Prominent trader, analyst, and prominent BTC forecaster Peter Brandt asked four questions on Twitter about Bitcoin’s 88 percent drop on Binance.US. The analyst criticized the institutional relations between Binance and BinanceUS and asked if detailed documents would be provided. Here are the details…
Strong Binance critique from Peter Brandt
First, Brandt challenged the peculiarities of the institutional relationship between Binance and the US market-focused BinanceUS. Also, Brandt asked if Binance plans to release detailed documents to indicate trading statistics, volumes and prices during the sudden BTC collapse. Next, the trading legend asked the platform’s role in countering customers’ orders. Alongside Binance CEO and co-founder Changpeng Zhao, Brandt mentioned US watchdogs CFTC and SEC, and SEC chairman Gary Gensler.
Brandt added a screenshot of a tweet by Zhao, the CEO of Binance, warning his followers of the expected volatility spikes in the cryptocurrency markets. Finally, Brandt added that he never used Binance for trading.
What had happened?
cryptocoin.com As we reported, on October 21, 2021, in the midst of a market rally, the price of Bitcoin (BTC) on BinanceUS briefly dropped to the $8,000 level. It lost more than 88 percent of its value in seconds. A similar flash crash occurred on 26 low-liquidity cryptocurrency exchanges. A BinanceUS representative attributed the crash to a critical flaw in the third-party mechanisms of one of the platform’s sophisticated institutional clients.
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