My thoughts on why Binance might face legal action alongside the new Bitfinex situation

Every day, I (and everyone else, knowingly or not) have to deal with some force trying to control the market on Binance and push everyone into buying Bitcoin. It's like there's this machine or team that manipulates Bitcoin’s price, trying to keep it in the green even when it's dropping. Honestly, it feels like a constant battle where some entity thinks it's okay to mess with the market and "DISRUPT" (which is illegal manipulation according to the laws). Every single second, there's this pressure to force Bitcoin’s price to look good, even when it's not. This is completely unacceptable and illegal. As a leading exchange, Binance definitely has a responsibility to stop this, but it seems to be getting worse. So, here’s a question. We have the SEC and other regulatory bodies in China. Why would anyone think Binance is in the clear if they let this kind of behavior continue? I’m almost tempted to file a lawsuit myself. They were allowing U.S. customers for quite a while, and this was happening even before they had to kick them out. There could be serious legal fallout from this, and I’m starting to feel like I need to demand answers about why we’re putting up with this. Using bots to commit crimes is still a crime. Even if it’s just a bot, it’s owned by someone, and those individuals should definitely be held accountable for their actions.

What you're describing sounds like it could be typical bot activity. How does it negatively affect you? Binance's prices seem to be in line with the rest of the market. What's the crime? Are they spoofing, wash trading, employing bear raids?

Thanks for taking the time to expound on something which can be a controversial involving the king of all exchanges: Binance. I am sure that Binance can have an explanation for this and we need to get their side of the story so we can have a bird eye's view of the problem. Manipulation of data in any form and for whatever reason is something that we should not allow to take a root in this industry. No tolerance for that no matter if the one involved is a big name in the industry and in fact we should expect them to be above board all the time. Cleaning up our acts can have a long-term effect on the industry's viability and can be helping or encouraging many people to be part of us here. In case it is necessary to sue Binace after a good investigation so be it but of course, we need solid and fool-proof evidence at hand otherwise we can just be joking and can be accused of just seeking some publicity mileage.

The Bitfinex case just seems quite fishy to me. The people that are suing them don't really have any concrete case, and they are trying to claim an absurd amount in terms of damages that probably will never be reimbursed to them (not that they would be the rightful people to reimburse, anyhow). I doubt that Binance would get dragged into this case at all, because firstly, it's incorporated in Malta, which has been historically very pro-crypto. And secondly, it has nothing to do with any sort of stablecoin or any major allegations of market manipulation really. But yeah, for Bitfinex users, this ain't good news.

All exchanges are abundant in trade bots, fake sell/buy walls and all the "tools" that give them an edge. It's clearly not only Binance or Bitfinex, and I don't think that it's only the in-house bots there. However, I don't think that there's any legislation they break (edit: and this is quite a shame) and you don't seem to have clear proof for market manipulation. And that means that you have nothing, really.

who has money can drive prices. binance proved to be very reliable even when they had to cut losses in order to keep customers whole. also an US lawsuit wont bother binance much.

First of all yes Binance is definitely using a bot software to manipulate the price in either side. Secondly even if it not Binance who themselves have created the bot it is some person but who definitely has permission from Binance to do this. Thirdly, Binance is not registered in China. They are registered in Malta you can see that on Wikipedia so technically Chinese government has no authority on them. This shifting was actually done when China completely banned cryptocurrency exchanges. So Binance was wise enough to move abroad and most of the people don't even know it. Malta is a complete Tax heaven where most of the shell companies are incorporated. Think if even shell companies can survive there. Survival for Binance isn't that difficult. Fourthly, There are no laws regarding it. Binance is not any registered exchange which has to obey the rules  of some SEC, it's a third party shop which does matching of order in a layman sense. So making a law suit against them and bringing them to court of law is going to be an almost impossible task. This is why Binance is so difficult to catch than Bitfinex which is headquartered in Hong Kong.