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Binance CEO CZ says the platform does not list shitcoins in retaliation to allegations made against the platform

Priya

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Binance CEO CZ says the platform does not list shitcoins in retaliation to allegations made against the platform
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Changpeng Zhao ‘CZ’, the CEO of Binance, the biggest cryptocurrency exchange platform in the world in terms of trading volume, retaliated to the recent claims made against the exchange platform’s listing policy in a series of tweet on Twitter.

CZ stated that the exchange platform does not list “shitcoins” and that the people should focus more on their projects than getting listed on the biggest exchange platform.

“We don’t list shitcoins even if they pay 400 or 4,000 BTC. ETH/NEO/XRP/EOS/XMR/LTC/more listed with no fee. 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!”

The accusation was made by Christoper Franko, the Co-Founder of Expanse and the CEO of Borderless Corp. Franko stated that the exchange platform demanded 400 BTC [$2.6 million] via email, which was sent by an employee at Binance for listing.

Following which, CZ claimed that the mail received by Franko was a scam mail and that it was not sent by Binance. He stated that Binance does not ask for “fees” via mail and especially not in BTC. CZ further said that a project owner who fails to recognize a scam mail should “not issue a coin”.

The CEO of Binance quotes that the complaints regarding the listing fees made against the platform hail from projects which are not listed on the exchange platform without asking for fees.

Christoper Franko responded for CZ’s retaliation on Twitter. He said:

“It’s like this, ive been in crypto since 2010. My reputation in this space is honesty.. I have an aversion to bs.. so much so that ive been quoted in forbes as being a dick head. CZ on the other hand is known for faking volume in an exchange that went to number one in 6 months.”

Franko stated that there were “countless other” people who have come forth and voiced about the huge fee charged by the exchange platform. He further stated that it is not worth paying 400 BTC to have his coin listed on the exchange platform.



According to the Co-Founder of Expanse, the exchange platform lists coins for free only if they are Chinese or in the top 10, which is listed by every cryptocurrency exchange platform. He also stated that CZ is either lying or Binance servers have been hacked or that they have a rogue employee, who sent the mail from Binance.com.

He said:

“Are they lying about their volume to steal fees from you? How does an exchange make $2BN in a bear market? Eh? He said they list some for free… yea if they are 1) Chinese or 2) in the top 10 that everyone else list for free because satoshi isnt paying a 400 btc extortion fee.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Bittrex opens its USD markets to customers in Rhode Island with Money Transmitter License

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Bittrex opens its USD markets for customers in Rhode Island with Money Transmitter License
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Bittrex, one of the leading cryptocurrency exchanges in the world, announced the addition of another state to its USD market, earlier today. Bittrex has thus expanded its presence to around 40 United States territories, including South Carolina, Washington D.C., Montana, Kentucky, Arizona, Colorado, Iowa, and Massachusetts. Notably, this news comes days after the New York State Department of Financial Services [NYDFS] rejected Bittrex’s BitLicense application.

The Twitter announcement read,

“#Bittrex Community: Bittrex has been approved as a Money Transmitter in the state of Rhode Island! NMLS ID 1544336. We’re excited to welcome Rhode Island customers to join our USD Markets.”

Money Transmitter Act [MTA] or a Money Transmission Business Licensing Law requires any individual or business providing money transfer services by any means within the United States to procure a license from the State Banking Board.

The application of this law to platforms providing cryptocurrency services has been one of the main concerns for business ventures in the United States. This is mainly because states such as Pennsylvania have outrightly stated that this law did not apply to Bitcoin and other cryptocurrency exchanges, while others have not provided clarity on the subject.



The blog post read,

“Bittrex now supports eligible personal and corporate accounts for US Dollar (USD) trading, USD deposits, and USD withdrawals. Identity verified (personal or corporate) customers operating outside the United States or in one the […] US states/territories are eligible to participate”

Recently, the exchange was in the limelight over contradictory statements issued by the exchange and the NYDFS, pertaining to the former’s BitLicense application. The regulatory body had released a statement listing the reasons why the BitLicense was disapproved, with one of those reasons being the exchange’s North Korean accounts and the platform’s lack of ability to be updated in line with OFAC compliance. This was countered by the exchange, which went on to state that the North Korean accounts, in reality, belonged to South Koreans who “mistakenly selected North Korea.”





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