>"... a popular business without defrauding customers. There were no victims"
I believe it's been proven that Binance traded against its customers and manipulated token prices on its platform. That kind of thing is completely forbidden in the world of traditional stock exchanges and brokers.
That makes Binance customers victims of their manipulations. When Binance made profits from trading on its own platform, it came from the pockets of its customers.
Crypto exchanges are less like stock exchanges and more like casinos where the house is guaranteed to win in the long run in bets made by customers. Maybe that's the deal that Binance's happy customers signed up for, but I don't think regular retail investors could be expected to understand that's how it works.
> I believe it's been proven that Binance traded against its customers and manipulated token prices on its platform.
Can you cite this? I'd like to read more about it.
> Crypto exchanges are less like stock exchanges and more like casinos where the house is guaranteed to win in the long run in bets made by customers.
I agree. Binance skims so much money from every transaction it's not even funny. Truth is a company in their position doesn't even need to run a dishonest operation in order amass vast amounts of money. They just need to let it happen.
> Maybe that's the deal that Binance's happy customers signed up for, but I don't think regular retail investors could be expected to understand that's how it works.
Well it sure as hell wasn't for lack of warning. I've told people not to get into the shitcoin casino. To their faces. They still got into it. I simply don't have a lot of sympathy for these people when they get liquidated.
How are stock exchanges not also guaranteed to win in the long run due to the bets of their customers?
That's the entire business of both types of exchanges, collect fees on every trade that the users make (besides some newer stuff like the robinhood model).
I believe it's been proven that Binance traded against its customers and manipulated token prices on its platform. That kind of thing is completely forbidden in the world of traditional stock exchanges and brokers.
That makes Binance customers victims of their manipulations. When Binance made profits from trading on its own platform, it came from the pockets of its customers.
Crypto exchanges are less like stock exchanges and more like casinos where the house is guaranteed to win in the long run in bets made by customers. Maybe that's the deal that Binance's happy customers signed up for, but I don't think regular retail investors could be expected to understand that's how it works.