Call for Boycott Against Binance Global is Growing

Recently, the sharp decline in the crypto market has caused significant panic among investors. The price of Bitcoin fell from 117,000 dollars to 100,000 dollars, increasing concerns among investors. This crash resulted in value losses of up to 99% for many altcoins, leading investors to direct their reactions towards Binance Global, the largest crypto exchange.

Users are holding Binance responsible for the losses incurred and are particularly highlighting serious damages due to delays in liquidation processes and system errors. The hashtags #binanceboykot and #binanceboycott, which quickly spread on social media, topped the agenda in Turkey in a short period.

During this process, many influencers and community leaders supported the boycott call, criticizing Binance with statements like "Don't use it, don't let others use it!" and "This exchange has victimized us; we want our money back!" Notably, a crypto community called "ChainMoment" announced that it withdrew millions of dollars from Binance and became one of the pioneers of the boycott.

The most prominent complaints shared by investors were about technical glitches and systemic errors. Issues such as stop orders not functioning, users wishing to buy at dip levels being blocked from executing transactions, and futures positions being liquidated abruptly were frequently mentioned. One user summarized the situation by stating, "They wiped out the money we accumulated over the years in 10 minutes."

In response to the rising backlash, Binance CEO Richard Teng acknowledged the issues and apologized to users. Teng stated, "I know many of you have faced difficulties on our platform. I sincerely apologize to everyone affected. We are carefully evaluating what has happened and are determined to work harder to do better." Binance co-founder Yi He shared significant information regarding compensation for losses, emphasizing that damages caused by technical issues from Binance would be compensated, but market fluctuations or unrealized profits would not be included in this coverage.

In a short period, the hashtag #binanceboykot was shared in over 13 thousand posts, transforming into an important solidarity movement among crypto investors. Whether the impact of the boycott will be reflected in Binance’s trading volumes in the coming days remains to be seen.