Veteran analyst Peter Brandt recently criticized the 88% drop of the leading cryptocurrency Bitcoin in Binance U.S. in his post on his Twitter account.
Brandt, who made a name for himself with his Bitcoin predictions, questioned the institutional relationship between Binance and Binance US in his share.
In a post targeting Binance’s US arm, the analyst also asked if Binance US plans to release detailed documents showing the trading statistics, volumes and prices experienced during the crash.
Questions remain:
1. What is the exact corp. relationship @binance w/ @BinanceUS
2. Will firm release T&S with all trades/volume/price?
3. Did firm take opposite side of client fills
4. Will firm change low to reflect actual fills
cc: @GaryGensler @CFTC @SECGov @cz_binance @IBKR pic.twitter.com/huqzZbSGIt— Peter Brandt (@PeterLBrandt) October 24, 2021
Brandt also tagged Binance CEO Changpeng Zhao in his tweet, as well as US regulators CFTC and SEC, and SEC Chairman Gary Gensler.
The famous Analyst, who did not neglect to add the screenshot of Binance CEO CZ’s share, which warned about the expected volatility increases in the crypto money markets, added that he did not use Binance for cryptocurrency trading.
What Happened at Binance US?
During the rally in Bitcoin, on October 21, there was an 88% drop in the price of Bitcoin on Binance US.
Bitcoin dropped from $ 60,000 to $ 8,000, albeit for a short time.
An official from Binance US said that this drop in Bitcoin was caused by a critical error in the third-party mechanisms of one of the platform’s sophisticated institutional clients.