As I trade more and delve deeper into the world of crypto trading, it becomes increasingly clear that most centralized exchanges (CEXs) are only focused on stealing customer assets through a variety of unethical practices and manipulations.
Even though I have felt this way for a long time, I have started to feel this more strongly these days. It may be possible to benefit from this unfair manipulation, maximizing my profit by absorbing many liquidity providers. But I think that such unethical actions would have negative consequences for the future development and higher profit returns for users.
In South Korea, even the leading CEX, Upbit, seems to manipulate trading volume and prices on small market cap tokens.
In my opinion, the most dangerous and harmful CEX is Binance and its alliance. Many traders in Asia, especially those who bought lots of BNB coins, may not be happy to hear this. However, Binance and its alliance group seem to prevent the healthy growth of the crypto ecosystem by manipulating the market while maximizing their profits and killing competing chains.
In my opinion, Binance doesn't have any real intention to improve the blockchain itself. Instead, it tries to pump tokens backed by Binance that are mostly developed in China, South East Asia (mostly in Vietnam), and Singapore. Most of the technology developed by its alliance doesn't have any remarkable difference or improvement, just following recent trends like AI, WEB3, or games.
According to some analysts' opinions, Binance may de-prioritize its native token BNB and is trying to boost alternatives to secure its future.
CEXs based in the US, such as Coinbase, Kraken, and Gemini, are a bit boring and haven't offered any interesting high-pumping tokens or launch pads like Binance does. But taking one step back, it's not absolutely positive for the crypto ecosystem and future to pump those useless scam tokens. Some influencers and whales may earn big money, but sooner or later, the influencers may lose their jobs due to the collapsed ecosystem, healthy activities, and smaller trading volumes.
I hope that we can find or grow a bit healthier and stronger CEX that can pull even Binance or any scam project focused CEXs into a brighter side, even though we may not be able to live in a perfect world.