The largest cryptocurrency exchange in the world announced that it has temporarily blocked some of the accounts that managed to earn on the recent abnormal volatility of a number of cryptocurrencies.
Binance explained its actions as “anomalous price movements in certain trading pairs”:
“We are aware of anomalous price movement in some trading pairs on Binance, including assets like SUN, ARDR, OSMO, FUN, and GLM. This activity is not related to account hacking or API key theft, the funds are safe.”
The exchange team decided to hedge against the backdrop of an incident that happened the day before, on December 10, when Cosmo (OSMO) prices on Binance instantly increased by 460%, and then fell almost to the previous level. Binance CEO Changpeng Zhao assured that the exchange has conducted an investigation into abnormal price volatility related to “market behavior.”
Zhao warned that the cryptocurrency platform temporarily blocked the ability to withdraw assets for accounts that used abnormal fluctuations to make a profit:
“We are aware of the concept of too much interference from the platform, “too centralized” attacks and so on. The question is to what extent we should intervene. Sometimes this is necessary in the free market, and we had to do it.
Recently, complaints started coming in on Binance . Its clients claim that the exchange does not return the money stolen through the fake 3Commas website.
