Speculation central, what’s up with Crypto Exchanges? Redditors continue to theorize

Today, 29th June, on a Reddit discussion forum, a Redditor posted about the on-going controversy of system upgrades amongst the exchanges.

u/CMtopdog, a Redditor posted:

“OKEX – IOTA deposits & withdrawals disabled (27th Jun)

Binance – Down for maintenance (27th Jun)

Coinbase – Coinbase pro is launched (29th Jun) “Coinbase Pro offers individuals the ability to trade a variety of digital assets on a secure, insurance backed platform.”

As reported earlier this month, citing two explanations from the trade, OKEx CEO Chris Lee left his situation with a specific end goal to begin another life.

The occasion corresponded with the news that OKEx turnover had come to over $2 billion in exchanges the previous 24 hours, outpacing that of Binance, which had been the world’s biggest platform since January this year.

A few days ago, fellow Binancians had been warned about the system upgrade of Binance, as the exchange announced:

“#Binance has commenced the scheduled system upgrade. The upgrade will take approximately 4 hours. Withdrawals and trading will be suspended during this period. We apologize for any inconvenience caused and thank you for your patience.”

On 26th June, Binance announced that they have completed the system upgrade and would resume all trading activity at 9:30 AM [UTC]. Users were not able to cancel orders, process deposits, withdrawals, and use all other account related functions, until Binance announced the success of the up-gradation. Soon after this announcement, Binance faced some technical glitch and the trading platform was yet, again under development.

Today OKEx posted on their official Twitter site:

“We will be undergoing scheduled maintenance on June 29 from 00:00 to 01:00 (Hong Kong time, UTC+8). Token & Margin Trading will be temporarily unavailable. Sorry for the inconvenience caused.”

The platform is going under maintenance on the same day Coinbase is launching their Coinbase PRO.

Interestingly, in March 2018, allegations were made that Binance, along with OKEx and Huobi, were fabricating up to 92.9% of the trading volumes on their platforms.

While ‘Over 100 pages of SEC Complaints revealed the fraud allegations implied on Coinbase’, however, this is not the first time Coinbase is under the public’s center of interest. In December, traders accused Coinbase of ‘insider trading’ following events of the failed Bitcoin Cash [BCH] launch on GDAX.

Coinbase had announced Coinbase Pro, the new version of its trading platform GDAX, in a blog post. The announcement came in on the same day as Coinbase’s acquisition of relay platform Paradex.

A crypto enthusiast and market follower commented:

“Old habits don’t die! Something fishy is going on among these ‘free’ crypto-exchanges for sure!!!!”

The post Speculation central, what’s up with Crypto Exchanges? Redditors continue to theorize appeared first on AMBCrypto.