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Is Binance A Chinese Company? Here’s What CZ Has To Say

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Binance’s Chief Executive Officer Changpeng “CZ” Zhao has responded to claims over being a Chinese firm. CZ penned down a detailed post offering a rebuttal to the allegations. The top executive criticized the media’s efforts to malign its reputation by portraying it as a company with connections to China.

One of the many strengths that our employees at Binance must possess is thick skin. After all, this industry is the subject of a lot of negative sentiment (much of it is unwarranted, but it’s the reality right now). In recent months, our thick skin has been tested by a noticeable increase in attacks on our company’s reputation.

He lamented that people would still insist on calling it a “Chinese company,” despite establishing itself as a global firm with diverse employee profiles similar to that of FTX, and Crypto.com.

Zhao also took a critical note of the negative campaigns orchestrated by crypto exchanges and projects to target competitors and said these types of attacks are becoming more sophisticated.

“And while it is tempting to launch counter-attacks on the industry’s bad actors who engage in these activities, we will not debase ourselves nor abandon our values,” he added.

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Is Binance A Chinese Company? Here's What CZ Has To Say 2

It is worth recalling that a self-proclaimed whistleblower CryptoLeaks recently published a report alleging Avalanche labs for exploiting litigation to cast doubt on rival blockchain projects. Binance too was served a legal notice at the behest of Ava labs, the report alleged.

“Binance Was Never Incorporated In China”

While Binance has at times shifted its corporate headquarters around the globe, CZ has maintained that the exchange was never incorporated in China.

He also stated that the firm has subsidiaries spread across the globe, including France, Spain, Italy, UAE, and Bahrain [to name a few].

“But we don’t have any legal entities in China, and we do not have plans to.”

According to CZ, it is incorrect to presume that the exchange is “secretly in the pocket of the Chinese government” simply because he is of Chinese ancestry and there are other ethnically Chinese employees.

He referred to Binance as a simple target for Western governments, as well as oppositional media and special interest groups.

Here are Dogecoin co-founder and Elon Musk’s Halloween plans

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Dogecoin [DOGE], which was inspired by a meme, swept the cryptocurrency world. DOGE is an A-lister in the crypto-wood, generating interest among GenZ on TikTok and receiving celebrity endorsements. But the majority of these endorsements and shows of support appear at random and disappear too soon. Elon Musk, the CEO of Tesla, has emerged as the meme’s most ardent advocate despite the arrival and departure of these visitors.

Many tweets were posted in support of Dogecoin. Musk hasn’t missed a chance to support the dog-themed cryptocurrency. The explanation behind Musk’s predisposition toward the asset has time and again been questioned. Some claim he’s trying to artificially inflate the price of the coin, while others claim he was one of the founders. Elon Musk and the memecoin co-founder, however, once again create headlines together.

Billy Markus, the only dogecoin co-founder who is still friendly with Elon Musk, the greatest supporter of dogecoin, took to Twitter to slam YouTube cryptocurrency scammers who use the name of the Uniswap system to bilk unsuspecting small investors looking to make a quick buck on cryptocurrency.

Markus announced that he will dress up as billionaire Changpeng Zhao, the founder and CEO of Binance (commonly abbreviated as “CZ”).

Marcus made a subtle reference to the new technique con artists are using to entice unwary investors to a phoney website. Every tweet on cryptocurrency that they post includes a message from them asking why people aren’t talking about a video. They typically modify their Twitter display name to emulate Binance CZ. The goal is to encourage individuals to click on the video link in the hopes that they will be persuaded to invest in a scam or to give away their seed words.

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Source: Twitter

Elon Musk encouraged the DOGE founder by making a Halloween joke about dressing up as a sink to let this sink in when Markus recommended dressing up as CZ for Halloween.

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Source: Twitter

Elon Musk, the CEO of Tesla, and Markus occasionally complain about cryptocurrency scams on Twitter and YouTube. He recently complained about numerous bots pretending to be CZ. Recently, the CEO of Binance also said on Twitter that these bots are “simply everywhere” on the platform. The Twitter team was tasked with fixing this problem by Binance’s CEO.

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Source: Twitter

Same Dogecoin, Different creator, Different opinion

While Musk shares a great rapport with Markus, there is a sea of people that feel otherwise bout the Tesla founder. Here’s another co-creator of the dog-themed-coin that joins the sea.

When Elon Musk and WallStreetBets’ ripoff Reddit group SatoshiBets sought to send the meme currency “to the moon” last year, Dogecoin co-creator Jackson Palmer said it disturbed him.

Palmer expressed his frustration at being “dragged” into discussions about the currency he helped establish more than eight years ago in an interview with local media. He used to consider Dogecoin to be a “hobby,” but now claims it has turned into a hassle.

With all seriousness aside, Can you truly imagine Billy Markus and Elon Musk in their potential Halloween costumes? That would truly be a sight to “sink in.”

Here’s when Binance Will Conduct Wallet Maintenance For Ethereum

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Binance announced that it would carry out three-hour wallet maintenance for which deposits and withdrawals on the Ethereum Network [ERC20] would be temporarily paused at 6:25 a.m [UTC] on August 31st.

In the blog, the leading crypto exchange stated that the trading of tokens on the Ethereum Network will not be affected during the wallet maintenance. Binance assured to restore deposits and withdrawals after the maintenance is completed but won’t send out a separate notice to users for the same.

The crypto exchange has already backed the Ethereum Merge, slated to occur next month.

Last week, the trading platform sent out a statement suspending ETH and ERC-20 token deposits and withdrawals twice one for the Bellatrix upgrade, and the other for the Paris upgrade.

Both of these events are scheduled to happen at about 11 a.m. UTC on Sept. 6 and at 12 a.m. UTC on Sept. 15 respectively.

Binance had also earlier provided notice regarding the Merge. The exchange outlined a few steps it would undertake to mitigate any risks that the upgrade may bring. The firm listed a series of actions it would perform when the transition eventually occurs.

In the event of different chain formation, Binance revealed it would use the ”ETH” ticker for the PoS chain. On top of that, the exchange will credit users’ accounts with the forked token at a 1:1 ratio. The snapshot taken before the Paris execution layer will determine the distribution, it added.

Binance Signs MoU With South Korea Busan City

In a separate development, the world’s biggest crypto exchange revealed that it has signed a Memorandum of Understanding [MOU] with Busan Metropolitan City, located on the southeastern tip of the Korean peninsula, which is the second largest city in South Korea with a population of roughly 3.4 million.

Speaking on the deal, Binance CEO a.k.a Changpeng Zhao [CZ] said, “We are happy to be working with the city of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts.” He also stated,

“Through our industry-leading position and technological expertise, combined with the city of Busan’s strong support for the blockchain industry, we hope to help grow crypto adoption within the city and beyond.”

Binance CEO Warns Investors Of Crypto’s Bad Players

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Binance CEO Changpeng  Zhao, better known as CZ has cautioned investors against those crypto founders, that jumped from project to project. The top exec was in the limelight following his jibe at bad players for crypto exchange jitters.

Jitters in crypto trading refer to a trade event where a trader’s buy or sell order gets stuck and moves down in the list, allowing newer trade orders to go through.

Regarding the community’s take on “jitters” as a common and accepted condition, Zhao added, “All of you guys knew and didn’t say anything. We need to fight the bad players.”

Even though CZ refrained from taking names, the crypto community felt that it was an indirect shot at FTX, the exchange under fire for “misleading investors”.

Zhao also revealed that VIP traders on Binance were aware of the illegal trade activity. quoting “You can’t hide bad behavior”.

SBF-run FTX along with four other cryptocurrency firms have been issued cease-and-desist letters from the Federal Deposit Insurance Corporation [FDIC].

The FDIC alleged that FTX US, SmartAssets, FDICCrypto, Cryptonews, and Cryptosec have tricked investors by claiming that their products were FDIC-insured. Brett Harrison, the president of FTX US, posted a now-deleted tweet that refuted FDIC charges.

But, crypto Twitter countered Harrison by citing several instances where the latter misrepresented the existence of FDIC insurance.

According to a recently leaked document, FTX’s income reportedly grew a staggering 1000% in 2021, rising from $90 million in 2020 to $1.2 billion in 2021, CNBC reported.

FTX has reportedly pocketed $270 million within the first quarter of 2022. In addition to that, the report claimed that the crypto exchange held $2.5 billion in money by the end of 2021 with a revenue margin of 27%.

Binance CEO Called Out Media Outlets For Spreading Fake News

That said, Binance boss CZ recently posted a thread on his Twitter account, expressing frustration at the major Chinese news site 163 for publishing fake news on Binance to spread FUD.

The CEO also recalled three years ago, a crypto news site The Block too triggered FUD by posting an article with a misleading title.

Binance celebrates 5th anniversary; CZ sheds light on struggles

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Honoring its fifth anniversary, Binance, prominent cryptocurrency exchange, and blockchain ecosystem is hosting several giveaways to its users. As a recent initiative, they eliminated fees on its spot trading pairs.  With this most recent step, Binance is solidifying its position as the world leader in pricing, while having long remained one of the lowest spot trading costs in the sector.

Starting on July 8, users will get a chance to enjoy free trading fees on spot trading. The new trading costs will be in place until further notice, enabling users worldwide to continue to feel fee-free beyond the two-week anniversary celebration period.

Binance’s CZ spoke about the struggle behind the success

“Within the span of five years, Binance has amassed an amazing community that believes in us and supports our vision. Our growth and achievements would not have been possible without them. We hope to give back to the community by providing them with the world’s best products and services.”

CZ

In one of its recent tweets, CZ stated that when BNB started trading initially, it fell below its ICO price of $0.06. The price fluctuated around the same for over three weeks, and CZ stated that it was the most challenging phase of his life.

“One lady had a camera to capture the celebration of the go live, but as BNB price dropped and everyone went quite, she just tucked the camera away in a as non-noticeable as possible way… I remember that scene vividly. It’s never all smooth sailing.”

Binance CZ

Over the span of 5 years, the exchange has evolved to be one of the largest cryptocurrency exchanges globally, providing a seamless experience to its traders.

Uniswap Hackers Steal 4295 ETH Via Phishing Attack

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DeFi protocol Uniswap fell victim to an elaborate phishing campaign that targeted liquidity providers [LPs] resulting in a loss of 4295 ETH which comes close to $4.7 million.

Although the exact amount of stolen funds is not yet confirmed by the DEX, there are multiple reports by various experts detailing the incident.

Metamask security expert Henry Denley was the first to raise the red flag. According to him, about 73,399 addresses have received a malicious token under the false impression of a UNI airdrop.

The token if clicked directs them to a domain “/uniswaplp.com“, which imitates the real Uniswap branding. The website hosted by bad actors allows curious users to swap their new tokens for Uniswap [UNI], worth $5.34 each at the time of writing.

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Uniswap Hackers Steal 4295 ETH Via Phishing Attack 8

The interface would instead send the users’ address and browser client info to the attackers’ command center, which would also attempt to drain cryptocurrency from their wallets.

“There is evidence that this campaign is purely targeting native coin [ETH, BNB] and Uniswap LP positions”, the tweet read.

Another crypto tracking platform tweeted that the attackers siphoned the stolen assets to Tornado Cash and put the funds at 7,500 ETH, nearly $8 million.

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Uniswap Hackers Steal 4295 ETH Via Phishing Attack 9

Uniswap Hack – A phishing Attack On LPs Not A Exploit On The V3 Protocol

Binance CEO Changpeng “CZ” Zhao too tweeted the incident calling it a potential exploit of Uniswap V3 on the ETH blockchain. CZ later clarified that the exploit was actually a phishing attack and that the protocol is safe.

“The attack looks like a phishing attack. Both teams responded quickly. All good. Sorry for the alarm. Learn to protect yourself from phishing. Don’t click on links.”

However, there are rumors among the crypto community that the losses might be much higher than what is being reported.

Meanwhile, Uniswap’s price reacted by a sharp decline just moments after CZ’s initial tweet, falling by almost 14% in the 24-hour index.

UNI has since posted a marginal recovery to trade at $5.61 at press time. Still, the token is down by 86% from its previous peak of $42.

Holding his Bitcoin tight: CZ

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Some younger Bitcoin users may be dissatisfied with recent events, especially if they had high expectations for the price of bitcoin or no significant drawdowns. It seems as though it has been increasingly clear over the past few weeks that this is, in fact, a bear/sideways market.

However, Changpeng Zhao, the CEO of Binance, is still holding onto his cryptocurrencies despite the turbulence in the market.

Changpeng Zhao, CEO of Binance, recently announced in a tweet that he hasn’t sold any Bitcoin (BTC) or Binance Coin (BNB) to demonstrate his steadfast belief.

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CZ and Bitcoin, an unbreakable bond

Zhao said in a 2021 interview with the Associated Press that he had purchased BTC in 2014 following the sale of his home. Shortly after his purchase, the price of BTC went from $600 to $200, but he didn’t sell his coins at that time. The chief executive officer of Binance has been able to hold onto the majority of his initial BTC stockpile despite the fact that the biggest cryptocurrency has through many boom-and-bust cycles.

media 0d12bb2ddf9b4bc0aaa960973554a64fBinance CEO Q A 74003

Zhao also claimed that the majority of his net worth at the time was made up of Binance Coin, the native token of the top cryptocurrency exchange by trading volumes. He is a “decent-sized” shareholder in the exchange aside from that.

Zhao is the 77th richest person on the earth, valued at $18.7 billion by the Bloomberg Billionaire Index. Due to the terrible status of the bitcoin market, his net worth has fallen by a staggering $77 billion.

The richest cryptocurrency businessman, though, is unconcerned about the bear market. Bitcoin might potentially retake the $70,000 level “in a few months or years,” according to Zhao’s prediction from last month.

Zhao also claimed that MicroStrategy CEO Michael Saylor, whose business is currently suffering greatly as a result of the declining value of BTC, would ultimately have the final laugh.

At the time of press, Bitcoin (BTC) was priced at $20,097.27 with a daily rise of 1.69%.

Elon Musk gets sued and here’s how the crypto community is backing him up

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 In the crypto business, a surprising lawsuit against Tesla CEO and Dogefather Elon Musk appeared only yesterday amongst the slew of high-profile cases that have been filed in the crypto-verse. Musk was sued for $258 billion for allegedly running a Dogecoin pyramid scheme.

Musk’s interest in Dogecoin goes back a long way. The Tesla CEO has professed interest in the original meme cryptocurrency on several occasions. He even piqued people’s interest by allowing DOGE to be used as a payment method on Tesla. Keith Johnson popped out of nowhere and proceeded to launch a lawsuit accusing Musk of putting together a “crypto pyramid scheme.”

However, Crypto Twitter had a boatload to say. While some speculated that Musk was being singled out for being anti-machine, others indicated that Keith had plenty of time on his hands to take on one of the world’s wealthiest men.

Through his tweets, Billy Markus, aka Shibetoshi Nakamoto, the co-founder of Dogecoin, has kept in touch with Musk. He jumped to DOGE’s defence as well as Musk’s, tweeting,

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He further said,

“anyone can sue anyone for anything, doesn’t make it valid.”

 Musk was also reassured by the Dogecoin community that he had their support. Following the case, several believed that Musk would increase his support for Dogecoin.

CZ lends a helping hand to Elon Musk

Several people soon accused Elon Musk of tampering with the price of Dogecoin. CZ, on the other hand, tweeted,

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In a recent interview, CZ went on to say,

“He’s leading, we’re following. If he goes through with the deal, we’re committed. If he doesn’t, then I think we’re off.”

In addition, Binance invested $500 million in Elon Musk’s bid for Twitter. Investors are certain to fear now that the acquisition is on hold. CZ, on the other hand, kept his calm and stated that Musk was in charge and Binance was trailing. At the time of writing, Dogecoin (DOGE) was priced at $0.05651 with a usual hike of 0.58% over the last 24 hours.

Binance Gains Foothold In Bahrain and Dubai

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Leading crypto exchange Binance would now be able to offer its service in Bahrain and Dubai. As per sources, the world’s largest digital-asset platform was granted a license from the Central Bank of Bahrain [CBB], to set up shop in the region, increasing its footprint in the Middle East. The news assumes significance as it is Binance’s first such regulatory approval in the Gulf area.

The permit will enable the crypto firm to provide digit-asset trading, custodial services, and portfolio management to customers under the supervision of the Bahrain regulators. As per a Bloomberg report, the cryptocurrency exchange also obtained a license to be the first anchor in Dubai World Trade Centre, an economic free zone. Speaking on the same, CEO Changpeng Zhao a.k.a CZ stated,

“This landmark achievement for Binance represents our first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf [GCC] and demonstrates our commitment to being in regulatory compliance as the first of its group of companies in the region.”

Binance eyeing opportunities in non-crypto industries

In a back-to-back development, the global crypto exchange signed a Memorandum of Understanding [MoU] on 14 March seeking to explore the acquisition of Brazilian securities brokerage Sim;paul Investimentos. According to the company’s website, Sim;paul founded by João Silveira in 2019 is a securities brokerage firm regulated by both the Central Bank of Brazil and the Securities and Exchange Commission [CVM].

As stated in the press release, the move is intended to further develop the cryptocurrency and blockchain ecosystem in Brazil. On establishing the formal agreement, CZ noted,

“In a fast-developing market like Brazil, crypto can transform and facilitate people’s lives and as such, we believe in full collaboration with local authorities that Binance has a lot to contribute in developing the community and ecosystem in Brazil.”

Having said that, completion of the transaction would require a green signal from the administrative authorities, including the Central Bank of Brazil. Previously in August, Binance had to halt trading of crypto derivatives products such as futures contracts on its Brazilian platform to comply with local regulations.

Binance CEO CZ warns users of a massive phishing scam

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CEO of Binance, Changpeng Zao, has notified users about a giant SMS phishing scam aimed against Binance users. The fraud of the world’s largest cryptocurrency trading platform is diverting consumers to a malicious website to steal passwords.

He made the news in a tweet on Friday. “There is a massive Phishing scam via SMS with a link to cancel withdrawals. It leads to a phishing website to harvest your credential as in the screenshot below,” he said. He also warned his users to never click on links from any unknown SMS. He urged users to always go to Binance.com via a bookmark or type it.

Are only Binance users at risk?

It is yet unknown if this phishing is just aimed against Binance users. Given what’s known, they are the only ones impacted. It is clear that other systems are also on the target list. The number of Binance users who have been victims of the current phishing scam hasn’t been recorded or revealed.

In the screenshot that CZ shared, the phishing message comprises a warning to users that someone is allegedly trying to withdraw their funds. Users are prone to panic at that moment, which will eventually lead them to click on the provided link. 

Once they click the link, the hackers will rip off their credentials, and eventually, they will lose all their funds.

Growing list of scams

The crypto market has been continually experiencing several sorts of illicit activities. This sector has been infested with scammers from rug pulling to the malware that can steal your fund. Recently $30 million was taken off from Crypto.com users on January 17. The most recent Wormhole bridge attack experienced a catastrophic loss of $323 million from the protocol.

Crypto scammers have taken over $14 billion in the year 2021. The number of users who fall victim to scams is on the rise. The growing popularity of cryptocurrencies also lures scammers to find ways to leverage this popularity. People should do their research. Many scammy projects endorse celebrities to gain the public’s trust. But it’s you who has to research because only you know your finances.