jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

PureFace1:


You are spreading misinformation

Selling is all always cheaper than buying when it come to P2P in all platforms.

The minimum trade amount for both buy and sell is 4000 naira in Binance.

Everything still follow the law of supply and demand, If there are nobody buying usdt in the price listed for it on Binance the price would drop.

But the problem is demand for usdt is very high which mean it is not really manipulation but the true value of usdt, even If CBN banned Binance there are so many Platforms with P2P like Binance unless CBN banned Crypto currency again which it didn't even work in the past.

CBN can just make dollar sufficient in the official window at a cheaper rate to discourage people from going to Binance to secure usdt as whatever rate is there, but it is easier said than done.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

ShoeGetSize:

99.9% of money laundering in Nigeria happens through the manual looting and diversion of government resources and funds by politicians. This has been going on since 1960, long before the creator of Binance was even born.

The demographic which will be hurt the most by a proscription of Binance are the intelligent and tech savvy young people who make an honest and respectable living on the platform.

Meanwhile the rotten and degenerate old men in politics will continue to pilfer billions of dollars and euros and nothing will happen to them.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

jeejo:
I understand that what I am about to explain will earn me insults from a selected few individuals because the same culprits are active here on Nairaland, so I am ready for that as well.

If you go to Binance P2P, there is a heavy manipulation going on there, and from my deductions, most of the big Binance P2P Merchants are united in carrying out this manipulation. Some of them even have over 2 Million dollars worth of USDT in their Binance P2P Funding which begs the question whether these people are truly Nigerians or probably foreigners making money from destroying the Nigerian economy.

Many people might not understand the strategy these merchants use, therefore, I will try to break it down.

This is how the manipulation works:

1. Lets assume that the Naira to Dollar is currently exchanging at the Parallel market for 1,500 Naira. On Binance P2P, the group of Merchants will create multiple fake ads claiming that they will buy your USDT for 1,700 Naira(way above the parallel market price). I call these ads "fake" because they will set a minimum limit above 5Million naira, which means if you want to sell your USDT to them at this exorbitant rate that they created, you must be selling a usdt value worth over 5Million Naira at once. This strategy works in filtering out majority of average Nigerians that want to sell their USDT to these Merchants. Meaning these fake ads will remain at the top of the p2p "sell" section for as long as these group of Merchants want it to remain. And if by chance someone who has enough USDT to meet the minimum limit decides to sell to these merchants, they will simply cancel the trade, and create another ad.

2. Now because these group of merchants have filled the P2P "sell" section with these fake ads claiming to buy your USDT at an exorbitant rate of 1,700 NGN, they have automatically shifted the P2P price of Naira to USD to 1,700 Naira, and now they will be selling their USDT to the public under the "buy" section above 1,700 Naira. Now - unlike the fake ads they created with a minimum limit that is above 5Million Naira to discourage sellers for selling to them at this high rate - when they are selling their USDT at this already manipulated price, you will find limit as low as 4,000 Naira because they want to sell to the Public at the exorbitant price they created.

Binance P2P is the new AbokiFx where BDC operators get their current price of Dollar from. The fake price originating from there is in turn used by the BDC operators to set their Dollar selling prices even without any corresponding demand. But the interesting part is that these BDC operators won't buy from you at any rate close to the exorbitant price they are selling the dollar to you.
Here in Benin city, even though the parallel market price of Naira is above 1,600 Naira, the Abokis hardly buy your dollar for above 1,500 Naira but they will sell to you only above 1,700 Naira.

Some people might argue that if Binance is to blame, how come the official exchange rate is now above 1,500NGN to 1 USD? The answer to that is simple. Each time the rate in the Parallel market moves up, the CBN is forced to also adjust official rates upwards in order to close the gap between both windows or else the black market rate will be too wide that it will create an irresistible opportunity for round-tripping.

There is a huge rot in the entire BDC system in Nigeria that I don't think this CBN governor has any idea how deep it really goes.


Update: It appears the Nairaland moderators in business section do not like this post because they banned my alternate Moniker for 4 days after making this post there.

motymop:


anything online can be manipulated.

USDT isnt legally approved in Nigeria and many jurisdictions do not recognize usdt or any stable coin because, it is not real dollar

Binance is a market market so they provide liquidity that also means that can manipulate price to attract people to their p2p platform.

motymop:


anything online can be manipulated.

USDT isnt legally approved in Nigeria and many jurisdictions do not recognize usdt or any stable coin because, it is not real dollar

Binance is a market maker so they provide liquidity that also means that can manipulate price to attract people to their p2p platform.

PureFace1:


As long as there are people willing to buy at the price it is listed, It is not manipulation the demand is just too high that people are willing to buy at that price, if people are not buying at the price listed the price would be forced to drop.

Do you think people are stupid?

If people can easily walk into any banks in Nigeria or online and secure Dollar at the official rate for their business transactions you think they would be patronizing Binance and other black market dealers ? but the dollar is just too scarce that it is not really available, if you call that manipulation then you are stupid.

What you guys want to do is kill other alternatives sources of getting dollar, with CBN and banks having absolute monopoly and tolerating whatever is dish out but usd is not a Nigeria currency and CBN can't have the absolute monopoly over it.

PureFace1:


Keep playing ostrich and run away from the real problems.

The real problem is CBN or banks in Nigeria can't satisfy the demand for USD in Nigeria.

So of course people will look for alternatives elsewhere even if it expensive or illegal.

If tomorrow no filling station sell petrol in Nigeria or they can no longer satisfy the demand for petrol do you think Nigeria that seriously need fuel for business wouldn't source for it elsewhere either by crook or hook even if it is very expensive and transfer the cost to customers and consumers?

You guys keep blaming everyone for your failure to satisfy the demands for USD in Nigeria.

with the way we depend on imported goods in Nigeria and our politicians packing every available usd into their pockets with ridiculous amount of naira that they printed and looted usdt is still undervalue.

Politicians are the one destroying this country but keep running away from the real problems, the people that will genuinely need the dollars for business wouldn't be able to get it but you say they must leave their business to die and put up with every bullshits from CBN.

motymop:


it doesn't work by demand and supply. market marker create demand by artificially creating demands through bots, they also profit from the difference in the bid-ask spread, Binance also act as a buyer or a seller for a specific transaction when there is no suitable counterparty to fulfill the order.

so it is not how you think you said it works is how it works in real life. they can use spoofing to pump up demand

and lastly, USDT isnt Dollar but a stablecoin pegged to dollar

PureFace1:


USDT is digital currency but it is back up by real dollars.

It is just like the money in your bank app and wallet, it is not real money but it is back up by real naira in your bank's vault.

Keep playing ostrich and run away from the real problems.

The real problem is CBN or banks in Nigeria can't satisfy the demand for USD in Nigeria.

So of course people will look for alternatives elsewhere even if it expensive or illegal.

If tomorrow no filling station sell petrol in Nigeria or they can no longer satisfy the demand for petrol do you think Nigeria that seriously need fuel for business wouldn't source for it elsewhere either by crook or hook even if it is very expensive and transfer the cost to customers and consumers?

You guys keep blaming everyone for your failure to satisfy the demands for USD in Nigeria.

with the way we depend on imported goods in Nigeria and our politicians packing every available usd into their pockets with ridiculous amount of naira that they printed and looted usdt is still undervalue.

Politicians are the one destroying this country but keep running away from the real problems, the people that will genuinely need the dollars for business wouldn't be able to get it but you say they must leave their business to die and put up with every bullshits from CBN.

motymop:


you cant buy dollar on binance but USDT

USDT is a crypto stablecoin pegged to the dollar thus banned in many countries

International sellers do not collect USDT for trading goods because there are lot of regulatory risk involved

What is happening on binance p2p is speculator using USDT to speculate on the Naira, they have moved away from USD to digitally use USDT

PureFace1:


Keep living in denial lol

You can not satisfy the demand of the customers coming to your shop but you are mad that the only dealer in the area that is able to satisfy the demand is selling at whatever price he like, of course as customers keep coming to his shop he would keep raising price because he is the only dealer that have what they need in sufficient amount. It is still basic economy.


Your own idea now is too kill the dealer so that the customers can come back to your place and tolerate the bullshits you offer them and suffer without even getting what they need or force the dealer to sell at your own price when you are not the one that open shop for him.


You think people will buy at the rate pump up by spoofing if they can easily get it a cheaper rate elsewhere lol?

PureFace1:


You don't even know what you are saying

USDT is still crypto currency so it is not really illegal unless Nigeria banned crypto currency again and it is very legal in many countries that didn't ban crypto currency.

International sellers collect money through many mode of payment, there's hardly a website that don't have making payment in crypto currency these days so you don't even know what you are saying.

motymop:


the money on your bank app is real money and different from the USDT, USDT is not real currency but a stable coin for changing positions in crypto, it is different from real USD or digital money in your account.

Many international organisations do not use USDT for trading goods and services because of regulatory issues and anti- money laundering laws.

The demand for real USD has nothing to do with the demand of USDT, the demand for USDT at this moment is used for speculative purposes

the only reason traders are selling usdt/ngn pair in the unofficial rate at cbn is because of greed

Are they sourcing USDT from Nigeria government? NO or are they buying NGN from Nigerian government? no

so why are traders using the black market rate on binance if it is not about greed and arbitrage profit

motymop:


USDT is illegal in Nigeria, it has no regulatory backing, that is why you cant use it to buy and sell goods, that is also why there is no public exchange for it.

International sellers do not take USDT as a mean of payment because of regulatory issues

can you pay for oil in usdt
can you buy clothes with usdt
can you buy machineries in usdt
can you pay for school and medical fees in usdt

NO you cant, you can only buy some software or crypto related goods with usdt.

motymop:


USDT is illegal in Nigeria, it has no regulatory backing, that is why you cant use it to buy and sell goods, that is also why there is no public exchange for it.

International sellers do not take USDT as a mean of payment because of regulatory issues

can you pay for oil in usdt
can you buy clothes with usdt
can you buy machineries in usdt
can you pay for school and medical fees in usdt

NO you cant, you can only buy some software or crypto related goods with usdt.

PureFace1:


CBN can just make dollar sufficient in the official window at a cheaper rate to discourage people from going to Binance to secure usdt as whatever rate is there, but it is easier said than done.


Those set of people will still buy the bulk of it, which will lead CBN to be Dollar strapped. When we really needed the dollar was when we had it abundant. Unfortunately, we did not put it to good use.

Nbote:


Now this is an analysis of someone who genuinely wants to have a conversation. Yes your analysis just broke down how many of these fake ads hike prices on Binance but then attributing it to the freefall of the naira is am overkill. Where do BDC operators get their USD from if not the banks? Where do banks get their USDs from if not CBN. The CBN sells dollars to banks who inturn sell at a profit. The CBN allowed itself to be used as the wallet of the political elites and that's what we are suffering from. The manipulation isn't in Binance, the Manipulation is by the same political elites who have amassed so much monies to influence whatever they like.