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when Binance was an upstart cryptocurrency exchange fresh off the back of its own ICO, its public image wasn’t quite as clean cut.
Screenshots still exist of an exchange between DigiByte (DGB) community members and Binance Director of Business Development Ashley Ouyang, where the DigiByte team are openly extorted for the privilege of securing an exchange listing.
The matter was quietly forgotten in the daily news cycle, but after two years it has emerged once again. On September 20th, DigiByte founder Jared Tate revealed that during a video call with the Binance team, he was told to pay $300,000, as well as 3% of all DigiByte coins in order to finally get DGB listed.
Binance chief CZ has since brushed off Jared Tate’s comments in the manner expected of a busy CEO, for whom such silliness isn’t worth his time.
Yet if Binance really were to be shut down in 12 months, it would more likely be because of scammy practices like these, rather than those mentioned by Calvin Ayre.
DigiByte is currently listed on 80 cryptocurrency exchanges, and according to the team, not a single one of those demanded a listing fee – let alone 3% of the entire coin supply.
Question: How much of the world’s cryptocurrency supply is locked up in Binance’s private vaults? Extortion funds are SAFU.
Despite alarm-ringing from respected figures in the crypto space, the ability for Binance to arbitrarily decide the fate of cryptocurrency projects remains uncontested. Binance, helmed by its own “Little CZaer”, is too big to fail at this point, and such scandals appear to just bounce right off it.
Any hope of justice for the DigiBytes of this world may only be found in the fact that Binance, like Rome, will inevitably fall one day. How much damage is done – and how much money is extracted from powerless community projects in the meantime, remains to be seen.
The world’s largest crypto exchange is going legit. Binance, which processes more than $1 billion on a daily basis and for so long has embodied crypto’s Wild West culture, announced that it will launch a U.S.-based service — but, in the meantime, it is implementing restrictions for U.S. passport holders worldwide and those based in the country.
The company has grown to become one of the biggest names in crypto by allowing anyone to use its service to trade myriad tokens, many of which are unavailable or limited on other exchanges. But over the past year, Binance has matured and begun to offer more formalized services. Following fiat currency exchange launches in the U.K., Uganda and Singapore, Binance is opening a dedicated U.S. exchange to avoid uncertainty around its legality.
This week, Binance announced it is pairing up with BAM Trading Services — which Coindesk notes is FinCEN-registered and has links to Koi Compliance, which counts Binance as an investor — to launch a U.S. exchange “soon.” That will mean, however a level of disruption for some U.S. customers in the meantime.
Chiefly, Binance will no longer permit U.S. passport holders to sign up for its global Binance.com service. That’s according to the company’s updated terms and conditions — “Binance is unable to provide services to any U.S. person” — which were confirmed to TechCrunch by a spokesperson.
Existing users have a grace period of 90 days, after which they will be unable to deposit funds to the site or make trades. Binance declined to state whether those bans will be administered by a geo-block on U.S. IP addresses, but it did confirm that U.S. customers will retain access to funds held in the service.
That 90-day period ends September 12, so that’s effectively the deadline for Binance to launch its new U.S. exchange if it is to avoid impacting its American user base.
The reality is that the situation is more nuanced.
U.S.-based users could continue to use the service by browsing the site with a VPN. Binance allows its users to sign up for a limited account without KYC — i.e. providing verification documents like a passport copy — which allows trading but limits withdrawals to two Bitcoin per day. That won’t satisfy more professional traders — most of whom you’d imagine would already have an account on Binance by now — but it does leave a loophole for others.
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