- CryptoWhale said the possibility of Binance manipulating BNB is “likely 99%”
- A report revealed that there are convincing reasons that a number of Binance’s trading volumes are fictitious.
Crypto fanatic RipplePandaXRP has raised an issue of manipulation regarding the Binance token BNB. Several top cryptocurrencies have been suffering from the bans and restrictions going on globally. As some jurisdictions declared crypto illegal, some placed a ban on certain exchanges. All these factors have led to losses across the crypto market, resulting in a loss in value for a lot of cryptocurrencies. Despite the crypto market cash, BNB has managed to maintain its value.
Is Binance involved in BNB Manipulation?
As BNB remains unaffected despite crypto bans and restrictions, this has triggered the question of possible manipulation among members of the crypto community. RipplePandaXRP asked in a tweet why BNB has not declined despite the “bans and restrictions.” The vastly popular Twitter user questioned if BNB was being manipulated. In reaction, CryptoWhale replied:
I think so. The chances BNB is being manipulated is likely 99%. It was created by Binance, which has been proven to engage in these prices manipulation schemes.
A recent report revealed that Binance “quietly” changed its BNB white paper. As a result, the report stated that there are lots of reasons to believe that 99% of Binance’s trading volumes are not real. According to the report, Binance edited the BNB white paper on the periodic burning of coins. The document mentions that the site commits 20 percent of its quarterly profit to BNB buyback, and the subsequent destruction of tokens through burning has disappeared. The report advised readers to compare the BNB white paper before and after the changes.
Furthermore, a Binance spokesperson said that the exchange will burn tokens equivalent to 20 percent of the company’s quarterly profit, just like it has always done. However, this information no longer appears on the white paper. That leaves Binance to burn the tokens at will and not under obligation as it was before.
BNB’s 16th quarterly burn
In July, Binance conducted its 16th quarterly BNB token burn as scheduled. Binance CEO Changpeng Zhao explained:
In summary; 1,296,728 BNB (390,855,150 USD) burned by Binance. The remaining 16m BNB unlocked, and moved to a team address, according to the schedule in the white paper. Binance team has never used or sold a single team BNB thus far, only burned.
In the official announcement, the Binance team added that an additional 5,163 BNB was “effectively burned via the Pioneer Burn Program.”
The BNB quarterly burning will continue until 100,000,000 BNB coins go out of circulation.
After reaching an all-time high of about $690 in May, BNB is now trading at $405. Ranked 5th largest crypto by market valuation, the Binance token has increased more than 8 percent in the last 24 hours. The cryptocurrency also boasts a market cap of over $67 billion. BNB has shed 29.41 percent in its 24-hour trading volume.