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China

[Update] The Feud Between Binance and FCoin Heats up as Accusations of Fake News Arise

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It seems as if the bad blood between crypto exchanges Binance and FCoin will not die down anytime soon. Binance is the world’s largest cryptocurrency exchange but its position was recently challenged by FCoin. There were rumours that FCoin was participating in wash trading to artificially pump up their trading volume. And questions about the longevity of their “Trans-Fee Mining” model still persist.

Co-founder of Binance accuses FCoin and Yi Ben of Fake News

He Yi, co-founder of Binance, recently took to wechat to hit back against FCoin. She claimed that they had bought fake news through Yi Ben Finance that was aimed at discrediting Binance.

He Yi on Wechat

The reason for the criticism is the news issued at Yi Ben Finance titled “Experts analyze the reason why FTs price dropped suddenly and sharply and attribute it to the competition between exchanges. The main points from this article aims to accuse Binance of malicious short selling that resulted in the drop of FCoin’s token (FT) price.

The article from Yi Ben in question

It goes on to say that since the recent FUD from news and other sources have hit, FT’s price has completely tanked.

The price of FT

The reply from Yi Ben Finance to He Yi is that Yi Ben is “independent enough and never accepts business manuscript or advertorial since its creation. And we speak and report with facts and enough evidence. The follow-up reports will go on”. It will be interesting to see what kind of “reports” that Yi Ben will write in the future.

Update:

We have learned that there may be some connections between FCoin founder, Jian Zhang, and Yi Ben Finance media. Jian Zhang is partner at Singer Capital. And after some checking, we have also found that Singer Capital is included as a financial investor of Yi Ben Finance.

Zhang Jian’s Singer Capital is a financial investor

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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