Binance CEO announces launch of its first Decentralized Exchange Testnet

In a recent interview with cryptocurrency and blockchain enthusiast, Ivan Liljeqvist, Changpeng Zhao aka CZ, the founder and CEO of Binance, spoke about listing and delisting coins on its platform, the standards to be met and above all, the launch of DEX.
Binance, which is essentially a centralized entity, is all set to step its toes into the DEX space after releasing its first version. Talking about supporting decentralized exchange without even being one, CZ said:
“I think we have listed no less than seven decentralized exchange coins”
CZ also admitted that any one of them could easily disrupt the centralized system run by them. He highlighted the aspects of security, ease of use and freedom rather than setting decentralization, as the goal of his work.
Talking about DEX’s profitability, CZ asserted:
“DEX may not generate a lot of revenue for because the nodes will be decentralized and we don’t own most of them. But it is likely to increase utility and hence the value of the Binance coin and we still have decent number of Binance coin ourselves.”
CZ further said that DEX, which is a unique offering of the centralized exchange, is technically fully decentralized. He said:
“Users hold their own private key and the network never has access to the key.”
He also revealed that the mainnet runners for the DEX have not been decided yet. However for the testnet, all the nodes will be run by them in order to understand its workings.
The all-new DEX will be using Binance Chain to render instant transaction confirmation for a similar trading volume.
Earlier, the exchange had announced that their native Binance coin [BNB] will be moved to the Binance Chain, which was previously trading on the Ethereum blockchain.
Subsequently, other tokens might also move into the chain. Speaking further about the process, CZ stated:
“You can issue token, you can trade them, submit your proposals to get your coin listed on the DEX and the nodes will vote for you.”
Over 8 tokens have confirmed their migration into the Binance Chain from ERC 20.
Binance CEO CZ has previously been criticized by the community for removing coins from the exchange. To this, CZ responded by saying:
“Because we are centralized we will have to take on the responsibility of selecting projects and working with projects to list them. Basically, we want a listing of projects with a large number of users, good products, good communication with the community, consistent improvements and active developments.”
Other reasons for delisting include limited technical resources and security issues, said CZ. He finally concluded by saying that he believes that listing more coins for an exchange ‘is not the best market strategy’.
The post Binance CEO announces launch of its first Decentralized Exchange Testnet appeared first on AMBCrypto.
Source: AMB Crypto

Binance CEO Changpeng Zhao: Crypto’s killer app has arrived

Binance [BNB] token has been observing a good run since its launch as it climbed up the CoinMarketCap list and entered the top 10. Binance’s CEO, Changpeng Zhao has repeatedly expressed himself on the success of the coin and the future of Binance and cryptocurrency world. Changpeng Zhao also known as CZ, in a YouTube’s Venture Coinist interview, said that the crypto’s killer app is already here.
CZ noted the success of Tron’s BitTorrent Token [BTT] launch as a sign that ICOs will return and remain a powerful new way for companies to raise money. CZ said:
“ICOs got a little bit of a bad name because it’s total freedom. So there’s quite a lot of chaos. It was too hot. You could write a five-page white paper and raise $10 million. And of course, the founders want to do nothing other than write the next white paper. So it was getting too hot and with the bear market in 2018. A lot of people lost money and it gave a bad name to ICOs.”
He also said that if we look past this, raising money on the blockchain, blockchain fundraising, is a killer app which has many advantages and impactions to entrepreneurs, reported Daily Hodl. For this to happen, CZ informs that there is a need for best entrepreneurs and legit projects while making sure that the token economics makes sense. CZ added:
“So we need to make sure they don’t raise too much, keep the initial prices lower because the project is not out yet. So there’s a strong structure to raising properly, and that’s what we want Launchpad to do.”
As per the CEO, entrepreneurs are going to build the crypto industry and this could be instrumental for the cryptocurrency industry at large. CZ affirms that it will not only be the crypto industry who will be using this application but also other platforms. CZ concluded saying:
“The projects we support go through very detailed due diligence, and we want to make sure those are all legit, proper projects. Not every project will be successful in the end because there are many other factors that can cause startups to fail.”
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Source: AMB Crypto

XRP: CZ surprises users by allowing purchase of token directly through credit cards via Binance

CZ, the CEO of Binance has once again paid attention to users and added a feature that allows the purchase of XRP directly through credit cards via Binance.
Binance added the feature of buying cryptocurrencies via credit cards on January 31, 2019, but the feature was limited to cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC]. However, the community of users on Binance requested CZ for including XRP with the newly released feature.
CZ pulled through and added the feature to Binance and users can now purchase XRP via credit cards. The much-awaited feature is a result of Binance’s partnership with a payment processing company called “Simplex”.
This will help users to directly buy cryptocurrencies without going through the hassle of buying from a different exchange and then transferring it to the required exchange.
A Twitter user, @XRPcryptonation tweeted:
“A friend of mine tried to buy xrp on Binance with a credit card last night and it wasn’t available yet. Checked this morning and it is now live. You can purchase XRP with your debit or credit card. 3 for $1 but not for long baby! #xrparmy #xrpcommmunity”
CZ retweeted the same with a comment:
“XRP purchasing using a credit card is working now. Slowly but surely.”
This is not the first time CZ has surprised users by abiding by their wishes with respect to the addition of new features to Binance exchange. XRP was added as a quote pair after a Twitter user had tweeted CZ.
CZ replied to the above saying “careful what you wish for” and surely enough, the cryptocurrency was added as a quote pair on Binance as a Christmas gift to the XRP community.
@sixinbrian, a Twitter used commented,
“Might as well max all the credit cards for when the bubble pops right?”
On the other hand, a user @projectsunltd had some strong words for the feature and said,
“Sorry Binance, I usually recommend your exchange. I cannot recommend your direct purchases with credit card. The fee is ungodly. That same BTC if purchased $4000 would yield $140 in fees! VS.. @UpholdInc at the same purchase and market rate would yield $42 in fees.”
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Source: AMB Crypto

CZ’s Binance Coin [BNB/BTC] close to breaching all-time highs; bulls take charge

Binance Coin [BNB] is performing stunningly considering the top 10 cryptocurrencies which are barely coping up with the correction after the recent rally. The BNB/BTC pair is almost at its previous all-time high, and breaching its all-time high is a matter of “when?” and not “if”.
As seen below, the one-day chart shows how BNB coin is rallying without a stop, breaking two patterns [falling wedge and ascending channel pattern].
Source: TradingView
The falling wedge that was being formed was broken when the price slipped above the wedge pattern on December 3, 2018. This rally has been in continuation ever since the formation of the second pattern, ascending channel pattern.
The prices for BNB broke this channel on February 5, 2019, signaling a bullish move further ahead. The spike for BNB coin is continuing as it touches the BNB/BTC all-time high price which was formed in mid-2018.
The volume for BNB shows a phenomenal increase, supporting the rally to new all-time highs. The price of BNB/BTC is at 0.00264 BTC; the body of the new price candle has successfully breached the all-time highs.
However, the wick of the present price candle [that has not yet closed] at 0.0026862 BTC and is slightly lower than the wick of the all-time high [0.0026544 BTC].
The Relative Strength Index is also showing massively overbought indications as it is reaching the 80-line.
The BNB/BTC is very high, as people are excited about BNB’s pump. People are expecting the margin trading option to be implemented on the Binance exchange soon.
In addition to the above, CZ’s recent tweet can also be speculated as a reason for the rally.

@heyibinance, a Twitter user commented:
“the sun is always behind the storm. So is the coin price. #bitcoin #BNB”
@tommyp408 tweeted:
“I am holding BNB for at least 8 to 10 years so I don’t really care what the price is from month to month.
What matters is Binance continues to win more market share through innovations and provide top quality services to their customers. The price usually takes care of itself.”
The post CZ’s Binance Coin [BNB/BTC] close to breaching all-time highs; bulls take charge appeared first on AMBCrypto.
Source: AMB Crypto

Ethereum-based tokens may convert to Binance chain tokens, says CZ

The CEO and Co-Founder of Binance, Changpeng Zhao, popularly known as CZ, elucidated on the upcoming Binance decentralized exchange, during an interview with Boxmining at Binance Conference. He also spoke about whether the DEX will have the same number of ERC20 token enlisted.
He started by speaking about Binance having both centralized and decentralized exchanges, and whether the two would be seen competing in the market. Here, CZ outrightly stated that there would be no competition between centralized exchange and decentralized exchange. He further classified exchanges into three types: fiat-to-crypto centralized exchanges, crypto-to-crypto centralized exchanges and DEX.
CZ stated that fiat-to-crypto exchanges cannot be decentralized because of the hurdles that would be caused by banking institutions and then, on the other side there are people who prefer crypto-to-crypto centralized exchanges because of factors such as high-liquidity, security and speed. He said:
“Most of the guys in the core community are heavy power users and they’re loud, they speak more and they want to use DEX. So we see that not really competing, we’re just offering different solutions to different people and we always let the user choose and we let the market choose.”
The CEO of the largest exchange platform went on to say that the market is currently choosing centralized exchanges over decentralized exchanges, as they are much bigger. However, he added that everyone is already aware of the fact that decentralized exchanges “will be the future”.
This was followed by CZ speaking about whether the Binance DEX will have the same number of assets like the ERC20 tokens. Here, he stated that the decentralized exchange will have much more coins enlisted as there is less control and it is decentralized. He further added that Binance chain is a native chain, and people can issue their own tokens on the chain. He added:
“So some of the ERC20 tokens may convert to the Binance chain tokens and we already have confirmation on a number of large projects. We’re doing that they have to migrate completely from Ethereum on to Binance. So basically if you’re only using ERC20 as a token, there’s no real reason for you to stay on Ethereum. With Binance chain, you’ll get one second transaction confirmation and one confirmation is final.”
CZ even claimed that the chain is much faster and that the transaction fees are cheaper. He added that there are a lot of advantages for the token projects to move from Ethereum to Binance, which also integrates a native DEX.
The post Ethereum-based tokens may convert to Binance chain tokens, says CZ appeared first on AMBCrypto.
Source: AMB Crypto

Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack

While New Zealand based cryptocurrency exchange Cryptopia has gone offline after suffering a security breach, industry leaders call out ‘crypto enthusiasts’ to focus more on Decentralized Exchanges to avoid losses.
DEX creators take full advantage of Cryptopia fall, DEX once again hot topic
The latest tweet of Changpeng Zhao, CEO of Binance trolls the recent catastrophic hack suffered by Cryptopia as a way to advertise ‘Binance Decentralized Exchange’. His tweet notes ‘store coins yourself or move to DEX’.

Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself. Computer breaks, USBs gets lost.
Store on an exchange. Only use the most reputable, proven secure, exchanges.
Or move to DEX, disrupt ourselves.
— CZ Binance (@cz_binance) January 15, 2019

Not everyone is on the same page
However, his first statement ‘Store coins yourself. You fight hackers yourself, and guard from losing wallet yourself’, have discouraged many of his followers at the first context. Nevertheless, many enthusiasts also commented depressingly, one of such Twitter account (username – WhalePanda) who shares updates on the crypto industry has voiced it as ‘a horrible advice’ by exchange owners. Along with him, Pierre Rochard who seems ‘strong advocate for digital currency’ responded to CZ’s tweet, stating ‘surprising to see Industry leaders’ spread bad info.

“You fight hackers yourself, and guard from losing [password] yourself. Computer breaks, [2fa] gets lost.”
More individual exchange accounts have been hacked than individual wallets.
Disappointing but not surprising to see “industry leaders” spread bad info.
— Pierre Rochard [⚡️] (@pierre_rochard) January 15, 2019

Following many of such responses, CZ later clarified his intention and missing words. He made it clear that his intention of an early tweet was to advertise Binance DEX, unfortunately, it didn’t, henceforth he added another tweet, explaining;

Some people seems to misread this tweet. It lists 3 options. It does not say which option is better than another, as that depends on each persons security skill, preference, fund allocation, etc.
Most importantly, it is an ad for the #BinanceDEX. My bad for not making it clear.
— CZ Binance (@cz_binance) January 15, 2019

DEX is not a panacea – Kraken’s Jesse Powell
Similar to CZ, Jesse Powell who is the co-founder of Kraken cryptocurrency exchange has also cautioned public citing Cryptopia hack. Jesse Powell commented on Peter’s tweet and spoke against CZ advertising DEX. Jesse stated ‘DEXes are not a panacea’ and asks to ‘look at the DAO’.

PLEASE do not store more coins on an exchange (including @krakenfx) than you need to actively trade. Use @LedgerHQ or @Trezor. DEXes are not a panacea — look at The DAO. Open source just means exploits will be discovered sooner (probably not by good guys). 🙏
— Jesse Powell (@jespow) January 16, 2019

Meanwhile, Crypto Market Drops Slightly following the hack news
The estimated loss of $2.5 to $3.5 million from the recent Cryptopia’s hack has spread out the negativity across the market. As such, the crypto market gets in red zone again – Bitcoin by losing 1.75 percent, XRP with loss of 1.63 percent, Eth by declining 5.70 percent over the past 24hrs. Besides these, other cryptocurrencies are also declining eventually.
Image source –
No doubt the event of hacking has once again boosted the debate of security of user funds and it will be interesting to know is DEX an answer to this. 
The post Are Cryptocurrency Exchanges Safe? DEX the New Selling Keyword Post Cryptopia Hack appeared first on Coingape.
Source: CoinGape

Binance and Coinbase Will Not Compete but Coexist Says CZ

Cryptocurrency exchange industry is crowded with a number of players. But two names that clearly stand out of the lot are Binance and Coinbase. While, for everyone, the first impression of the relationship between the two would be that of competition but CZ, the founder of Binance, has cleared the air around it by reiterating that the two exchange are not competing but co-existing.
CZ feels the market is large enough for coexistence
Coinbase and Binance have been two flag bearers of the cryptocurrency industry. They have left no stone unturned to gain market by adding new coins and services for the crypto enthusiast, traders, and investors. While both operate in the same industry and cater to the same market, according to Binance founder there is still no competition.
Recently a Twitter user named “The Crypto Dog” put up tweet stating that the battle for crypto is set between Binance and Coinbase in 2019 – 2020.

2019-2020: the battle for $crypto is set between @binance and @coinbase
Who do you align with? Choose carefully.
— The Crypto Dog📈 (@TheCryptoDog) December 17, 2018

CZ took notice of the tweet and reverted that the crypto market is yet very small and nascent and is still pretty far away from saturation for competition to spike up. According to CZ, even though Coinbase and Binance had a lot of overlaps they still operate with a very different strategy/ product/geography/even tweeting style. According to CZ, Brian Armstrong (founder of Coinbase) and himself chatted regularly on how they both can contribute to growing the industry together like in the case of USDC

Doesn't have to be a competition. Market is still small. We are so far away from saturation point. While we have some overlaps, we are different on: strategy/product/geography/even tweeting style. Brian and I chat from time to time, on growing the industry together, like USDC.
— CZ Binance (@cz_binance) December 18, 2018

This is not the first time CZ has faced this question about competition and everytime his answer has been in support of co-existence than in favor of competition.
In August 2018, CZ was interviewed by Fortune where he had broken down the current state of the industry. Citing the ongoing efforts from both a regulatory and technological standpoint, CZ emphasized the relationship between major exchanges is far more harmonious than many might expect. He was quoted saying
“In developed markets, there’s more money to be made but more regulation and it’s saturated with competition. We don’t want to compete with Coinbase and [Winkelvoss-owned] Gemini. The strategy there requires lots of lawyers and lobbying.”
Interestingly then CZ had shared that Binance is less interested in competing with Coinbase in the U.S. market, preferring to instead focus efforts in places like Malta where he wanted to promote decentralized financial systems directly with heads-of-state.
CZ seems to right in his approach because he envisions to grow the market rather than battle competition and stunt the growth. For CZ, the priorities are set- to grow together and make the world a better-decentralized world
Do you think CZ is true to his words or is this just a social media gimmick? Do let us know your views on the same
The post Binance and Coinbase Will Not Compete but Coexist Says CZ appeared first on Coingape.
Source: CoinGape

Binance Incubator Makes the Most Where Other Venture Capitalists Fade Away – Crypto Venture Investment

As crypto and blockchain businesses flourished, the nascent industry becomes a sweet spot for a lot of tech venture capitalists (VC). But the recent drop in crypto prices and some bearish commentary about the future has forced most venture capitalist to take a cautious approach towards deployment of funds into the industry which is becoming more uncertain. However, that’s not been the case Binance Incubator which is pretty confident on the cryptocurrency and continues to grow despite the market meltdown.
Binance feels valuations are reasonable for a private investment
Binance Labs, the incubator vertical of Binance cryptocurrency exchange, seems to have remained unfazed by the recent market meltdown. While other incubators are holding the “pause” button on the investment in the crypto industry which currently full of uncertainty, Binance is growing stronger as it expands to newer territories to find path-breaking opportunities. Recently Binance labs announced its that Binance labs will be launching its incubator program in five important cities around the world. The cities are Berlin, Buenos Aires, Lagos, Singapore and Hong Kong. The incubator plans to offer programs for early-stage blockchain projects.
Binance’s expansion news comes at a time when venture capitalists are not very keen on backing the young cryptocurrency and blockchain businesses. A recent tweet from Barry Silbert, founder of Digital Currency Group- the parent company of Grayscale investment, gives us an insight on how venture capitalists are even pulling out their commitments even after signing term sheets

We've seen half a dozen fundraising deals fall apart over the past month after the lead pulled out. All is not well in crypto VC investor land
Good time to remind founders that a signed term sheet does not equal cash in the bank
— Barry Silbert (@barrysilbert) December 12, 2018

Replying to this tweet, Erik Voorhees questioned this behavior of venture capital towards blockchain deals saying that doesn’t look as “smart money”

The VCs disappear when markets are down, and flood back in when markets are up. Are they not supposed to be the smart money? Their investing instincts seem little better than the Coors drinkin’ taxi driver all excited about Tron three weeks before the bubble pops.
— Erik Voorhees (@ErikVoorhees) December 13, 2018

While VC’s are scared to deploy more funds amidst dropping prices, CZ speaks about why these bear times are interesting for making private investments. According to him, the most investable ideas already have a product or a prototype in place, are backed by strong teams and are available at reasonable valuations making them attractive bets now then they were at All-time highs

While many VCs have "paused", we are actually more comfortable investing now. Valuations are more reasonable, most have prototype/product, only strong teams left. Much better investment opportunities than at ATH.
— CZ Binance (@cz_binance) December 14, 2018

Binance Labs expansion move was also applauded by Joseph Young who too echoed the same thoughts and sentiments

While VCs are afraid to invest in the cryptocurrency sector now as Barry Silbert said, Binance is expanding its crypto incubator.@cz_binance Respect
— Joseph Young (@iamjosephyoung) December 14, 2018

The trust Binance is showing in these crypto startups is noteworthy and at these valuations, Binance is just picking up diamonds at price of coal, condition being, only if you believe in cryptos and blockchain.
Is Binance Lab’s doing the right thing by expanding in uncertain times? DO let us know your views on the same.
The post Binance Incubator Makes the Most Where Other Venture Capitalists Fade Away – Crypto Venture Investment appeared first on Coingape.
Source: CoinGape

Coinbase gives BUIDL back to the community

Coinbase, one of the biggest exchange platforms around the world, became the talk of the town ever since it was revealed that the company was planning to trademark one of the most popular terms, BUIDL. The response that the company received turned out to be rather unpleasant, with even well-known influencers calling out the exchange platform on this move.
This included Changpeng Zhao, the Founder, and CEO of Binance, popularly known as CZ. The Founder was using the term on several occasions along with other ones such as HODL, and SAFU. When the news regarding the trademark broke out, a Twitterati, Rallyqt claimed that CZ has been using the term and she has not come across a single tweet from Coinbase which included the term.
To which, CZ said:
“lol, that’s hilarious. We focus on real building, not filing. I think I saw HODL somewhere first. I may or may not be the first one to use the BUIDL term. Can’t remember, and not that important. … But if they fk around with #SAFU, I will be pissed!”
This was followed by CZ stating that pissed means “lawyers ready to go”, adding that trademarking terms such as BUIDL, which is widely used in the community hurts the company reputation instead of building it.
Nonetheless, Balaji S. Srinivasan, the CTO of Coinbase, has also stepped in with the intention of clarifying Coinbase’s move. He said on Twitter:
“Saw the commotion on Twitter & dug into this. Coinbase filed the trademark for BUIDL some time back. I learned about it today & chatted with team. TLDR is that @brian_armstrong & I don’t believe in trademarks for stuff like this so we’ll be giving this one back to the community.”
Srinivasan further stated that the company had “no intention” of preventing the cryptocurrency community from using the terms. He also revealed that they had thought of a feature called Coinbase BUIDL and the reason they had made the filing was to avoid “patent trolls” for a common term.
Additionally, Srinivasan stated that BUIDL was first used in one of his talk that go back to April 2015, before he joined Coinbase.
He went on to say:
“But it’s entered the common crypto lexicon at this point and we wouldn’t have it any other way.”
To which, CZ said:
“Great stuff! Respect for using it all the way back in 2015, and for being community driven. Coffee/drinks on me when we meet again. Where was the first use of HODL? Anyone know? “.
The post Coinbase gives BUIDL back to the community appeared first on AMBCrypto.
Source: AMB Crypto

Binance Provides a Roadmap of Growth Despite Falling Prices

FUD and rumors have played their part in creating panic and infusing fear in the markets leading to unwarranted selling and eroding the confidence of investors and traders from cryptos. But CZ, at Binance, has put out some fantastic update from the exchange which shows that on ground developments in crypto business will win the battle and be successful in the long run.
On ground real development are better indicators of growth that prices.
Changpeng Zhao, the founder of cryptocurrency Binance, recently tweeted Binance weekly report on updates at Binance, that spoke about the actual on ground development happening at the exchange. Along with the updates, CZ also mentioned that FUD may have won in getting the markets down in short term, but it’s the on-ground development in crypto business like Binance which is creating strong fundamentals for the industry and would definitely take the prices skyward in the long run.

FUD wins in the short term, BUIDL wins in the long term.
— CZ Binance (@cz_binance) November 26, 2018

According to the weekly status update, Binance has pointed out some key developments that have happened at Binance over past one week that throws light on how it is strengthening the core of its business and contributing to the fundamental growth of the cryptocurrency and blockchain industry. These are as follows

Binance Info has an added VC and ICO section. This week Binance announced its Binance Info Gold Label Project that will ensure users obtain timely updates on crypto projects, as well as trustworthy, accurate, and comprehensive information. The Gold project now has a newly added Team, VC (venture capital), and ICO info sections will present each project in a more holistic light.
Binance Research releases a new report on PundiX: As part of its research initiatives, Binance has recently released a detailed report on Pundi X (NPXS), thus expanding its coin research repository
Manila, India, China meetups!: As part of its global initiatives, Binance held 3 successful meetups in India, China and the Philippines. These meetups were aimed to enlighten the crowd about various developments and initiatives currently undertaken by the exchange.
@TrustWalletApp + $ICX support: Binance acquired intuitive mobile crypto wallet company Trust Wallet, this week, added support to ICON cryptocurrency.
Phishing explained @BinanceAcademy: Binance Academy, the blockchain education arm of the exchange released a video explaining Phishing
Helen Hai(Binance Africa) invited to speak at CEIBS which Benjamin Rameau (Binance Labs) was invited to contribute at Node Tokyo Conference
Trading Analysis model on H5

With each department or vertical of Binance making progress, the exchange is concentrating on “BUIDL” so that when good times return the street the exchange is ready to fire all cylinders of growth. Clearly putting forward the vision on CZ.
Will Binance be the best crypto exchange in days to come? DO let us know your views on the same.
The post Binance Provides a Roadmap of Growth Despite Falling Prices appeared first on Coingape.
Source: CoinGape

Binance Boss Talks Crypto and Blockchain at Forbes Global CEO Conference

The Forbes Global CEO Conference has just started in Bangkok, Thailand, and participants have already entered various discussions. As always, the aim is to solve, but also present, various problems, and share their views of where the world of technology, business, and entrepreneurship is going next. One of the 400 attendants was Changpeng Zhao, the CEO of cryptocurrency exchange called Binance.
Forbes Global CEO Conference is an annual event that invites numerous attendants from all corners of the world. Currently present are entrepreneurs, CEOs, tycoons, investors, up-and-comers, and many others. The goal of the event is to discuss some of the largest issues that might affect the entire world, as well as to share ideas, and maybe even start off new partnerships.

In our second panel, Zhao Changpeng, CEO of @binance explains how blockchain companies are changing the nature of business. “We have no office, we have no bank account, and we have users from 180 different countries,” he says. #ForbesGlobalCEO
— Forbes Asia (@ForbesAsia) October 30, 2018

Considering that participants and attendants of this event are considered some of the brightest forward-thinking business leaders in the world, many are interested in what they have to say.
Crypto and Blockchain at Forbes CEO Conference
As expected, cryptocurrencies and blockchain technology were mentioned quite frequently in discussions so far. This is the hottest technology right now, and 2018 has been very exciting for this industry. Investors were kept at the edge of their seat due to constant bear market, with only a hint of recovery every now and again.
Arguably the biggest representative of this technology during 2018’s Forbes Global CEO Conference is Binance’s own Zhao Changpeng. He started off by saying that Binance, which is among the largest crypto exchanges in the world, only started off in July 2017. That is barely 16 months ago, and already, it is known and used by traders from all around the world.

“#Binance was founded in July 2017, 16 months ago, and already has a multi billion dollar valutation for the company. That’s how fast things can move in crypto!" The intro for @cz_binance who will be speaking today @Forbes CEO Conference #ForbesGlobalCEO
— Binance (@binance) October 30, 2018

This was how the boss of Binance explained the speed of events in the crypto world. Furthermore, to show how the nature of business has changed due to crypto and blockchain technologies, he said that Binance has no office, nor does it have a bank account. Even so, it serves thousands of users from 180 different countries on a daily basis.
He also attempted to explain that, while crypto and blockchain are still new technologies, they are not difficult to understand. He compared this technology to cars, stating that a person doesn’t have to know how the engine works in order to use a vehicle. In a way, while this is quite complex technology, the difficult part is happening underneath the surface. As for users alone, they do not have to be especially tech-savvy to use this technology.
While cryptocurrencies have grown quite popular during the last year, there are still a lot of people that stand against them. One of them is Bearing Private Equity Asia’s chief executive, Jean Eric Salata. According to Salata, Bitcoin is nothing but a Ponzi scheme and a fraud. Simply put, Salata doesn’t believe that cryptos, Bitcoin especially, have no uses for anyone who is not a criminal.
A stance like that proves that cryptocurrencies still have a long way to go before they enter the mainstream. While many are very supportive of this technology, there are also a lot of people who are not prepared to trust them.
Image from Twitter
The post Binance Boss Talks Crypto and Blockchain at Forbes Global CEO Conference appeared first on NewsBTC.
Source: New

Ethereum [ETH] ERC20 token deposits restored on Binance after shutdown; users praise CZ

Just yesterday, October 25, Binance, the world’s largest cryptocurrency exchange in terms of volume, had announced that the platform was undergoing some problems in the deposit process of ETH/ERC20 tokens.
On October 20, Changpeng Zhao or CZ, the CEO of Binance, assured users that the issue was not very grave and that the problem lies in the fact that the number of transactions and addresses on the platform had grown exponentially.
He also pointed out that such a shutdown was expected as most wallets are not equipped to deal with such mammoth amounts of transactions, and further added that Binance was doing everything in its power to fix the problem.
CZ’s tweet | Source: Twitter
Post CZ’s announcement, a lot of cryptocurrency enthusiasts had their own opinion on the problem, with DCFreak, a Twitter user stating:
“delist all ERC20 tokens espz!”
Another Twitter user, RockstarToken said:
“We love you @cz_binance. You’re awesome. You guys are doing a great job. No worries. With complexity and variables… all we can do is roll with it.”
Binance users heaved a sigh of relief when CZ announced just 14 minutes after his previous tweet that the issue was fixed and there shouldn’t be any problem with the ERC20 tokens.
CZ’s tweet | Source: Twitter
The timing of this shutdown is quite coincidental, happening just a day after CZ and Binance spoke at the World Investment Forum. During the conference backed by the United Nations, CZ spoke about how cryptocurrencies can solve the issue of transparency, with the added advantage of faster and more seamless transactions. He said:
“The world of blockchain technology has a lot of use cases and has to be remembered by everyone. Personally, I believe that with better transparency, we can have 100 times better results.
The Binance official also stated that the absence of achievement, tangibility, and purpose will be overturned by the use of technology. Zhao had gone on to say that:
“Moving money to deal with social problems is also another way to increase adoption. The sheer number of people who have donated to the BCF is also amazing, and I would like to thank Justin Sun, who donated $3 million to this cause.”
The post Ethereum [ETH] ERC20 token deposits restored on Binance after shutdown; users praise CZ appeared first on AMBCrypto.
Source: AMB Crypto

Binance CEO explains reason behind Bitcoin Cash ticker symbol being BCC instead of BCH on the platform

Recently, Binance was called out on by a Redditor for not changing Bitcoin Cash’s ticker symbol from BCC to BCH. The Redditor further asked Binance for the reason, stating that it has been over a year since the symbol was changed.
The controversy over the ticker symbol of Bitcoin Cash has been going on for over a year now. The original symbol of the coin was BCC, after which, the symbol was changed to BCC. The main contributing factor for the change could have been the coin sharing the same ticker symbol as that of Bitconnect, which is now noted as the biggest scam in the cryptoverse. This also resulted in investors getting confused between Bitcoin Cash and Bitconnect. However, despite the official change of the ticker symbol, some exchanges continue to use the old symbol including Binance.
Nonetheless, this post drew the attention of the Co-Founder and CEO of Binance, Changpeng Zhao, aka CZ. The CEO explained why the ticker symbol was not updated on the platform. He started off by stating that this question has been bought out several times in the past including Roger Ver, Bitcoin Cash proponent. CZ added that both the symbols were originally accepted on the official website, which was changed later on. The CEO stated that the updated of the symbol might not take place any time soon.
He further said:
“The reason is: due to the large, heavily-performance-optimized, distributed architecture, changing a symbol requires updating lots of places and data in our system. It would require at least a few hours of trading halt. We felt the tradeoff is not worth it. Thank you for your understanding.”
Nugget_alex, a Redditor said:
“Love the transparency. Not many exchange owners are even active on Reddit!”
Bitttburger another Redditor said:
“This is a cop out response. Would you make the same excuses for Bitcoin? Or Ripple? Or Litecoin? Just leave it there wrong, cause it’s “hard“ to fix? This is the number 4 ranked crypto in the entire ecosystem, out of 2000 coins, and you can’t be bothered to fix the ticker symbol? Utterly ridiculous. Unacceptable response.”
The post Binance CEO explains reason behind Bitcoin Cash ticker symbol being BCC instead of BCH on the platform appeared first on AMBCrypto.
Source: AMB Crypto

Binance CEO talks cryptocurrency, Tron [TRX]’s Justin Sun and more at the WIF

On October 24, Chanpeng Zhao, the CEO of Binance, a cryptocurrency exchange platform, talked about cryptocurrencies, blockchain technology, and the impact that digital assets can have on social work.
During the ongoing World Investment Forum, Zhao, or CZ as he is more popularly known, spoke about how the world of cryptocurrency has developed so rapidly over the past five years. Zhao said that the seventeen Sustainable Development Goals [SDG’s] proposed by the United Nations can be achieved by solving the issue of transparency.
According to the CEO, the financial system has completely destroyed the faith that people have in the financial industry and blockchain, with its transparent technology, can change that scenario.
He added:
“The world of blockchain technology has a lot of use cases and has to be remembered by everyone. Personally, I believe that with better transparency we can have 100 times better results.”
CZ then moved on to talk about the cons of fiat currency movement. The Binance official stated the example of almost 80 percent of charity transactions disappearing without a trace, which would not have happened if it had occurred over a distributed ledger.
He said that the social impact will be tremendous and the world of charity work will improve a lot with the help of digital assets.
Zhao was candid enough to admit that the lack of tangibility, achievement, and purpose will be overturned by the use of the technology. He stated that the world of cryptocurrencies is important for investments to reach the respective receivers. He also stated:
“Moving money to deal with social problems is also another way to increase adoption. The sheer number of people who have donated to the BCF is also amazing, and I would like to thank Justin Sun who donated $3 million to this cause.”
The Blockchain Charity Foundation, the charity initiative by Binance, is aimed to use blockchain technology to conduct more effective charity donations. The BCF has also partnered with the United Nations Development Program [UNDP] with the Foundation also claiming to have donated $1 million to the United Nations.
The post Binance CEO talks cryptocurrency, Tron [TRX]’s Justin Sun and more at the WIF appeared first on AMBCrypto.
Source: AMB Crypto

Binance releases details of Blockchain Charity Foundation [BCF] architecture after giving listing fees to charity

Binance recently entered the charity space, with a recent announcement stating that they will be donating all of their trading fees to charities. More recently, they released an article detailing the architecture of their newly created Blockchain Charity Foundation [BCF].
The Blockchain Charity Foundation is set to have Helen Hai, the Goodwill Ambassador of UNIDO at its head. The President of Malta, Marie-Louise Coleiro Preca will also fill in as the Chairman for the senior advisory board of the foundation.
Changpeng Zhao, the CEO of Binance, published a blog post that detailed the system that the foundation would follow for donations. He also elaborated on issues that could be faced while implementing the architecture.
CZ mentioned that the program would involve a 3 or 4 layer donation tracking system. The layers would be made of the donors, charity programs associated with the BCF, and the ultimate beneficiaries. There is also an optional layer of including charity partners as well.
Zhao began by speaking about the donors and clarified that they could choose from various charity programs to donate. Moreover, they are also given a choice between the donations being public or anonymous.
He also clarified that the Foundation could donate directly to the beneficiaries, or work with charity partners who distribute the funds. Most importantly, CZ aims to utilize the blockchain in order to track the movement of the funds from the donor to the beneficiaries in a “transparent manner”.
In order to allow for easy accessibility to the data of the moving funds, Binance aims to create a website for tracking them. This is proposed as a “tracking platform” where transactions can be tracked, and present them in a way that the general public can understand.
Binance also expects to receive donations from multiple projects across various cryptocurrencies. This would mean that the tracking platform needs to be able to utilize tracking across chains. The website will include transactions on the blockchain, along with facilities for the registration and verification of users under KYC and AML norms.
CZ has strictly stated that they are against creating a new blockchain for the purpose the BCF, as it “will severely limit the ability or interest of existing coins to participate”
He also fleshed out a few issues that the foundation might have, such as educating the beneficiaries on how to utilize cryptocurrency. This responsibility will fall on the BCF or a partnered charity, which is aimed to be solved using the Binance Academy educational videos.
They also stated that they will require a certain level of ID verification in order to combat fraud. They aim to do this while ensuring the privacy of the beneficiaries. This is set to be solved using a “multilevel permissioning system”, wherein volunteers can be assigned to do the verification process.
CZ also mentioned that they will announce a “list of participating partners shortly”, implying that there are more charities that will be on board with the BCF.
The post Binance releases details of Blockchain Charity Foundation [BCF] architecture after giving listing fees to charity appeared first on AMBCrypto.
Source: AMB Crypto