If you’re in the trading world, you’ve probably heard of the name Peter Brandt. He is a legendary trader and analyst who this time took aim at the largest crypto exchange Binance.
Binance US targeted
The already mentioned trader Peter Brandt published on his twitter very interesting questions, which he directed directly to the Binance exchange. BTC was traded for a short time for $ 8,000, which is essentially a decrease of more than 88%. According to the findings, it was so-called flash crash.
So let’s move on to the questions themselves. The first concerned relationships Binance and Binance.US. Brandt wonders, what do these two platforms have in common? He literally questioned their corporate relationships.
1. What is 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
An even more interesting question was whether the company plans to publish to the public some more detailed documents that could define the history of trades, volumes and prices themselves during the so-called flash crash. So who is actually responsible for this situation and how can it be justified?
Peter Brandt left nothing to chance and identified the co-founder of the exchange directly below the questions, Changpeng Zhao, also identified the US supervisory authorities CFTC, platform Interactive Brokers and the popular President of the SEC, Gary Gensler.
Can we consider this strange phenomenon to be the most expensive fall of BTC in history? Among other things, Brandt also published a screenshot referring to Binance boss Changpeng Zhao. He warned clients against the expected increase in volatility. Strange, though? This is probably the reason why Brandt never used the exchange.
Representative Binance.US they attribute this dramatic fallout to a critical flaw that has appeared in the third-party mechanisms of one of the platform’s sophisticated institutional clients.