Did you know that CoinBene ranks among the top 10 cryptocurrency exchanges by trading volume? Or that it’s available in more than 150+ nations worldwide?
It services the crypto-verse via 192 markets. And 170+ of its digital assets are listed and available for trading. Impressive stats for sure.
Yet, the Singapore-based crypto asset platform has gotten into hot water. From accusations of unlicensed trading to sexual harassment charges. You must understand the accusations before trading on this exchange.
Keep reading for an unbiased review that cuts through the hype and gives you answers.
What Is CoinBene?
Launched in 2017, Coinbene is led by co-founder and CEO, Yoni Assia. The executive team includes Zhang Bing (CEO), Sunny Gong (CEO), Journey Sun (CEO), and Daniel Zhang (CPO).
CoinBene has already established itself as a steady top 30 exchange. Factors contributing to this status include ease of use and multilanguage capabilities.
The company provides one-to-one real-time customer service 24/7. It supports Android, iOS, H5, and web. With 200+ trading pairs, the exchange offers a continuous flow of initial listings.
The multi-platform integration lets users participate in fiat and crypto trading. They can also execute upcoming futures trading.
The company claims to provide a secure and stable system, handling 100 million orders per second. It also boasts a built-in distributed environment offering multi-layer protection. These security measures prove vital. Especially because of the company’s robust ecosystem.
Coinbene has a global presence with professional consultant teams and management. It also has multiple industry partners worldwide.
Features of CoinBene
The exchange’s website proves easy to navigate, and a mobile app supports it. The app makes trading on-the-go a breeze.
Signing up for the platform proves convenient and straightforward.
How about security features? The use of Google Authenticator provides extra protection. You can download it to your mobile device and laptop. Once you activate Google Authenticator, it sends a code to your device verifying the user.
Yet, despite this all, Coinbene has been involved in various scandals over the past couple of years. Each one bears closer examination.
A German Accusation
In 2019 one of Germany’s top financial regulators accused CoinBene of operating without a license.
The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), issued the warning against the cryptocurrency exchange. But the claims didn’t stop there.
They also included recruiting freelance traders to make trades on behalf of the exchange.
CoinBene vehemently denied BaFin’s claims. They refused to admit having operated in Germany. Leaders even stated that previous job postings for freelance cryptocurrency traders based in Germany were fake.
This accusation raises the obvious question: if Coinbene denies operating in Germany, who is operating CoinBene LTD Germany? Pinning down an individual proves difficult.
Why? Because the company isn’t registered on the nation’s business register.
How problematic is BaFin’s announcement? Remember that cryptocurrency investors and traders participate in any number of unregulated transactions using consumers’ money. But this isn’t the first time that CoinBene’s been in hot water.
An April Tale of Hacking
In April of the same year, members of the cryptocurrency community were up in arms for other reasons. Large volumes of cryptocurrency went missing from the exchange overnight. This event caused users to speculate that the exchange got hacked.
To ease consumer concerns, CoinBene claimed the platform was “undergoing maintenance.” However, this announcement didn’t set many minds at ease.
Research from the analytics firm CipherTrace didn’t help CoinBene’s case any. They classified the debacle as a hack, reporting that a purported $105 million in cryptos had mysteriously ended up on other platforms during the alleged hack period.
Despite CoinBene’s claim about the safety of its systems, consumers remain rightfully nervous.
A Sexual Harassment Scam
Of course, nothing beats the sensational accusations made against some members of the CoinBene team in 2018. These relate to everything from disrespectful and unmannerly treatment of project owners by CoinBene’s team members to fraud.
The team behind the ARK ecosystem and cryptocurrency reported paying 5 BTC in CoinBene fees. They spent 3 BTC when the contract with the exchange was signed.
Then, they paid 2 additional BTC when the first trading got activated. Despite these payments, their virtual currency never got listed.
In yet another incident, the DUCATUS team shelled out 1 million DUC coins to CoinBene for promos. Yet, only 26,000 DUC got used. When the CEO of DUCATUS requested a refund, CoinBene officials refused.
Other exacerbating events include delisting EZ token without any prior notice. This lack of communication resulted in violation of basic business ethics.
If that’s not enough, one of the exchange’s CEOs, Zhang Yang Bing, has been accused of sexual harassment. These developments are harmful to the entire crypto-verse and should give consumers considering CoinBene something to research and ponder.
Worldwide, regulatory agencies have expressed concern about the impact of unregulated activities in the crypto world. And CoinBene remains far from off the hook.
If it wants to transform into a respected player in the crypto world, CoinBene needs to make sweeping changes. What’s more, its leaders need to adopt more ethical practices if it stands a chance at prospering and expanding over the long haul.
Find a better decentralized rating model that bridges traditional finance and crypto.
Coinbene Alternatives Worth Knowing About
While CoinBene has many factors going for it, like ease-of-use, the company’s general lack of transparency remains troubling. So do the high number of scandals and accusations for a relatively new player on the block.
The takeaway? Approach investments and trades on CoinBene with care. Or better yet, find CoinBene alternatives that are safe, secure, and verified by independent companies. CoinBene Cryptocurrency Exchange: Our Unbiased Review
