Following the announcement of a new Lottery Binance Launchpad format, the exchange has come under fire for facilitating BNB whales and excluding smaller investors. As expected this was the intention of the C.E.O as it wanted the whales to come and increase the value of its useless coin BNB.
Early today, as reported Binance announced a brand new format for their token launch platform, Launchpad; changing from its original first come first serve format to a lottery format based on randomly selected winning tickets with an allocated amount of tokens set to each ticket. Ticket allocation appears heavily manipulated in favor of BNB holders, with the amount of BNB held correlating directly to the number of tickets available to users.
The minimum buy to participate in Launchpad Lottery is 1700$ at current price, removing small investors and creating a “HODL” mentality among whales.
This is the new format of LaunchPad in order to maintain BNB price above certain price-point so it can serve his only interest as Binance is the biggest holder of this coin. Overvaluating it now at 17$ when the coinmarketcap is sitting at the same level for last 4 months of 140 billion$ he tries to drain every single Bitcoin or altcoin of their capital and make people pour it in his token.
This action has proven again that Binance is one of the unregulated exchanges that promote wash trade and pump-n-dump schemes. Both being financial crimes in regulated markets and punishable by jail time.