Binance, the largest cryptocurrency exchange globally, is currently embroiled in accusations of insider trading and market manipulation. These allegations come amid a shift in leadership from founder Changpeng “CZ” Zhao to the current CEO Richard Teng. While CZ was known for his transparency, the community’s confidence in Teng appears to be waning.
The controversy centres around NEIRO tokens, which saw their value surge by over 700% within 24 hours of being listed on Binance. It has been revealed that 78% of NEIRO tokens were allocated to insiders prior to the official launch. The tokens, inspired by Akita Neiro, a rescue dog associated with the Dogecoin mascot Kabosu, have sparked concerns due to their sudden price spike and subsequent insider sales.
Further scrutiny uncovered that an unnamed address purchased a substantial amount of NEIRO tokens just before the listing announcement, netting over $500,000 in unrealised profits shortly after. The introduction of a USD-margined NEIROETH perpetual contract, allowing leverage up to 75x, has also drawn criticism for potentially exacerbating market volatility and posing risks to retail investors.
Critics argue that Binance’s actions could be seen as market manipulation, especially given that TRON founder Justin Sun promoted NEIRO before its listing. Sun’s involvement has added to the scepticism surrounding the situation.
Yi He, co-founder of Binance, promptly addressed the allegations. She acknowledged the community's concerns and remarked on how early bold investments used to yield high returns in the nascent days of crypto. Yi highlighted that as the market matures, it increasingly resembles traditional stock markets, with major institutions like BlackRock and Fidelity entering the space.
Yi He with Changpeng Zhao
Yi emphasised Binance’s mission to serve billions of users and its commitment to becoming a foundational infrastructure for blockchain technology. She outlined Binance’s expanded product offerings, including Earn, Square, Pay, and the Web3 Wallet, and asserted that the company aims to balance idealism with practical realities.
Binance lists projects that are significant to users and have business viability, according to Yi. She assured the community that the exchange is attentive to user feedback and compliance standards. Yi promised that if evidence of insider trading or information leakage is found, Binance will take legal action and hold relevant personnel accountable.
While Yi has been addressing these concerns, Richard Teng has been occupied with the Token2049 conference in Singapore. Meanwhile, the community eagerly anticipates the release of CZ from prison, scheduled for September 29.
Read more: Binance Announces Launch of Moonbix, Its New Telegram Mini-Game
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