Episode 238 - Should you trust Binance?
Listen now
Description
Welcome to the show people! Today the gang assesses a hot topic - a user claimed on reddit that Binance "took" money from him and it blew up. Even CZ commented and got blasted. Also, we take a look at an admittedly cringy article listing the "7 deadly sins of CZ". What a day. Tune in now! Relevant Links: Reddit user calls out Binance for "accidentally" taking 12061.48 and won't give it back.CZ Responds to the reddit userThe user posts some so called proof proofSome more so called proofAnother user piggy backs off of the hype and posts "7 Deadly Sins of Changpeng Zhao"Wayback machine of CZ calling out OKcoinSo What happened?Text of the Postbackground on the 28th of January I happend to be trading on the futures platform. Due to a mistake by binance my orders weren’t executed and I was liquidated.Well I opened a ticket demanding back my funds. After a couple months of mails every 2 or 3 days. Binance denied everything and weren’t giving back the money, so I opened another ticket. This time I didn’t ask for a refund up front. Binance straight up told me it was their mistake and that they would compensate me 3bnb. Well I didn’t take that well, so I asked for my full amount back.Binance went in to a defensive mode and decided mixing up different cases would settle the issue. (Binance had messed up again and I lost 3600 USDT, so they compensated me 1018 USDT) they told me they had already compensated me and that I shouldn’t ask for more. When I called them out on the fact that the cases weren’t related, they told me they weren’t going to give me the 12061.48 USDT back anyway.I pointed out that by admitting their mistake in this ticket they broke their own policy. It states that Binance has to execute a trade. After I mentioned this they went silent, I have bugged support every 2 days, but I have not received anything as of yet and it has been almost a month.I wanted more people to know as Binance is the biggest in the industry, and they bury the negative very easily. I need your help in demanding an answer for Binance her mistakes.He explained more a little further downIn response to if he got liquidatedI did, but it is more complicated than that. I was trading on the futures platform. My positions weren’t doing well so I made the decision to close them.I have a screenshot of the positions before they were closed and after they were closed. Anyways I closed the positions market bought them. (I was shorting) well you’d think that was it. I screenshotted the fact that I had just 12k left. And it showed no open positions. After 4 hours however I get notifications from my phone that I were about to be liquidated, I opened my phone and my positions were still open. And were almost all liquidated.Binance told me that I experienced the “app disconnection issue” I don’t know what this means. They however told me it is only common on the app and that is my responsibility for not trading on pc.Support shows up to respondhttps://www.reddit.com/r/CryptoCurrency/comments/ga027j/binance_accidentally_took_1206148_and_wont_give/foxrfbp/CZ Actually shows up to respond.https://www.reddit.com/r/CryptoCurrency/comments/ga027j/binance_accidentally_took_1206148_and_wont_give/foyfpeh/The guy posts a couple of screenshots that really don't say much, tells me he posted proof.Binance support ends their conversation back and forth few hours later.We've already given you the verdict multiple times. You have not provided any more solid evidence that there was a mistake on Binance's side, nor that this error directly caused you to lose any money. Sorry, you can't pressure us into giving you money, be it through misleading social media threads or threatening self-harm as was done in the first ticket. We're happy to approach this legally.So what's this article about CZ?The article starts out with the picture of CZ in shorts and a suit jac
More Episodes
Decentralized Finance: The future of cryptocurrency. It's time for Karim and spearhead the CryptoBasic breakdown of this space in the longest episode that CryptoBasic has ever recorded. We go over everything from Liquidity Farming, to Rug Pulls, and more. This episode spent nearly 6 months on...
Published 06/09/21
Hello everybody and welcome to the Crypto Basic Podcast! Now, before you start rage-tweeting us, we know we've been away for quite some time, but people need vacation, and we're definitely people. Besides vacation though, we decided that the Crypto Basic Podcast will be releasing episodes less...
Published 09/15/20