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Ledger CEO: “The Day Binance Got Hacked, Our Sales Doubled”

The recent Binance hack had repercussions on the entire ecosystem. Not only was there a brief dump in prices but also there was serious interest among crypto users to increase their security as much as possible.

According to The Block, Pascal Gauthier, CEO of Ledger explained in a a symposium that after this unfortunate news, the sales of the company’s hardware wallets doubled:

“Binance got hacked, and the day Binance got hacked, our sales doubled,”

This information was shared by Éric Larchevêque’s successor at the Atomic Swap 2019 conference held in New York.

Ledger: Helping to Build a More Secure Ecosystem

Ledger is a French company responsible for manufacturing hardware wallets.
Since its birth, it has conquered a significant market share becoming Trezor’s
main competitor (Trezor is the first company to develop this type
of devices).

The new Ledger Nano X
The new Ledger Nano X

Gauthier’s words come a few days after the announcement of the launch of the Ledger Nano X, a Bluetooth hardware wallet, considered as an evolution of the Nano S model.

Ledger’s CEO explained that while cryptocurrencies have proven to be
successful, there are still certain weaknesses that hinder their global
adoption. Security is one of them:

“We at Ledger believe that there is not enough security to protect those cryptos … We think that it’s a great technology, there’s probably one weakness which is the [securing] of the endpoint and the private keys.

Security is a Key Issue For Anyone Who Wants to Bet on Global Adoption

The new Samsung Galaxy S10 has a built-in crypto wallet
The new Samsung Galaxy S10 has a built-in crypto wallet

It is important to note that thanks to the growth of the ecosystem, more and more companies are willing to contribute to this type of technology. A few weeks ago, Ledger received an investment of 2.9 million dollars from Samsung.

Samsung’s flagship smartphone has a built-in crypto wallet. It seems that the Korean firm is not only focused on the functionality but also on the security of this new feature.

Although CZ, CEO of Binance, stressed that the hack only affected a minor part of the funds stored by the Exchange without actually risking users’ funds, Gauthier remarked that this type of complication is a clear example of the risks associated with a nascent technology. Risks Ledger hopes to combat:

“We believe the security needs to happen, and we are very excited about building the security layer for the industry,”

The post Ledger CEO: “The Day Binance Got Hacked, Our Sales Doubled” appeared first on Ethereum World News.

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Binance Halting Trades, Deposits and Withdrawals in System Upgrade

Binance Hack System Upgrade 2019

Leading cryptocurrency exchange Binance will be undergoing a system upgrade starting at 11PM EST.

According to the post published on the official exchange website, Binance will be suspending trades, deposits and withdrawals during the planned maintenance, which will take approximately 6-8 hours. In the update Binance states that deposits not finished by the start of the update will be forced to wait until the process is over,

Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.

Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.

We apologize for any inconvenience caused, and thank you for your patience.

Changpeng Zhao, the affable and popular CEO for the cryptocurrency exchange also took to Twitter to announce the update. In addition to providing the start time, he also claimed that the company would continue with its regular process of updating users every 2 hours on the progress of the upgrade,

Final stretch, 11PM Tuesday, EST + a few hours. Thank you for patience, cooperation and support so far! 🙏🙏🙏

During trading halt, we will update no less than every 2 hours, as per usual.

Binance has been at the center of both trader and investor concern following a hack that stole over 7,000 BTC from the exchange’s hot wallet, worth $54 million following the most recent price rally. While Binance reports that their SAFU Fund will cover the expenses lost, investors were wary of the high-profile nature of the hack. After months of outpacing the market, the price of Binance Coin fell sharply before recouping losses over the weekend’s bullish run.

The upgrades comes on the heels of a cooling in the general crypto markets, with the price of BTC slipping to $7800 after scorching to new levels over the weekend. The entire market capitalization of cryptocurrency gained $20 billion in 24 hours, with analysts adjusting their price outlook for BTC in a substantial turnaround for the market.

However, Binance is still recovering from the wake of the hack, with tonight’s upgrade likely in response. Changpeng Zhao and his team have been careful to update traders without compromising any unnecessary information, which the CEO claimed the hackers could use to further evade the exchange’s security.

Some community members are skeptical of the update, and fear it may be related to further losses or breaches in security other than what Binance has publicly released. While the exchange has been fairly transparent in their handling of the theft, initial reports were startling in the extent of user data that was potentially uncovered during the security breach. However, others have voiced their approval of CZ and his team, claiming that the open communication with traders has been a welcome change compared to how other exchange’s have operated in the wake of a hack.

The post Binance Halting Trades, Deposits and Withdrawals in System Upgrade appeared first on Ethereum World News.

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Coinbase Rolls Out Its USDC Stablecoin to 80+ Countries, Showing Aggressive Global Expansion

The Coinbase platform has voiced a rollout of its stablecoin to a pack
of new countries to let traders around the world use it to their benefit

On May 14, the San-Francisco-based Coinbase exchange has written in its blog that from now on their stablecoin dubbed USD Coin (USDC) will be added for support in 80+ countries globally.

Previously, USDC could be traded only in the US, including New York. The stablecoin can be traded both on Coinbase.com and Coinbase Pro.

Aggressive global rollout of Coinbase

Top centralized digital exchanges in the current market are fighting for every customer, offering new products and expanding in every possible manner. Coinbase is eager to expand and the new 85 countries where USDC can now be traded is a confirmation of that.

Leaving the stablecoin aside, Coinbase can be now accessed by traders in slightly over 100 countries.

Just last month, Coinbase added 11 new countries to the list of its clients. Those include India, where the local central bank, RBI, initiated a crypto ban last year, prohibiting banks to work with crypto startups and exchanges. Apart from India, Coinbase is now accessible in New Zealand, South Korea, Mexico and others.

Recently, Ethereum World News also reported that Coinbase now offers its customers to take advantage of using a crypto Coinbase card, based on collaboration with such a conventional giant of the financial services business as Visa. The card can be used via a special Coinbase app.

Peers are getting ahead

Another crypto exchange, a peer of Coinbase, that has also been expanding quite aggressively is Binance, the Malta-based platform. Binance is considered to have the largest actual trading volumes in the world. Recently, it has launched a decentralized exchange (DEX) on a specially created ledger Binance Chain and is currently moving its native BNB tokens from Ethereum to Binance Chain.

Besides, Binance is famous for its Blockchain Charity Foundation (BCF) and Binance LaunchPad. The latter has been a platform for Initial Exchange Offerings (IEO) for such projects as BitTorrent, and several others, which have conducted their token sales successfully on it.

About USD Coin

USDC was launched by Coinbase and the Circle startup. It is pegged to the USD rate and is backed by actual US dollars stored in the accounts of the partner banks.

The post Coinbase Rolls Out Its USDC Stablecoin to 80+ Countries, Showing Aggressive Global Expansion appeared first on Ethereum World News.

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Binance Coin (BNB) Continues to Fall as Bitcoin Breaks $6000

Binance Coin Price Exchange Hack 2019

Binance Coin started 2019 with a strong rally over the previous year, with the coin rising 300 percent through the first four months.

While other cryptocurrencies benefited from the market rally at the beginning of April, BNB continued to outpace the rest, eclipsing its previous all-time high price of $24.50 established in January 2018. However, the price of the currency took a plummeted earlier in the week, as investors responded to news a massive hack impacting the cryptocurrency exchange. The coin has since continued to fall with the broader altcoin market, as BTC surges past $6000 and seeks to further consolidate market dominance.

Binance Coin’s situation makes for an interesting case-study into cryptocurrency. While the currency has become massively popular thanks to its issuance and close-relationship with the world’s leading cryptocurrency exchange, it’s also beholden to sudden turn-of-events such as the most recent hack.

Binance was quick to update investors and traders on the status of the security breach, but reported losing 7000 in BTC in addition to a substantial amount of user data siphoned.

We have discovered a large scale security breach today, May 7, 2019 at 17:15:24 (UTC). Hackers were able to obtain a large number of user API keys, 2FA codes, and potentially other info. The hackers used a variety of techniques, including phishing, viruses and other attacks. We are still concluding all possible methods used. There may also be additional affected accounts that have not been identified yet.

Binance claims that the stolen funds were taken only from their ‘hot wallet,’ thereby sparing the bulk of investor funds, but amounted to 2 percent of the exchange’s entire BTC holding. However, the exchange was quick to clarify that the comically self-referential #SAFU Fund will cover losses related to the hack, meaning no trader will lose money because of the most recent security breach.

Nonetheless, investors appear wary to trade in BNB as they were just a week ago. Binance Coin may have led the marketplace in price gains since the start of the year, but is now looking at a potentially severe correction as the exchange’s security reputation takes a hit.

Exchange hacks may be a dime-a-dozen in cryptocurrency, but investors are still struggling with the idea of putting money into BNB given its close relationship to Binance. It is worth noting that the currency is capable of operating independent of the exchange–like all cryptocurrencies–but denotes a substantial amount of its value from the activity generated by Binance.

Binance has managed to generate intrinsic value for BNB, particularly to users of the exchange, by offering trading fee discounts. In addition, the exchange requires investors to hold a substantial amount of BNB in order to participate in Launchpad coin offerings, again blurring the line between the centralization of the cryptocurrency and its use as a tool on the exchange.

As of writing, BNB is down over 8 percent on the day, with the price slipping to $19.25. The majority of the altcoin market has also experienced a price retraction, with BTC dominance approaching its highest point since December 2017.

The post Binance Coin (BNB) Continues to Fall as Bitcoin Breaks $6000 appeared first on Ethereum World News.

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Binance Adds 10 New Ugandan Schools to Its ‘Lunch for Children’ Program

Binance Charity Foundation expands the number of schools it works with in Uganda, providing their pupils with free lunches.

Binance Charity Foundation (BCF) is a blockchain-powered branch of the Binance crypto exchange that deals with charity. On Thursday, April 4, it has published a post in its official blog that 10 new schools in Uganda have been added to the ‘Lunch for Children’ program.

Donations in BNB

The pilot of this program started in late winter. The first educational organization BCF began to support was the Jolly Mercy Centre in Kampala.

Now, Binance is adding ten more schools to
that with nearly 4,000 students and staff members in 10 schools around Uganda.

Every school within the charity program receives an account with Trust Wallet. Then on a daily basis they receive $0.30 in BNB to use on their school lunches for the full year.

The funds donated equal $236,061 in Binance Coin. This was achieved with the help of the sponsors, among which are the Tron Foundation, IOST and a V.I.P. customer of Binance.

The donated BNB coins return to Binance

BCF will transfer the money in three parts to
the schools’ wallets. The staff then will buy lunches for their students.

Food supplying companies of those schools will then convert the BNB into the local fiat currency via the Binance Uganda exchange that works both with fiat and crypto.

BCF’s donations let the children continue learning

Attracted by the idea of a charity fund built on blockchain, over 10 companies have decided to join Binance’s BCF. Five of them have already transferred their donations.

A volunteer, working with the program, wrote on social media that when he arrived at a school BCF is working with, he saw happy children and even happy cooks making lunches. The latter were happy to be back there, since apparently they were afraid of losing their jobs for lack of funds at the school.

When in the summer 2018, Binance’s CEO, Changpeng Zhao (CZ), set up the Blockchain Charity Foundation, he stated that donations on blockchain make the whole process entirely transparent.

Anyone can see on the public ledger where donations are going. Back then, CZ in cooperation with Tron’s Justin Sun collected donations for the victims of the floods in Japan. The donations were also sent to the beneficiaries in BNB.

The post Binance Adds 10 New Ugandan Schools to Its ‘Lunch for Children’ Program appeared first on Ethereum World News.

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Binance Coin (BNB) Price Skyrockets Following Launchpad Update

Binance Coin BNB Price Cryptocurrency

While Bitcoin has slipped below the critical $4000 mark after several days of low price volatility, Binance Coin (BNB) was one of the largest price gainers over the weekend.

Binance Coin, the native currency for the world’s leading cryptocurrency exchange by volume Binance, pumped over 12 percent yesterday on news that the exchange was updating its launchpad operation. Previously, Binance’s launchpad service operated as a first come, first served platform for users looking to invest in new coin projects.

Now, with the most recent update, users will be required to obtain tickets to participate in the token sale, with investors chosen randomly through a randomized lottery system. The more tickets an investor holds, the more opportunities they have to enter the drawing and thereby increase their chance of participating in the launchpad coin sale.

However, the new policy has massive ramifications for Binance Coin. As opposed to purchasing lottery tickets or applying for them, users are issued a corresponding number of lottery tickets relative to their BNB holding. The more Binance Coin an investor holds, the more lottery tickets they will receive to enter in the launchpad sale, with 500 BNB being required to receive the maximum five tickets.

In addition to using Binance Coin to facilitate the new lottery system, the company is also requiring a minimum BNB be held in user accounts to even be issued a single ticket. The end result is that investors who wish to take place in Binance Launchpad token sales will be required to hold at least 100 BNB in their account in the 20 days leading up to the sale to even be considered for the lottery–let alone actually be selected via the lottery. Active investors of Launchpad sales will likely want to up their chance of participation, requiring the purchase and holding of 500 BNB to maximize their lottery ticket position.

At a price of $16.31 per BNB, as of writing, Binance users are looking at an investment of over $1600 to even participate in Launchpad coin sales. Savvy investors immediately recognized the boom in demand that would accompany Binance’s new policy, with the price of BNB skyrocketing double digits yesterday despite overall lackluster market price moves.

On one hand, Binance’s new lottery policy provides a more even playing field for investors looking to participate in coin sales without the hassle of being the first to enter a purchase on Launchpad. However, the policy change also has the indirect effect of increasing demand and use for BNB in a way that should benefit Binance and current Binance Coin holders. In addition, the details listed in the policy require investors to hold their BNB over the course of 20 days leading up to the new coin launch, which prevents regular cycles of Launchpad enthusiasts purchasing and dumping Binance Coin just for lottery tickets.

It is possible that Binance’s new policy could backfire on the exchange in the event that users tire of having to purchase and hold BNB. The lottery system also throws a measure of luck into the investment process, with users being required to commit to a predetermined amount of coins to be purchased in the event that their wagered lottery ticket is drawn at random.

Nonetheless, the company has managed to initiate a policy that both gives the appearance of increased fairness in the Launchpad process, while also increasing the value of Binance Coin.

The post Binance Coin (BNB) Price Skyrockets Following Launchpad Update appeared first on Ethereum World News.

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Q1 2018 Binance Profits Surpass Deutsche Bank, Near Nasdaq

Binance Pulled In $200M In Q1, While Deutsche Bank Brought In $146M

To be frank, there isn’t too much of a comparison between the crypto industry and legacy capital markets, but on the exchange side of things, maybe this isn’t the case, with Binance’s Q1 2018 profits reportedly surpassing Deutsche Bank’s and nearing Nasdaq’s.

On Thursday, Dovey Wan, managing director of DanHua Capital and a crypto investor, took to Twitter to provide an interesting point of insight into the crypto industry, noting that Binance outperforming Deutsche Bank in Q1 of this year.

Backing this seemingly outrageous claim, Wan posted an image, which gave a short, yet sweet side-by-side comparison of the two firms. Deutsche Bank, which has been one of Europe’s foremost financial institutions for more than a century, pulled in a sizable profit of $146 million in Q1 2018 after giving salary to over 100,000 employees and fulfilling its operating costs. On the other hand, Binance, which was founded only in July 2017, raked in $200 million after its operational margin, topping Deutsche profits by 35%.

However, her comment’s quickly sparked some conflict within the Twitter thread, with some noting that this is more of an “apples to oranges” comparison, as both of the firms operate with an entirely different structure in separate industries.

Acknowledging this, the DanHua executive went on to make a better comparison, trying to make it more “apples to apples.” This time, she contrasted Binance and the Nasdaq capital markets exchange, revealing that Binance’s Q1 profits were ‘only’ $9 million shy of Nasdaq’s, even with the crypto exchange’s relatively small team.

While this by no means shows that crypto is surpassing traditional markets, Wan indicated that these statistics show that decentralized technologies and markets hold “disruptive potential,” writing:

Yes, there is nuance in compliance cost etc, the comparison mainly tries to illustrate an industry with exponential growth + disruptive potential. If AMZN can be accessible outside NASDAQ, why chinese investor has to pay super high P/E for local s***? Liquidity brings optionality.

Binance Rakes In Millions In Profit, Even Amidst A Bear Market

As per a previous Ethereum World News report, Binance’s CEO expects for his firm to pull in $1 billion in profits for all of 2018, even amidst a bearish market that has plagued investors since January’s all-time highs. This substantial profit figure could be attributed to the firm’s rapidly pudding user base, along with near-consistent volume levels on its over 100 trading pairs.

According to Zhao, his company has now supported over ten million customers, generating an average of $1.5 billion in trade volume each and every day. To give the user base figure a bit of perspective, Binance only had two million users at the start of 2017.

Some skeptics reasoned that the only reason why Binance could pull in such a profit is due to the suspected exorbitant listing fees requested by the exchange. As covered in early August, an ‘official’ email from Binance claimed that a fee of over $2 million should be paid for listing on the popular exchange. While this claim has since been rebutted by CEO Changpeng Zhao, many speculate that this could be the source of a good portion of the startup’s profits.

Regardless, Binance doesn’t seem to be the only firm ‘rolling in the dough’, even as the retail market all but dries up. With BitMEX, the world’s most popular Bitcoin mercantile exchange, recently ‘making it big’ with a move into one of the most expensive office towers in the world. As reported by Ethereum World News last week, the exchange, which has become well-known for offering margin trading, will pay over $570,000 a month in rent for just one of its offices, showing that the firm still has some cash to spend.

Photo by Jakub Gorajek on Unsplash
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Binance Introduces Blockchain Incubator To Bolster Crypto Startups

Even amidst falling prices and mixed investor sentiment, Binance, the world’s largest exchange, has trudged forward, recently launching an in-house incubation program for early-stage crypto and blockchain ventures.

This most recent announcement comes on the back of the firm’s move to launch a $1 billion venture capital fund in early-June, as reported by Ethereum World News previously. While the incubator was Exchanging Cryptocurrenciesalluded to in June, Binance has finally come out to release the details regarding this new venture, which will see the cryptocurrency platform “support top-early stage teams with the best resources.” According to TechCrunch, Binance Labs CEO Ella Zhang noted that the incubation program is planning to take on eight to ten companies “per batch” for a 10-week tenure.

So what will the incubation program entail? You may ask.

Well, as per the official Binance announcement, the program will provide its ‘incubatees’ with $500,000 in seed funding in exchange for a 10% stake in the startup. If the program keeps up with its planned eight to ten projects every 10-weeks, that means that Binance will be forking out at least $4 million nearly every two months. It remains to be seen whether this seed investment will take the form of fiat or crypto, however. Along with an investment, Binance Labs intends to provide the projects is chooses with mentorship, networking and support services, as alluded to in the following list:

  • Seed Investment: We provide $500K Seed Funding (10% Equity). This allows startups to bootstrap as soon as possible.
  • Mentorship: We have best mentors from both crypto and startup scenes who will support startups’ journey.
  • Network: We help startups grow their network with notable founders coming every week, and of course the batch network will become the biggest assets.
  • Support Services: We provide the best resources so startups can focus on building products/services.

The maiden program is reportedly set to begin on October 9th in San Francisco, with the sign-up deadline being September 14th for companies looking to take part in the incubation process. Following the 10-week period, the program will close with a “BUDILer Day,” which will be an opportunity for the startups to show off what they have created to an audience of prospective investors, media outlets, and industry leaders.

Zhang added that the incubator will do its best to provide support for projects focused on “public chain scalability, security, decentralized exchanges, wallets, custody, payment, coin stability, compliance, decentralized apps, gaming, virtual goods and more.” The Binance Labs CEO noted that ideal candidates for the program would be a project that has taken upon any investors yet, as Binance is looking to take a spot as the first third-party investment into a venture.

While this program is starting out of San Francisco, Binance intends to expand its border eventually and may move into other prominent cities in Africa, Asia, and Europe if the need arises.

A Symbiotic Relationship — Binance Labs And Its ‘Incubatees’

As alluded to by TechCrunch’s interview with Binance Labs CEO Zhang, the incubation process is meant to be as symbiotic as possible — where the two ends of the process can both benefit and grow from a partnership. As Christy Choi, Binance Labs director put it, the $500,000 check is meant to “facilitate” the founders by helping them to develop a successful product or service, rather than having to go through the tedious task of running a business, which should only help the firm in the long run.

Following the incubation process, Zhang added that Binance Labs’ venture fund will have “follow-on” investment opportunities to help facilitate a long-term relationship between the cryptocurrency giant and the former-incubatees.

Photo by Danielle MacInnes on Unsplash

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Binance Reveals Liechtenstein-Based Fiat-To-Crypto Exchange

In a recent move, Binance has partnered with Liechtenstein Cryptoassets Exchange (LCX) to launch a partnership fittingly named Binance LCX. As per a press release posted on August 16th, the collaboration between the two entities will be launching a fiat-to-crypto portal in Liechtenstein. 

Binance’s “experienced team” will take a key role in providing and maintaining the exchange infrastructure, while Binance LCX will take the reins for customer support, legal compliance and due diligence, KYC, AML and communication with local governmental figures/regulatory bodies. The entity spawned as a result of the partnership intends to build a team of 10 to 15 individuals to support the exchange and will be situated at its Liechtenstein office.

The fiat-to-crypto exchange will offer support for Swiss Francs (CHF) and Euros (EUR), coupled with “major cryptocurrency pairs.” While the two firms have not released an extensive list of pairs, it is widely speculated that the new exchange will support BTC, ETH, and XRP at the bare minimum. The latter cryptocurrency noted may be a surprise to some, as the regulatory state of this asset is still up in the air. However, recent tweets from Michael Arrington, an XRP proponent and the co-founder of TechCrunch, and Binance CEO Changpeng Zhao have led some to believe that XRP/EUR and XRP/CHF support is likely.

The newly-established firm also noted that it will add more trading pairs as time moves on, with planned pairs being subject to regulatory approval/disapproval. Changpeng Zhao, or CZ as he is better known by the cryptocurrency community expressed his excitement for this venture, stating:

I believe Binance LCX will create a sustainable and reliable fiat-crypto gateway for professional and regular investors alike. I hope Binance LCX will drive new standards for usability and compliance for the blockchain industry, and we are very excited to bring the relevant experience and best practices to grow our team in Liechtenstein

In a similar comment, LCX CEO Monty Metzger, the primary executive at the other end of the partnership, also added that his firm is thrilled to join hands with Binance in this move. While many governments are hesitant to openly endorse cryptocurrency-related companies, individuals or ventures, Liechtenstein’s Prime Minister issued a welcoming statement and even made an appearance at the grand unveiling of the Binance LCX office.

Liechtenstein has quickly proven itself to be a “crypto haven,” with the regulatory environment surrounding this nascent asset class being rather lax. The small European country has begun to see a large influx of crypto-related companies, as some projects seek crypto-friendly banking relationships. Taking this into account, it is clear to see why LCX wrote that “Liechtenstein is the ideal location” for this new exchange.

As reported by Ethereum World News previously, Binance made a similar announcement in June, launching its first fiat-to-crypto exchange in Uganda. So although the global roll-out may be slow, it has become apparent that Binance is ready to tackle the lack of fiat support in exchanges worldwide with its own platforms.

Photo by Henrique Ferreira on Unsplash

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The Listing Fee Debates Continues, As Binance CEO Says “We Don’t List S***coins”

400 BTC. That’s apparently how much Christopher Franko, the Expanse project’s co-founder, was told to pay by Binance employees to secure a spot on the world’s most popular crypto-to-crypto exchange. As it stands, 400 BTC is worth approximately $2.5 million, making such an exorbitant listing fee out of the reach of many bona fide cryptocurrency projects.

Image courtesy of @frankocurrency on Twitter

However, according to a recent tweet storm from Changpeng Zhao, the CEO of Binance, this is far from the truth. On Saturday morning, the Binance executive, better known as CZ to the cryptocurrency community, drew attention to the claimant’s evidence of an email from “[email protected]” quoting the aforementioned fee. According to Zhao, “the email Franko showed is a spoofed/spam email, not from Binance,” which implies that an innovative, yet conniving individual found a way to disguise his/her/their email as if it was from an official Binance address.

Although it remains to be seen whether CZ’s claim of spoofing is accurate, he went on to note that the fact that Franko wasn’t able to spot the “spoofed” email might reflect badly on the project. Adding more to this sentiment, the Binance executive wrote:

“We don’t list s***coins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more were listed with no fee (paid). Question is not “how much does Binance charge to list?” but “is my coin good enough?” It’s not the fee, it’s your project! Focus on your own project!”

Although not explicitly stated, this statement alludes to the fact that Binance charged a high fee due to the quality (or lack thereof) the exchange’s staff team sees in the Expanse project.

The Community Questions CZ’s Rebuttal

However, upon the release of these tweets, Zhao fell under fire from skeptical community members. One user, going by @danielcpigeon, questioned the legitimacy and bias of Binance’s listing process that has kept behind closed doors.

Another Twitter user doubled down on this sentiment, noting that the way in which people evaluate a cryptocurrency project varies widely from person to person, so how can Binance ensure its methods are in-line with the community?

Even Christopher Franko, the aforementioned Expanse executive, had something to say in response to CZ’s rebuttal. While Franko issued dozens of tweets regarding the subject, there were a few that stood out and goes to show his opinion on the matter.

At first, the Expanse representative remained cordial, inviting CZ to speak with him through DMs to clear up the fee, writing:

“Ok, if you are being genuine that it really doesnt cost 400 BTC to list there, then send me a DM with a real quote so we can clear this up. I believe you are probably an honorable person and the people want to know you are who you say you are.”

But as time went on, and seemingly no progress was made, Franko began to show his warranted anger and frustration through a series of impassioned tweets against Binance’s listing fee practice. It remains to be seen whether Binance representatives will respond to this expose attempt.

But for now, this debacle might have ended, as Franko noted that Changpeng had blocked him on Twitter, putting an end to the back and forth talk that was likely going on between the representatives of the two entities.

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