BYDFi Defends Actions Against ExtraVOD's Misleading Claims

BYDFi, a leading cryptocurrency trading platform, has issued a formal response to address misleading claims made by ExtraVOD, a content creator. The dispute began on January 25 when ExtraVOD opened a second account to bypass restrictions after his first account reached the perpetual risk limit. BYDFi noticed the abnormal trading activity and reminded ExtraVOD of the platform's User Agreement and risk limits for perpetual contracts.

On January 26, ExtraVOD admitted to opening a second account for high-frequency trading but claimed ignorance of the agreement. BYDFi requested the removal of misleading content from his social media handle. Following negotiations between January 28 and 29, BYDFi reached an agreement with ExtraVOD. All funds in his main account remained fully accessible, while deposit funds from the sub-account were merged into the main account. ExtraVOD acknowledged and publicly confirmed the agreement and continued trading on the platform.

However, on March 1, ExtraVOD resumed demanding funds from the exchange, specifically profit funds from the sub-account. BYDFi reminded him that all deposited funds had already been returned to his main account since the January agreement. From March 11 to 15, ExtraVOD escalated the situation, threatening to take it to social media if his demands weren’t met. He claimed the second account belonged to his family and released a video asking his followers to press BYDFi to return the funds.

BYDFi has stated that for the five years of its existence, it has upheld integrity and transparency to ensure a fair trading environment for all users. The platform asserts that all legitimate funds were returned to ExtraVOD’s verified account, but trading profits were voided due to rule violations. BYDFi also reserves the right to take legal action against any damages caused by misleading claims, as the misuse of multiple accounts to bypass risk limits violates policies across all trading platforms.

This dispute highlights the competitive nature of the cryptocurrency exchange industry and the importance of transparency, accountability, and ethical conduct. BYDFi's proactive approach to addressing the allegations demonstrates its dedication to maintaining its reputation as a trusted and reliable exchange. The incident underscores the need for ongoing vigilance and scrutiny within the industry to ensure that all participants adhere to high standards of conduct and integrity.