It's all about trends and profit, like the ICO bubble, so listing coins is a priority of these exchanges for profit, and delist once the coin performs sh*t.
But its self-responsibility for its users to trade an invest, don't just buy coins due to the exchange list the coin, check the company background and etc.
Topic: Binance in trouble over listing scam defi token - page 4. (Read 740 times)
Binance doesn't want to miss the hype that's going on around the world right now. They are chasing bigger profits by listing coins that are busy and can be said to be viral. Whether the coins go up or down, they will still benefit from the fees they charge. I think the Binance team is not very selective in choosing and determining which coins should be listed on the exchange. And Binance will delist when the related coin is considered to have a bad reputation for Binance or it is no longer profitable.
For information, that SUSHI is a project that is also unclear, who is driving it. This is of course closely related to the development of a coin in the future, for example if there is a problem with the related wallet, then who should be contacted if it turns out that SUSHI is keeping the identity of the project driver (just an analogy)
For information, that SUSHI is a project that is also unclear, who is driving it. This is of course closely related to the development of a coin in the future, for example if there is a problem with the related wallet, then who should be contacted if it turns out that SUSHI is keeping the identity of the project driver (just an analogy)
Seems like CZ has changes the tweet :
https://mobile.twitter.com/cz_binance/status/1302473237532532736
This Cz is acting shady , why ?
Now you know why he changed the tweet!
Many were shocked when Binance announced that they will list SUSHI token on their exchange. Listing token without doing due diligence on their end will result in loss of trust from its users. IMO His tweet proves that he just cares about $
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.
Any exchange, including Binance, aims to make money on hype around DeFi. It is for this reason that now all exchanges list such projects for free, hoping to get a profit due to the Commission from trading. When checking a project, no one can get into the founder's head and find out his intentions. Binance also cannot guarantee that such scams will not appear on the exchange in the future.
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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.
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.
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.
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.
Personally, I think projects like "SUSHI" don't have real use cases and real utilities. Traders only buy because of hype and instant profit, after the market collapse there are no fundamentals that are able to sustain the price which eventually drops like hell.
I saw some news about sushi DeFi token getting listed on Binance and i am hype over it that i wanted to buy because it's gonna be listed but good thing i hold back and not buying it or else i regret in the end for sure. DeFi project will surely get you hype especially if it will be listed on big exchange like Binance, but it's better to research first before engaging such DeFi hype these days and the reliability should be taken first within ourselves. I felt sorry for people who got hype over it and the risk will always be present in this industry that why always do it with diligence.
People should take responsebility for their own actions. People made the decision to invest in high risk DeFi, just like people made the decision a few years back to invest in high risk ICO's. Greed is the reason that people invest in these scam projects, let it be a lesson to them that greed rarely pays off.
DeFi tokens run mostly on 1 specific blockchain (Ethereum in most cases), which means there is an increased risk of a single point of failure.
That single point of failure are high fees of that 1 specific blockchain. Not only the Ethereum gas fee, but also the fees for interacting
with those token projects protocols that can charge users with fees up to $100 per transaction.
Be smart, stay out of DeFi projects. The chance of getting burned or getting stuck in such a token project is very high.
Exchanges are not to blame, the people that invested in those DeFi tokens are to blame.
DeFi tokens run mostly on 1 specific blockchain (Ethereum in most cases), which means there is an increased risk of a single point of failure.
That single point of failure are high fees of that 1 specific blockchain. Not only the Ethereum gas fee, but also the fees for interacting
with those token projects protocols that can charge users with fees up to $100 per transaction.
Be smart, stay out of DeFi projects. The chance of getting burned or getting stuck in such a token project is very high.
Exchanges are not to blame, the people that invested in those DeFi tokens are to blame.
There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. https://news.bitcoin.com/sushiswap-founder-reportedly-exit-scams-as-sushi-token-price-tanks/. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project
CZ Now he thinks of himself as the boss of the crypto market. Because he has the biggest crypto exchange binance and websites like Coinmarketcap. We have contributed to getting him to this stage, but he is now abusing that power. Listing scam projects does not result in any loss when a huge listing fee is available. Binance has been saying listing fee zero in their announcement for the past few months, but I think they must have hidden fees, otherwise such shit projects have no power to be listed. So don't trust any exchange and the owner of the exchange, they will always be waiting to see how you can be trapped.
If the community is not careful, the owners of the exchange will do whatever they want. So before buying any coin you have to be extra careful and do good research about the project. Otherwise the owners of the exchange will take away your funds with scam projects.
Btw. Cz have the habit of deleting tweets is old. He keeps tweeting nonsense, and deletes tweets when criticized by the community.
There is the defi token called "SUSHI" which was listed on binance a while ago. Unfortunately the founder reportedly exit scam leading to the price dropped 60% off just within 24 hours. https://news.bitcoin.com/sushiswap-founder-reportedly-exit-scams-as-sushi-token-price-tanks/. A lot of traders has gone nut on CZ Binance on Twitter claiming that he deleted some of his post about the project
https://mobile.twitter.com/cz_binance/status/1302473237532532736
https://mobile.twitter.com/cz_binance/status/1302473237532532736
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