ICON Jumps Up- Binance Exchange Adds ICX/USDT and Gets Accused of Insider Trading

Binance will assist with swap of tokens to support ICON Mainnet 1.0

Wed, 13/06/2018 - 14:10

ICON Jumps Up- Binance Exchange Adds ICX/USDT and Gets Accused of Insider Trading

Cover image via U.Today

As of June 20, all operations with ICX on the exchange will be suspended. Nevertheless, the platform’s team promised to deal with all technical issues for the coin’s holders during the token swap.

ICON Mainnet 1.0 was launched Jan. 24, 2018 but since then the tokens have not been swapped yet. The platform executives said it would be done via exchanges. This is what Binance is doing now.

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ICON platform

ICON is a distributed-ledger-based system that links several blockchain platforms, such as Bitcoin, Ethereum and others. The team plans to utilize ICX as the common means of exchange between those platforms to enable deals between various coins.

Market situation

Today trading pair ICX/USDT was added on Binance. Soon after that, on all other exchanges ICX, which was previously trading at $1.9, went up to $2.06. But later on it came down to $1.99.

Suspicions of foul play

When previously Binance announced adding PIVX/BTC, PIVX/BNB and PIVX/ETH pairs, their prices also went up at once. This made some users on Reddit suspect the exchange of insider trading. However, others just believed the spikes of rates were due to speculative trading.

The same story happened to Coinbase in early March this year. Back then a group of cryptocurrency traders filed a legal action against the exchange, accusing it of insider trading during the launch of Bitcoin Cash on this platform in late 2017. According to the plaintiffs, the exchange notified the insiders before the launch of the coin.

However, no official charges have been pressed against Binance yet.

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About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.