Arthur Cheong, CEO of DeFiance Capital, critiques price manipulation in crypto markets due to collusion between market makers and exchanges. He notes that centralized exchanges ignore this issue, leading to poor asset quality and significant post-listing price drops, exacerbating investor loss of confidence. Analyst data indicates 88% of tokens listed on Binance in 2025 declined in value. Changpeng Zhao of Binance agrees that reform is needed in the listing process.
Arthur Cheong, CEO of DeFiance Capital, has highlighted that price manipulation is critically undermining the integrity of the cryptocurrency market. He claims collusion between market makers and exchanges generates artificially sustained prices, obscuring genuine market demand. Cheong warns that unless industry participants take substantial action to rectify these practices, a significant portion of the crypto landscape will continue to be deemed ‘uninvestable.’
Cheong expressed concern over the apparent apathy of centralized exchanges (CEXs), referring to the altcoin environment as a ‘lemon’s market.’ In this context, he uses the term from economics to illustrate how substandard assets dominate due to skewed information, leading to poor quality replacing quality offerings. He also criticizes token pricing during generation events as untenable, highlighting significant price drops post-listing in 2025.
Data from analyst Miles Deutscher indicates a sobering trend for newly listed crypto tokens on Binance in 2025. Of the 27 tokens, only three exhibited positive performance, correlating to an alarming 88% decline across the board since their listings. This status induces a loss of confidence among retail investors, prompting many to exit the market. Community feedback reflects the prevailing sentiment, with hopes that platforms like Binance reconsider their high initial valuations.
In light of these concerns, Binance co-founder Changpeng Zhao has acknowledged the need for reform in the listing process, admitting its flaws. On February 10, he proposed a shift towards automating listings akin to decentralised exchanges (DEXs), aiming for a more transparent and efficient market.
