Binance Jex, the new flagship development in the Binance ecology has encountered yet more problems with its Bitcoin Perpetual Swap candlestick. After promising to increase optimization to the Candlestick, Binance Jex has fallen foul of a bug and Binance have covered it up.
To make matters worse, the timing could not have been worse for Binance Jex, as it comes following yet another price drop from Bitcoin and in a pivotal moment for traders in recent weeks and months. So what was the error on Binance Jex?
Binance Jex encounters K Line problem
According to a report from the crypto blog, Financial Underground Kingdom, who quoted a recent announcement from Binance, the main problem was the K Line on the site. The issue was so bad that the company had to remove it partially so that it wouldn’t inconvenience traders.
What triggered the bug and K line issue was the dramatic fall in price in Bitcoin on the 25th of September. The price fell from $9,800 to $8,150, prompting a large amount of liquidation of Bitcoin.
Perhaps unable to deal with this price drop and the liquidation trouble which followed, Binance Jex had real issues with their K Line. One third party had the BTC/USD swap price line at 4105 USD, a sizeable difference when compared to other top exchanges like OkEx who had it at around 7000 USD. However, Binance Jex it appears modified their K line on the website and had it at 7000 too, causing real concern for traders.
Instead of denying falsifying information, Binance has shockingly admitted they did it. The official line so far from Binance is that they hid the price slip to appease their customers and improve the experience. However, this does appear very problematic for Binance Jex. The company was only just moved into Binance’s ownership three weeks ago, in a bid to improve its derivatives trading.