Binance Wash trading is behind the massive increase in bitcoin, incentives are being eliminated, says CZ – Rayrice Forex News

Binance Wash trading is behind the massive increase in bitcoin, incentives are being eliminated, says CZ

Source: Adobe / photopixel

Elimination of some trading fees on the main crypto exchange Binance The increase in Friday’s trading volume is believed to have been due to a slowdown in prices. Binance CEO Changpeng Zhao (CZ) has now announced measures to combat the so-called laundry business.

Specifically, the increase in volume occurred on the same day as the launch of the zero-fee promotion on certain BTC space trading on Binance.

The volume increase can be seen on the charts on BTC / USDT trading. The chart also shows that the price of the day is close to $ 21,600 – the same as the opening level.

Source: TradingView

The increase in transaction volume was seen by traders, with Changpang Jooo later tweeting:

Zhao promises to eliminate incentives for people to trade, such as the ability to trade bitcoin without paying a fee.

The move to eliminate such incentives was later confirmed by Binance, calling for “a fair trading environment for all users following the launch of zero-payment Bitcoin trading.”

Binance has nine different levels for users on the platform, with high transaction fees for high volume trades. The same amount of payment structure is used in most crypto exchanges.

And even though free Bitcoin trading comes with some challenges, users will always be happy. 65.9% of respondents on Twitter asked Binance CEO if they “still want it.”

Fake trading is a term used by merchants to buy and sell their own property over and over again. It is usually done in a transaction or other forum to make the transaction volume higher than it actually is.

Over the years, many crypto exchanges have been suspected of engaging in the trading business to increase their exchange rates at various levels. Tokens for users are also widely used in some transactions for commercial purposes.
know more:
– With the removal of LooksRare’s USD 8.3B in Wash-Trades, OpenSea is still the NFT marketplace
– This is how crypto marketers “destroy” fake trading volumes.

– According to Binance CEO, these are the types of Crypto projects
– Binance CEO: Flexibility is the same in both Crypto and stocks

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