FatMan Calls for Increased Transparency in Crypto Exchanges’ User Accounts
In response to Binance’s Chief Strategy Officer Patrick Hillmann, a cryptocurrency enthusiast named FatMan tweeted advocating for increased transparency in trading information on user accounts.
FatMan’s tweet expresses his belief that Binance will not engage in the theft of customer balances. Nonetheless, there should be greater openness regarding this aspect of the company.
FatMan opines on Binance tweet
FatMan forms an opinion in response to a tweet from Binance’s Chief Strategy Officer, Patrick Hillmann:
Hillmann’s tweet affirms that Binance has never targeted user stops or liquidation prices, which sets them apart from other exchanges. He also assures the public that the trades are mainly algorithmic, intended to promote market stability and minimize slippage.
According to Hillmann, the significant distinction between actual market makers and Alameda Research is their commitment to user protection. He affirms that safeguarding users has consistently been and will continue to be Binance’s top priority, and they will never engage in aggressive trading practices that harm their users.
In response to Hillmann’s tweet, FatMan suggests disclosing information on the internal accounts, such as their trading activities, profits, and amounts traded, would be a positive initial step.
The crypto enthusiast acknowledges the profit-oriented nature of crypto exchanges in a friendly manner. However, he considers it reasonable to demand transparency regarding users’ accounts.
The truth about crypto exchanges
In his tweet, the crypto enthusiast describes the strategy of crypto exchanges as “we trade against you, but not fiercely” and “we strive to earn a profit, but not too much profit.” He admits these things are true but has trouble trusting transactions, especially following the FTX tragedy. He highlights the need for openness in trade information, particularly in user accounts.
Furthermore, FatMan provides additional details about the desired information, stating that “audited data on trading pairs, periodic volume, and profit” would suffice to gauge the impact of their internal desk on the market.
He notes that disclosing specific trades or strategies may not be the most critical initial action. Nevertheless, he believes that total obscurity is inferior to both options.