanges like Binance and others are on these issues as they put making profits ahead of providing a secure and reliable environment for traders. I have small funds there and also have transfered all my $300 to Bybit, Bitget, and Kucoin for now.
Although, it's true that exchanges are businesses designed to make a profit, it's also essential for them to maintain a level of integrity and responsibility for once for their users.
And i like what you said that it is definitely up to traders to behave in their own best interests and not be swayed by the exchanges' actions.
Aside that, it is high time we started calling them out and also started demanding for more transparency, accountability, and a commitment to protecting users' interests. By doing that we hope to create a more secure environment for traders.

[Sim_card]

Listing new projects is now like a competition for these exchanges and they don't care if the project will be used to scam people. They prefer making money than keeping to their reputation currently. The cryptospace is becoming a place of personal interest alone and those centralized services are suppose to use their services to prevent such shady actions.

[TomPluz]

Exactly, traders need not to trust any exchange blindly even though it might have a great track record. It seems they are taking advantage of the trust they’ve built over the years to manipulate the markets knowing fully well that traders won’t take note and i hope things change for the better very soon

These exchanges are here for the money they can get from the cryptocurrency market and that is one big point we should not forget when dealing with these platforms. Though many of them can already be classified as trustworthy, we as users and traders should be careful while doing business with them. Our own interest should be our own paramount concern as these exchanges really don't care with us individually. And I am sure this will be the trend from now on...as the Pandora's box is now clearly open for all to see.

[LogitechMouse]

More reason traders should take DYOR seriously, listing overhyped projects seems to be the new trend whereas this could lead to a “list and dump” situation for traders.

DYOR really is very important when it comes to investing, but when it comes to meme coins especially those new ones, doing research is pretty much useless because anytime, the project can just go down and get abandoned.

As for listing projects, it would be the exchanges that will decide whether the coin can be listed or not. As for the traders especially those futures traders, they can maximize these new listings especially those who started as an airdrop token. Overall, I believe that expert traders know what they're doing, and I believe that they will not trade newly listed tokens as well.

[Findingnemo]

This is the problem with the trust based platform because it's controlled by an individual or group of people so we have to trust they will never have I'll intention or better not to keep any amount in the exchange wallets, move them immediately once you done trading. Day traders have no option they have to take that risk which is why it's always recommended to day trade with a small amount from your trading capital so in case if things go wrong you only lose some not everything.

[TBaaddi]

I'm curious what folks here think of Kraken?

[ZAINmalik75]

As a trader, the chances of taking profits might get slimmer when the exchange you trust your funds with are being shady. At first it was Bybit, then Kucoin and now Binance …..the one exchange that’s a dominant player with high credibility, who would have thought but hopefully, the list doesn’t get longer. In the crypto world, exchanges are to bring about a reliable and secure environment for users not the one that instills fear.

With bull run coming, there comes a rise in number of newbies and money in the hands of investors too this money has to be placed on exchanges therefore exchanges create an environment for them where they could be phished to those exchanges besides the trust factor and liquidity factor.

Bribery and other dirty works are happening in almost every crypto exchange because they all are somehwere doing something wrong and not according to the rules this will get them banned in that specific zone the best exchanges to trade in are the ones which fully comply with authorities of USA.

[bayu7adi]

I've been reading about this situation and I hope Binance has a good explanation
To tell you the truth, after CZ was arrested it seems that Binance has changed a bit from the kind of exchange it used to be

Please explain, what is happening right now with Binance... I have searched the internet with the keyword "binance news today" but did not get any bad news on Google... I do not know what is happening at Binance right now, even though I store some assets there...

Even I searched for news about Binance on cointelegraph but there was nothing.. I typed in the search field for the exchange, did not find any negative news but why is this discussion more inclined towards negative discussions about Binance? What is really going on?

[albon]

Most exchanges are not thinking to maintain their reputation because they are making money by using hype. This year several telegrams gaming projects have been listed in various top exchange, but now the price and volume of those projects has died. The point you think that most investors have been damaged in a lot of money. Most exchanges are now cheating with people and for it they are following any hype. If you want to find out that top exchange like binance has many tokens that are really harmful.

[ZAINmalik75]

Most exchanges are not thinking to maintain their reputation because they are making money by using hype. This year several telegrams gaming projects have been listed in various top exchange, but now the price and volume of those projects has died. The point you think that most investors have been damaged in a lot of money. Most exchanges are now cheating with people and for it they are following any hype. If you want to find out that top exchange like binance has many tokens that are really harmful.

I agree most of the meme coins not worthy of lisiting on Binance got listed their but it is just a matter of money if they project want to do their listing on Binance and have enough funds then why would Binance not list that token and if that token also have some popularity too.

Exchanges are not making money by charging projects for listings but they are making the most of their money from future liquidiations therefore they should not chase money by listing useless token but till now I have seen very few meme tokens only getting listed on Binance and Binance is not the best exchange there are many so we should avoid making it the OG here.