As the world’s largest cryptocurrency exchange by trading volume, Binance is no stranger to controversy. The platform has been embroiled in a number of scandals over the years, the most recent of which is known as “ElonGate.”
The scandal began when a user on Reddit claimed that Tesla CEO Elon Musk had used his influence to manipulate the price of dogecoin (DOGE), a cryptocurrency that he has been known to support. The user alleged that Musk had bought large amounts of DOGE before tweeting about it, causing the price to rise.
Musk has denied these allegations, but that hasn’t stopped the controversy from spiraling out of control. Binance CEO Changpeng Zhao (CZ) even weighed in on the situation, calling it “market manipulation” and saying that those who engage in such activities will be “punished severely.”
So far, there has been no evidence to support the allegations against Musk, and it remains to be seen if any will surface. However, given Binance’s history of crackdowns on questionable activity, it’s not out of the realm of possibility that the platform will take action if it finds that Musk did indeed manipulate the DOGE market.