WazirX follows the footsteps of Binance and delists USDC

WazirX follows the footsteps of Binance and delists USDC

by | Nov 12, 2022 | Binance, News

 

In the crypto industry, as in every other industry, when one starts a trend that seems to be beneficial or has the potential to lead to positive results, others tend to follow it too.  This article deals with one such event wherein the Indian exchange WazirX, led on in the footsteps of Binance and tried to adopt its ways. It has also decided to come up with new ways and intermix them with the ways Binance chose for delisting USDC. It is planning on employing BUSD auto-conversion for keeping a track of the USDC, and USDP balances. These are supposed to be done in a 1:1 ratio.

Let's take a look at WazirX steps for delisting USDC

After thorough consideration, WazirX has come up with a plan to delist coins coin. These coins are therefore supposed to be evicted from the platform and whatever remains of them shall and must be converted into Binance USD stablecoin. This announcement was made by WazirX on a Monday. In this announcement, he further stated that it has put an end to the deposition coins such as USD, Pax dollar, TUSD, etc. It has put an end to it all for good and has decided to adopt the new or to be more specific Binance.

Reasons for introducing BUSD to users

It is obvious that when something goes on in the crypto market, the authorities feel obligated to share the news with the people to help them make informed decisions. The main reason for the introduction of BUSD stablecoin is primarily to give liquidity a little more boost up as well as help users are more capital efficient. It is also planning upon applying this technique to convert the balance that is already existing in the account of the users.

The authorities have further stated that the users can be able to see their stablecoin only in the account that is under BUSD. It is to be done after the conversion is fully completed. The Indian exchange assets, WazirX is still tet to reach a decision regarding the list of stablecoin that is appropriate for conversion.

What are its plans with another stablecoin?

To shed further light upon this aspect it has also been stated that the withdrawal related to USDC, USDP, etc shall exist there on the WazirX for a very few days. After a period of a few days, this stablecoin shall permanently be delisted from their spot trading pairs. There have been various reports that have suggested in what way WazirX used to handle USDC. It has already delisted several stablecoins and the only surviving one includes, USDC trading against Tether, which is there on the platform.

However, when compared between the two one can see that BUSD is present on the WazirX platform, in not only one but two pairs. Thes two parts of BUSD have been trading at the same time, One against USDT stablecoin and the other against the Indian rupee. The amount of total trading volume has been estimated to be around 5,700 to 5,200 dollars.

Conclusion

Before everything, it is important to also undertake the original USDC. It was created by the fintech firm Circular as well as the Coinbase crypto exchange. It has also established itself as one of the most popular stablecoins which are also referred to as the second largest stablecoin. The decision to remove USDC by WazirX has been taken right after Binance published its decision saying that the USDC shall henceforth be eradicated from its platform.

It also stated the same things under the changes that users might expect. Even though the two, Binance and WazirX sound similar in their ways, they are both unrelated to each other which was even made clear properly.

Binance’s CEO has Confirmed Investing in Musk’s Takeover of Twitter as an Equity Investor

Binance’s CEO has Confirmed Investing in Musk’s Takeover of Twitter as an Equity Investor

by | Nov 8, 2022 | Binance, News

As part of Elon Musk's $44 billion acquisition of Twitter (TWTR), Binance, the largest cryptocurrency exchange in the world by trading volume, announced it had invested $500 million. This modest but significant action sparked rumors that the social media company might one day run on blockchain technology.

Musk Successfully Takes Over Twitter.

Musk completed his $44 billion acquisition of Twitter late on Thursday, gleefully tweeting, "The bird is liberated," and promptly removing several top executives from their positions. After months of public and legal battles over the sale, this finally happened. Early sources state that the new owner has already drastically lowered Twitter's c-suit. Twitter CEO Parag Agrawal, CFO Ned Segal, and top attorney Vijaya Gadde, who played a key role in the decision to block former President Donald Trump's account on the social media network in January 2021, are reportedly among the departing staff. Although it might only be a temporary post, Musk will take over as CEO, according to a source who talked with Bloomberg.

As per the reports, his next step would be to reinstate Twitter users who have received lifetime bans from the platform, including Trump.

Before finalizing the acquisition, Musk indicated that securing the "future of civilization" was his main driving force in buying Twitter.

Instead of dividing into "far right-wing and far left-wing echo chambers," Musk says the objective is to maintain a "common digital town square," where individuals of diverse viewpoints may discuss on their points of view without resorting to violence.

Other objectives include combating Twitter spam bots, which might be done by putting blockchain-based solutions in place.

Bot spam is particularly common in the cryptocurrency world, where con artists frequently use false identities to entice investors by impersonating influencers and other well-known people, including Elon Musk.

Binance Founder Expressed His Excitement about Working Together with Musk

Binance revealed on Friday that it has invested in Twitter's acquisition by billionaire internet entrepreneur Elon Musk as an equity investor (TWTR).

The founder of Binance, Changpeng Zhao, expressed his excitement in an email, "We're thrilled to be able to support Elon in realizing a new vision for Twitter. We want to help social media and Web3 work together to increase the use and adoption of blockchain and cryptocurrency." A team from Binance is reportedly being formed to think of ways that blockchain technology and cryptocurrencies can help Twitter.

In a tweet, Zhao claimed that Binance had sent $500 million as part of the transaction two days prior. CoinDesk's request for comment from Twitter did not immediately receive a response.

A few Twitter executives were reportedly taken to the door as Musk closed the transaction on Oct. 27. The new owner of the social media platform then purportedly cleaned house. In May 2022, according to a statement made by Binance, it will invest alongside 18 other investors in Twitter, including major cryptocurrency investment firms Sequoia Capital Fund, Fidelity Management, and Research Company.

 The founder of Binance said on October 28 that the company had placed money on the table as Musk completed his acquisition of Twitter. To check that the business had wired the monies earlier in the week, CZ used the newly acquired platform.

Conclusion

Zhao clarified that he was not personally involved in the transaction and quipped that he thought the transfer had been made using traditional banking methods rather than a blockchain or cryptocurrency transaction in response to a user on the Twitter thread who wrote "CZ" now owns part of Twitter: "We are small potatoes, just a tiny bit." Zhao responded to other comments, clarifying that he was not personally involved in the transaction.

Binance Immediately Identifies KyberSwap Exploit Suspects 

Binance Immediately Identifies KyberSwap Exploit Suspects 

by | Nov 8, 2022 | Binance, News

The top cryptocurrency exchange Binance has identified two suspects who are allegedly responsible for the hack of $265,000 from decentralized exchange (DEX) protocol KyberSwap earlier this week.

Changpeng Zhao (CZ), the CEO of Binance, exposed this information on Twitter recently. The company has shared the info with KyberSwap along with the appropriate law enforcement agencies.

The Attack :

KyberSwap has faced a cyber attack

on September 1. The DEX protocol faced an unhealthy security breach which allowed hackers to steal assets.  It was worth thousands of dollars to users.

According to the project, the bad actors shared malicious code on the protocol’s Google Tag Manager (GTM). It has prompted false approval that allowed them to transact assets in their wallets.

The platform also shared that the hackers smartly launched the bad script. It was targeted to whale wallets on Ethereum and Polygon. Further KyberSwap added that exploited users would be fully compensated.

The hack came to know and immediately stopped within two hours of its launch. The protocol offered that the bad actors would be rewarded with a 15% bug donation if they returned the stolen assets.

Binance As Crypto 'Big Brother :

Hardly two days after the theft, the Binance investigation team announced that they had been able to track and identify two scammers who are suspected or may be responsible for the hack. The company also noted that they had appointed government authorities in the incident for further investigation.

Similar to KyberSwap, Binance has assisted with several hacked protocols to identify the bad actors along with recovering some stolen assets.

As the biggest crypto exchange by trading volume, the proactive and unselfish efforts of Binance to help investors from other ecosystems weren’t neglected.

As one of the users stated, “Binance is now playing as a big brother in the crypto space. Binance has gone beyond securing its platform to keep the entire crypto ecosystem safe.”

CZ stated that Binance has never been lawfully integrated in China and has never fixed business in a manner compatible with the Chinese organization, Cointelegraph.

Notably, the company succeeded to recover nearly $450,000 stolen from the Defi platform Curve Finance last month. It was reported that the recovered funds were 83% of the total assets exploited from the protocol.  The platform stated that the hackers transferred the assets to the exchange through different techniques. They expected to bypass the firm’s security team.

Since the platform, Binance, continues to make an effort to make the global crypto industry safer for investors and users, some user groups of the crypto community think that the company is now acting as a “big brother” role in the whole crypto market.

According to Changpeng ‘CZ’ Zhao, CEO of Binance, the theft of information had been noted to the Kyber team. Since both sides are eager to catch the hackers, Binance has also begun to work with law enforcement as of the recent information.

Conclusion :

Notably, there have been so many exploits and theft in the crypto market over the past couple of months. Since the market fell and started a crypto winter, bad actors took it as their opportunity. Platforms like Solana, Cardano, etc. have suffered from several exploits. The theft is mainly happening through smartly executed ideas. Phishing scams and fake airdrops are mentionable. Users' wallets are drained through luring through free tokens. In multiple cases, hacking links are also used as the weapon of scams. Nowadays, Twitter scams are also very famous in the crypto market. Where fake posts and links are circulated through the social media platform. Users are trapped in that kind of scam believing it is real.

Binance founder CZ counteracts conspiracy theorists

Binance founder CZ counteracts conspiracy theorists

by | Oct 20, 2022 | Binance

Changpeng "CZ" Zhao, the CEO of Binance, has responded to critics and conspiracy theorists who assert that Binance is a "criminal enterprise" rooted in China and "secretively belongs in the clutches of the Chinese government."

CZ's reaction to criticism was published in a blog post through Binance on Thursday. It arises from a Twitter argument with a former writer from the Washington Post, who questioned him by asking, "While I have you here, who's Guangying Chen?"

History of Binance

In terms of the total trading volume of cryptocurrencies daily, the cryptocurrency exchange known as Binance is now the biggest such exchange on the whole globe. It was established in 2017 and has its headquarters in the Cayman Islands, where it is also registered.

Changpeng Zhao, a programmer who had formerly invented high-frequency trading software, is the one who first conceptualized and launched Binance. Binance's headquarters were originally located in China, however, they were subsequently relocated outside of the country in response to the Chinese government's increased oversight of cryptocurrency activities.

In 2021, the United States Department of Justice and the Internal Revenue Service opened an investigation against the cryptocurrency exchange Binance based on suspicions of money laundering and tax violations respectively. Binance was given an order by the Financial Conduct Authority of the United Kingdom to cease any regulated business in the United Kingdom by the month of June 2021.

How did the conspiracy start?

The conspiracy theorist added that the query is in regard to a conspiracy theory that asserts that his close buddy and fellow Chinese citizen Guangying Chen is the hidden owner of Bijie Tech (a firm which he established in 2015) and potentially also Binance.

However, CZ clarifies that Chen is a coworker of his that he met via a friend and that he employed her to "manage the back office" at Bijie Tech before actually hiring her once again at Binance. He adds that conspiracy theorists subsequently associated her as a covert owner of the businesses given that she was one of the few to have originally stayed in China.

Some websites, such as Scam Binance, assert that Chen at one point controlled 93% of the shares in both Bijie Tech and Binance. This is only one of the allegations made by these websites. According to CZ, the root of such claims was an "old campaign that a rival ran through an anonymous website."

Because of this, she and her family have been the focus of attention and harassment from members of the media as well as internet trolls. VZ asserts that he would not have urged her to carry out what appeared like such a harmless move at the time if he had been aware of how much of a detrimental effect this would have on her life. He claims that he would have avoided doing so.

Relationships with China

CZ went as far as detailing some of his difficult personal and business-related encounters with Chinese officials, and he vehemently refuted the assertions that his firm had close relations with China and its government. CZ also forcefully disputed the claims that his company has close links to China.

According to CZ’s claims, the fact that few Binance employees, including himself are of Chinese ethnicity make the industry a very obvious target for hate. As a result, media, special traders, as well as policymakers, do not approve of the Binance blockchain.

Even though Binance has never been formally established in China and has never operated culturally like a Chinese firm, tales about Chinese infiltration continue to circulate, according to CZ.

CZ noted that Binance has operations in several countries, including France, Spain, Italy, UAE, and Bahrain, and that the company has established a team throughout the world. CZ also added that "we are aggressive in seeking great talent, no matter where they originate from:"

Final Thoughts

Binance was officially established as a company in the Cayman Islands in 2017, however the company does not yet have a designated headquarters. The blockchain was the biggest centralized cryptocurrency exchange in the world as of October 2021, having amassed an estimated 28.6 million cryptocurrency users at that time. A former official at Binance said that the firm is valued at more than 300 million dollars in November of 2021.

Binance to Issue ‘Soulbound’ Tokens Who Are Done With Know-Your-Customer Requirements

Binance to Issue ‘Soulbound’ Tokens Who Are Done With Know-Your-Customer Requirements

by | Oct 15, 2022 | Altcoin News, Market, Market News, News

Binance is presently one of the crypto platforms that is dominating the global market. The exchange became very user-friendly along with its specialty of the mechanical ecosystem. This top cryptocurrency exchange Binance is about to issue a soulbound tokens on the BNB blockchain. According to an official announcement, It is for all users who will complete their know-your-customer (KYC) procedure.

What Is Soulbound Token?

Last month, the world’s largest crypto exchange, Binance, announced that it is prepared to issue Binance Account Bound (BAB). BAB was introduced as the first-ever Soulbound Token (SBT), which is developed on the BNB Chain. BAB was planned to launch as a pilot project initially and is expected to only be accessible through the Binance mobile app.

The concept of soulbound tokens was first revealed in a blog post by Ethereum co-founder Vitalik Buterin in January. He explained this new asset class as non-transferable digital tokens. It represents social identity in a decentralized ecosystem.

Soulbound tokens will work as an identity passport across the BNB chain. These tokens are unique and non-transferable. The users who don't want to share their identity across the entire network can avoid the token.

Binance's soulbound token is named Binance Account Bound (BAB). According to the official release, it will allow enthusiast users to participate in developing projects while earning rewards.

The SBT concept was first made public by Ethereum Founder Vitalik Buterin. E. Glen Weyl and Puja Ohlhaver were also present at that time. Buterin disclosed the flaws of transferability and commercial viability features of NFTs.

Soulbound is a new and unique token standard that could potentially form an essential developing block for the Decentralized ecosystem. Buterin explained multiple ways of using SBTs. For instance, from university degrees to education credentials and web3 credit scores, this token can be utilized.

The use of KYC in the crypto market started with an intense investigation this week. It happened when decentralized exchange dYdX requested its users to complete a "liveness check" through webcam technology. Though, several users stood against the platform's scheme. The questions raised regarding the relationship between decentralization and KYC.

How Would It Work?

The token was planned to be an opt-in feature that will allow only those Binance users in compliance with Know-your-customer (KYC). It will allow the users to mint their BAB directly on their wallets while using the platform.

BAB was mainly introduced to act as online identification for Binance. The token can also be utilized by third-party protocols to ensure BAB tokens for several activities such as airdropping NFTs, avoiding bots, and a DAO using it for quadratic voting, etc.

The official blog post noted the ​​BAB token is the first-ever Soulbound Token about to launch on the BNB Smart Chain. It will focus on the issues of the user's identity in the decentralized society. The token is a non-transferable and non-financialized token as earlier it was mentioned.

According to the official announcement, 'transferability' may not be the main attraction of decentralization. Because it can be troublesome considering the distribution of governance power.

Therefore, BAB is certainly unique from traditional digital assets like Bitcoin and Ethereum. These coins represent momentary sums.

According to the platform, "Since we begin to explore how identity proof will function in Web3, whether it will be in the form of a provable skillset or an earned title, further use cases for the BAB token will increase. This sense of responsibility paves the rudder for a more efficient decentralized community and space."Binance believes that additional use cases for BAB will increase in the future as the web3 landscape rapidly starts to dominate the market.