Binance in trouble over listing scam defi token - page 2.

electronicash

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Quote from: jekanmasin on September 06, 2020, 01:22:53 PM

It was not binance fault to list scam projects that has a big volume of trade.. Binance list their project because they paid binance for listing their projects which mean they have money for listing. So we need to be careful as now we cannot think all project listing at binance is all legit now.

it means that whenever a team can pay for it, they can be listed on the big market and can take advantage of it despite not showing the profiles. it could just be one in a million situation for binance but it can happen again if the project is a defi that many of the people will think it has potential because of the hype. i really think binance will once again add defi tokens soon. reputation is at stake now.

john_nautica

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Quote from: Bitstar_coin on September 06, 2020, 09:03:17 AM

As much as it sounds displeasing to hear I think cz is making sense when he said nobody was forced to invest and all investment comes with high risk, people should learn to take responsibility of their action and stop looking for who to blame, those who invest in this Defi hype are greedy as well and should also be blame, already they knew the risk involved and yet they went ahead to invest but now putting the blame on an exchange.

Indeed. We are all responsible for our own decision. We are liable for the arising consequences of our investments.

Quote from: bitcoindusts on September 06, 2020, 12:32:53 PM

Indeed, exchanges should take responsibility if ever they listed a scam project. They somehow advertise that project through their announcement. Aside from that, they take fees from these scam project to be a tool to scam people. What CZ stated is not a reason for them to just list any scam projects. Aside from that, if it is true that they claim that they review every project before listing it on their exchange just to get the people trusts but in truth they don't, then they really have to face consequences of of being a fraud.

But, exchanges are also responsible for releasing such information since this would encourage people to invest more.

jekanmasin

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Be Positive Always!

It was not binance fault to list scam projects that has a big volume of trade.. Binance list their project because they paid binance for listing their projects which mean they have money for listing. So we need to be careful as now we cannot think all project listing at binance is all legit now.

bitcoindusts

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Quote from: Coin_trader on September 06, 2020, 02:30:52 AM

Quote from: Reid on September 06, 2020, 02:20:32 AM

They might be the biggest exchange but that doesn't mean we always trust what they will list there.
It is also our job to look deeper if the coin will have a good product or end up in the sewers.
Besides, it is our money that is on the line and not Binance.

I don't think they will be in trouble for this.
They might battle it with a disclaimer just like that tweet.

They are boasting that they are the best and also claiming that they are reviewing every project before they list it. But this time they list all coins/tokens even if it is an obvious scam. They should be liable at some point because they let them list this coin even though they know how risky is it.

If every scam project listed on binance exit scam then they give this same shit of statement then it will reflect on there image when time comes. I personally use binance because they only list trusted project before but right now. They are just turning into a shady exchange like P2PB2B and Coinsbit which list any project without further research about it as long as they receive listing fee.

Indeed, exchanges should take responsibility if ever they listed a scam project. They somehow advertise that project through their announcement. Aside from that, they take fees from these scam project to be a tool to scam people. What CZ stated is not a reason for them to just list any scam projects. Aside from that, if it is true that they claim that they review every project before listing it on their exchange just to get the people trusts but in truth they don't, then they really have to face consequences of of being a fraud.

[email protected]

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Quote from: ecnalubma on September 06, 2020, 12:06:46 PM

I don’t think CZ still care about reputation anymore, listing an untrustworthy project is a very bad move that they had done. Its about profit and money after all, but off course its also due diligence of the investors. The lesson here is don’t trust a coin or token even if they are listed in big exchanges.

I still can't believe it was done by the binance developers. so far they are doing very well and they have a strong trader and investor support. now there will be many different views for new assets listed there as well as their IEO.

target

legendary

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People trusted them so much that any tokens listed on Binance will be scam free and come this Sushi DEFI that turned out a scam. Whichever CZ explaination is, its going to be about them listed a scam project while the investors trusted them. You can't just risk our money all because yor company wants to earn from the hype. Cheesy

They have to list it otherwaise they'd be obsolete, Binance are now panicking because decentralize exchanges like the uniswap is about to take over them.
They should be feeling it now that the swapping platforms are getting bigger in terms of liquidity.

Jackl87

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Binance wants to make money. When they noticed that they missed out on all that crazy volume that those new DeFi projects generated on Uniswap they began to list new DeFI project pretty quick to get a piece of the cake.
It was only a matter of time until one of those projects turned out to be a scam, but if you look at the prince of the Binance Token it didn't hurt them.

Tomohisa

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Quote from: Kakmakr on September 06, 2020, 06:32:16 AM

Come on... let's be honest, the guy was upfront from the start. He said they are listing it because it is generating huge interest.. and for them interest is when a lot of trading volume is being generated.

The problem comes in when they are listing tokens that has no identifiable team, but if that was the rule.. nobody would be listing Bitcoin (BTC) ..because nobody knows who Satoshi Nakamoto is. Roll Eyes

They are in the business to make profit and if people are asking for a specific token.. and it shows large trading volume, then they would surely list it to get those fees. Roll Eyes

Yeah, what an excuse "if we don't list it, other exchange will so don't blame us over its exit scam". Thank you for making Binance, the most trusted exchange becomes no different than some B-tier exchange out there who will list anything because "muh traffics". Also, what do you mean by "people are asking for a specific token"? If it was a scam but since people have a demand for it then it's okay to list a scam coin on their exchange as well? The crypto has gone mad because of "muh profit", right or wrong, scam or legit doesn't matter anyone.

ecnalubma

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www.Artemis.co

I don’t think CZ still care about reputation anymore, listing an untrustworthy project is a very bad move that they had done. Its about profit and money after all, but off course its also due diligence of the investors. The lesson here is don’t trust a coin or token even if they are listed in big exchanges.

Krislaw

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I honestly don't think that SUSHI will be an exit scam more like pump and dump is expected but advertising such a coin on an exchange especially Binance where many users trust will surely affect their credibility and reputation among traders, although it is listed on their exchange no one also expected that the founder or SUSHI will exit with the profits, He's right we're responsible for our actions but he can prevent it from happening tho. That's why you need to expect the unexpected in crypto.

Jawhead999

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Quote from: Zazzu on September 06, 2020, 02:43:33 AM

-snip-

I see the requirement has been updated many times and when I checked the forms, actually you can still submit Other position instead of CEO nor Founder of the token. Probably this project mentioning as DeFi project, so it make CZ hurry to list this token without properly checking the token first.

source

Quote from: LazerPanther on September 06, 2020, 04:44:50 AM

Honestly, Cz ruined the credibility of the exchange. He's afraid of losing traffic and listing a scam project, he doesn't even know who its founder is. It is too risky for us to invest in Defi projects in this market, they can become scammer at any time.

I don't think people will said "Binance is scam","Avoid Binance","Binance is sucks" bla bla bla. Actually the name of the project is obviously shady, Sushi is a name of food made from japan, not a token LOL.
Even though Binance still listed this scam token, many (probably all) still believe Binance as a trusted and popular exchange.

shakesbear

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I will not believe that CZ does not know the Sushi team,how can it be, lists shitcoin which is a week old, do not worry about their reputation at all ?

Bitstar_coin

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SecureShift.io | Crypto-Exchange

As much as it sounds displeasing to hear I think cz is making sense when he said nobody was forced to invest and all investment comes with high risk, people should learn to take responsibility of their action and stop looking for who to blame, those who invest in this Defi hype are greedy as well and should also be blame, already they knew the risk involved and yet they went ahead to invest but now putting the blame on an exchange.

qomariah95

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I am sure the reason why Sushi list is on Binance. Because CZ knew the volume was large. And several other large exchanges do the same. So in this case, it wasn't really CZ who was at fault. But basically all cryptos do come with risks. And we all know that we want to be profitable in a short time. DYOR.

aioc

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Quote from: Pffrt on September 06, 2020, 02:41:07 AM

That's a shit that they had not go through kind of KYC for funder before listing a shit. I used to think that exchanges like Binance must keep records of project owner before they list it specially if the project is new. Now, this. This is really a shit from CZ. Now, CZ posting this shit even. They are not the best exchange anymore. Showed no responsibility to the customers.

This one put Binance in trouble it's hard to accept that Binance cannot keep project accountable, they have not done a KYC to these projects when they asked for all traders to do it, with all the lost investors are getting now, people might boycott Binance it's not safu anymore in Binance they go down the level of Yobit, they are now both on the same level.

swordking

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swordking

Blaming Binance for this is no solution because crypto is highly risky and as a trader or investors, it's our duty or responsibility to ensure all the things before purchasing the token. Because we know anything would happen in crypto at any time so it is good to know about the risk before becoming part of the project.

Lantind

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Quote from: chikator on September 06, 2020, 06:17:07 AM

Its hard to blame binance over this. They are afterall a platform and investors should make their own research especially when about to risk their own hard earned money.

Yes, it's not worth blaming Binance for that because Binance has provided a lot of great features for everyone and it benefits everyone too, meaning that they only provide services to the public according to the needs of their users.

Botnake

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Exchange has requirements before listing a project, pretty sure before they list SUSHI it has already passed all the requirements, so I think exchange here should not be blame, people should understand that there's a risk in investing and this is already part of the risk.

At least we have an exchange that provides liquidity to us trades, the only thing they can guarantee is they will stay legit but no control on the projects they are listing, it's even ironic that some traders and investors are blaming the exchange when the price dump, and that is wrong.

royalfestus

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I dont blame CZ binance for catching the DEFI train and its money, I just think he need to also add new good project with solid fundamental that can generate volume though doesnt have the fund for listing. He was almost getting late to the DEFI party so he made the decision anyway. Telling the world he does not know the founder of Sushi was my worry, we should know that DEFI at a point will get some scammers and at least do some research. However, Sushi Founder came out with another tweet of not relinquishing its position. Bitconnect was listed on binance and SONM is still on binance even with the exit scam allegation

lifeinmountain

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look at every exchange big or small they are just here to earn money. they don't want to lose there daily traffic and volume generated by the hype of defi token. binance blindly list shushiswap and at last small investor lost its money in this hype of defi. I am not into this hype of defi its very dangerous. I always prefer to play safely in crypto. always do your research before investing.

Topic: Binance in trouble over listing scam defi token - page 2. (Read 740 times)