Binance accused of underreporting perpetual futures liquidations

Binance is facing allegations that it is underreporting the volume of its perpetual futures liquidations. Crypto trader MartyParty, who has approximately 237,000 followers on X, claimed on the platform that, according to CoinGlass, Binance's liquidation data is limited to reflecting only one event per second via its WebSocket API. He explained that this structure means that during periods of high volatility when multiple liquidations occur simultaneously, only a portion are reported, suggesting the actual volume is likely much higher. MartyParty added that these suspicions are not new. He noted that K33 Research analyst Vetle Lunde has previously stated that exchanges have been intentionally concealing liquidation risks through API limitations since mid-2021, using the restrictions to help stabilize market sentiment.