BYDFi Rebuffs Content Creator's Claims, Upholds Trading Rules

BYDFi, a prominent global cryptocurrency exchange, has issued an official response to address false allegations made by content creator ExtraVOD on social media. The dispute centers around trading activities and account management, with BYDFi emphasizing its commitment to transparency and adherence to its user agreement.

On January 25, BYDFi detected abnormal trading activities involving ExtraVOD's accounts. The content creator had opened a second account to bypass risk limits after the first account reached its perpetual risk limit. BYDFi promptly reminded ExtraVOD of the relevant clauses in its User Agreement and the risk limits for perpetual contracts.

The following day, ExtraVOD admitted to creating a second account for high-frequency trading but claimed ignorance of the policy. BYDFi requested the removal of any misleading content from ExtraVOD's social media platforms. After negotiations, an agreement was reached on January 28-29. All funds in ExtraVOD's main account remained accessible, while deposit funds from the sub-account were merged into the main account. ExtraVOD acknowledged the resolution and continued trading actively over the next month.

However, on March 1-5, ExtraVOD re-engaged, demanding profit funds from the sub-account. BYDFi's support team reiterated that all deposited funds had already been returned to the main account as per the January agreement. The situation escalated further on March 11-15 when ExtraVOD threatened to expose the issue on social media unless his demands were met. He altered his stance, claiming the second account belonged to his family, and released a video urging his followers to pressure BYDFi into returning the funds.

BYDFi maintains that it upholds integrity and transparency to ensure a fair trading environment for all users. All legitimate funds were returned to ExtraVOD’s verified account, but trading profits were voided due to rule violations. The exchange will not tolerate defamatory actions and reserves the right to take legal action against any damages caused by misleading claims. The misuse of multiple accounts to bypass risk limits is a violation of policies across all trading platforms.

Founded in 2020, BYDFi is committed to delivering a world-class crypto trading experience for every user. The exchange remains dedicated to its principle of "Rules Over Followers," prioritizing adherence to regulations and policies over public opinion or pressure from influential individuals. This stance underscores BYDFi's commitment to maintaining a fair and transparent trading environment for all its users.