New Scam Breaks Out in China; Coinbene Involved in Sexual Harassment
The cryptocurrency market is full of scams and fraudulent activities since it is highly unregulated. However, a new and impressive scam related to sexual harassment, unilateral listing withdrawals and other issues has been reported in Chinese soil.
According to BTCwires, the cryptocurrency exchange Coinbene has taken different measures that go against market integrity and ethics. Some project owners ready to work with the exchange were treated without manners and disrespectfully.
An anonymous source provided information about this issue in many pictures that can be seen here.
For example, the team behind the ARK cryptocurrency and ecosystem were requested to pay 5 BTC, three when they sign the contract and two as soon as the first trading pair is activated. However, the virtual currency was never listed on the platform.
The Ducatus team, for example, paid 1 million DUC coins to the exchange in order to be used for promotional purposes. But only 26,000 DUC coins were used for this purpose. Because of this situation, DUCATUS CEO asked to return the unused coins. Nevertheless, Coinbene officials explained that it was not a rational reason to return the coins.
Another issue revealed that the EZ token was delisted without prior notice from the platform. Although there were some issues related to liquidity there was a lack of communication from the exchange platform, showing that there was a lack of respect for basic business ethics.
Zhang Yang Bing, the CEO of Coinbene, has been described as a person with a double standard in many issues. At the same time, he was also part of a pump and dump scheme in which the exchange sold an important number of CONI coins when they were traded at a very high price.
Furthermore, Bing has been alleged of sexual harassment. Since a woman he liked did not want to be with him, the exchange decided to block her account just because they are able to do it without a giving reason. Additionally, Coinbene made unauthorized use of names of top officials from other important and recognized companies such as Baidu or even OKCoin, another virtual currency exchange.
Clearly, this is not good for the overall health of the cryptocurrency ecosystem. Coinbene is one of the largest and most important virtual currency exchanges in the world. At the time of writing, Coinbene is the fourth largest cryptocurrency exchange in the market by trading volume. In the last 24 hours, it handled $285 million dollars of trading volume. The most traded pairs at the exchange are BTC/USDT, EOS/USDT and ETH/USDT, accounting for almost 85% of the total trading volume at the platform.
It is important to mention that these situations in the market are not positive for the whole cryptocurrency ecosystem. Regulatory agencies around the world are worried about the negative effects that unregulated activities might have in the economy and investors. CoinBene will have to certainly modify the way it acts if it wants to be a respected player in the crypto field. If the crypto space wants to prosper, participants will have to follow more ethic practices.