Binance Faces Backlash as FDUSD Depeg and Listed Token Losses Trigger Boycott

YEREVAN (CoinChapter.com) — Nearly all tokens listed on Binance in 2024 have lost value. Data shows that out of 30 projects, only one token recorded a price increase. The rest dropped in value, many by over 70%.

PORTAL, which listed on February 29 with a $2.37 billion valuation, now stands at just $240 million. AEVO, listed on March 13, fell from $3.2 billion to $320 million. STRK, launched on February 20 with support from Coinbase Ventures and Paradigm, lost 81% of its value. Another token, W, backed by Coinbase Ventures and Multicoin Capital, dropped by 86.5%.

The overall picture is clear. Nearly 89% of tokens listed on Binance in 2024 and 2025 delivered negative returns. Many had strong backers, but that didn’t protect them from losses. The decline in token prices has added to user frustration and raised concerns about the credibility of Binance token listings.

ACT Coin Crash Fuels More Doubts

The situation intensified after ACT, a meme coin listed on Binance, dropped sharply. Earlier this week, market maker Wintermute sold large amounts of ACT soon after the listing. The sale created strong downward pressure on the token’s price.

The ACT incident led to more questions about how Binance approves new tokens. Users began to wonder if the listings favor large players while retail traders take the losses. Some believe that financial motives are placed above project quality.

The sudden sell-off by Wintermute sparked discussions about the listing process and timing. Critics asked whether some market makers had access to early information or coordinated trades. The ACT case became a central example in arguments for better Binance transparency.

Even tokens backed by major investors like a16z, Consensys, DragonFly Capital, and Binance Labs performed poorly after their listings. ETHFI dropped by 57% after its launch on March 18. ENA, listed in April with backing from Binance Labs, lost 65.4%. TNSR, which entered the market on April 8, fell by 82.4%.

JUP is the only token with gains, showing a 21.2% increase since listing on January 31. The remaining 29 tokens listed in 2024 all posted negative returns.

These numbers reflect growing pressure on Binance. The Binance boycott movement has gained attention, with more users voicing concerns about insider activity and weak listing controls. The Wintermute ACT sell-off, paired with sharp losses across new tokens, has led to more criticism of Binance token listings and demands for more transparency.

Users Point to Profit Focus Amid Binance Boycott

Community members argue that Binance prioritizes listing fees over token fundamentals. This has triggered a Binance boycott movement across platforms like X. Critics say the exchange has allowed multiple low-quality tokens to list.

Although Binance introduced a community voting system for listings, users say it hasn’t restored trust. The Wintermute ACT sell-off incident became a reference point in many complaints. Critics called for more oversight and greater Binance transparency in how tokens are selected.

Users Blame Binance for Failing to Protect Traders

Social media users are turning against Binance, accusing the exchange of helping large players benefit while retail users lose money. The hashtag #BoycottBinance is spreading across multiple platforms, with users sharing screenshots, graphs, and direct accusations.

In one post, user Jesus Martinez, posted charts showing sudden price crashes for multiple tokens. He said,

“Binance today caused massive liquidations on alts… I warned you yesterday about their very dirty tactics.”

He named token GUN and said he would no longer use the platform.

FDUSD Depeg Sparks Panic and More Criticism

A major point of concern is the FDUSD stablecoin, which lost its dollar peg and dropped to $0.89. The depeg happened after unconfirmed reports said the issuer of FDUSD went bankrupt. Binance, as one of the main platforms for FDUSD, became the center of attention.

According to blockchain data, at 11:15 AM UTC, market maker Wintermute withdrew 31.36 million FDUSD from Binance. This happened right before the stablecoin dropped further. Traders said the timing of the withdrawal increased panic in the market.

Later, community members claimed that Binance employees may have leaked private information to whale groups before the depeg was public. These groups may have had time to act early, while regular users were caught off guard.

Chinese analyst @yuyue_chris questioned the role of Binance staff in a detailed post, asking if the company had done any internal investigation into the leak. The post raised concerns about how much information had been shared with private users and whether public users were left uninformed.

Transparency Issues Fuel Binance Boycott

Another user, @teknikciniz  called Binance a scam platform and said it continues to harm investors while other exchanges do not show the same pattern.

Binance is now a scam exchange. Let’s put aside other exchanges, they can’t even be compared to it. Because everyone does their spot purchases here. Not reacting to Binance is failing to protect investors. If this exchange, which is leaps and bounds above the others, continues to rob investors and you turn a blind eye, then shame on your influencer status too.

Meanwhile, Binance has not released a detailed public response to the claims. The company remains under pressure as more traders share screenshots and question its operations.

Meanwhile, Binance has not released any detailed public response addressing the growing list of accusations. The exchange has remained silent on key events, including the FDUSD depeg, insider leak allegations, and sudden altcoin crashes.

Traders continue sharing screenshots, blockchain data, and price charts that suggest market manipulation or unfair practices.