tl;dr
Controversies surrounding token listings, depegging of the FDUSD stablecoin, and allegations of unethical behavior are raising questions about Binance's credibility. Issues with token performance and the FDUSD stablecoin have led to community dissatisfaction and calls for a boycott. Criticisms sugge...
Binance is facing challenges with its token listings and the controversy surrounding the FDUSD stablecoin. The poor performance of listed tokens and the depegging of FDUSD have led to calls for a boycott and raised questions about the platform's credibility. The community has expressed dissatisfaction and accused Binance of prioritizing profits over user interests, challenging its reputation as a Tier-1 exchange.
One of the major issues is the underperformance of tokens listed on Binance, with reports revealing that a large majority of tokens have recorded negative returns. Even meme coins like ACT, listed on the platform, have plummeted, raising concerns about the transparency of Binance's listing process. Community members believe that Binance prioritizes listing fees over users' interests.
The FDUSD stablecoin has also faced controversy, losing its peg and dropping in value. Reports of the issuing company's bankruptcy and large withdrawals by major holders outside of Binance have exacerbated the depegging situation. Allegations of internal information leakage have further damaged Binance's reputation and raised questions about its transparency and ethics.
As a result of these controversies, the community's dissatisfaction has grown, leading to calls for a boycott of the exchange. Criticisms stem from the belief that Binance focuses on "shitcoins" to collect high listing fees without considering project quality. These events have raised doubts about Binance's ability to meet the standards expected of a Tier-1 exchange, including trading volume, security, regulatory compliance, and community trust.