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Binance DEX faces criticism over geo-blocking users; Magical Crypto Conference’s Whale Panda and others weigh in

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Binance DEX received a lot of attention recently due to the sheer number of projects being listed on it. Moreover, the rise in the popularity of these projects and the price of tokens prompted popular proponents of the crypto-verse to opine on the matter.

A new update from Binance DEX geo-blocking users has once again attracted criticism over how it could affect the collective market.

However, like BitMEX, Binance’s rules can also be easily overcome by using a VPN, raising questions over the ‘decentralized’ nature of the exchange.

Whale Panda tweeted:

“Reminder that it was never a DEX so stop calling it a DEX. It’s just a word they used to pump $BNB, it was never meant to be decentralized.”

Hasu, another prominent, but anonymous user commented:

“Doesn’t non-custodial solve like 95% of issues that centralized exchanges have?”

The comment suggested the use of Arwen, however, CZ replied:

“try Arwen and let us know how the experience compares.”

According to the update, Binance’s decentralized exchange would start geo-blocking 29 countries, similar to the rules being adhered by other centralized exchanges, like BitMEX.

Vladislav Ginko, a Twitter user, commented:

“Complying with biased US regulations based on WH obsession that US sanctions introduced without any US court decision must be complied everywhere in the world, not only in USA. looks not only that such crypto exchange is not decentralized but it abides unlawful restrictions.”

The topic of discussion was still hot and an official response from Binance is awaited. As suggested by The Block, this move could be connected to “the SEC charging the founder of decentralized exchange EtherDelta with operating an unregistered securities exchange in November. Binance theoretically could not prevent anyone from issuing a security token”.

A Reddit user, mycryptotradeacount, defended the exchange’s move:

“Binance has never claimed that their exchange was goung to be fully decentralised, even CZ tweeted about this a few times saying that it is not going to be a DEX.”

 

Source/ambcrypto

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Binance Jersey To Compensate Hacker Who Got Hold Of Its Domain Name And Twitter Account

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Binance Jersey will issue a security bug bounty to the white hat hacker who got hold of its domain name and twitter account.

On August 16, Binance Jersey confessed that a hacker was successful in compromising its website’s domain name and also gaining access to its twitter handle, @BinanceJE. The hacker even went ahead to shoot out a few tweets using the compromised twitter handle. 

How He Did It

Although the behind-the-scenes intricacies of hacking are pretty complex, the whole process, at least as understood by many, seems simple. By just conducting a crafty social engineering, the hacker was able to compromise the domain name’s service provider and get hold of the domain name. He also got access to the Binance Jersey’s twitter account.

However, Binance Jersey was able to regain control of its internet domain name within a few minutes of the hacker, but the twitter handle took a few hours to retake. However, the good news is that the hacker was actually a white-hat hacker with no malicious intent. He contacted the company and was co-operative during the recovery process. 

Bug Bounty

Binance Jersey has since announced that it plans to award the hacker a bug bounty for helping it identify the security flaws that, if exploited by someone with malicious intent, could have cost the company millions of dollars. 

The company has also confirmed that no funds or data were affected by the hack. The tweets posted by the white hacker via the Binance Jersey twitter profile have since been deleted. 

BNB Is Still Strong

Despite this incident, Binance Coin, the crypto created by Binance Exchange, hasn’t been affected. At the time of this writing, BNB trades at around $27.70, with a total market cap of $4.3 billion and a 24-hour trading volume totaling around $173 million. 

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Binance Jersey to Reward Hacker Who Compromised Its Domain Name

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Cryptocurrency exchange Binance will compensate the white hat hacker who compromised Binance Jersey’s Internet domain name and Twitter account.

Binance Jersey Twitter and domain compromised

In a post published on Aug. 16, crypto exchange Binance Jersey announced that a white hat hacker was able to gain access to the @BinanceJE Twitter account (the official Binance Jersey profile) and the platform’s Internet domain name. Still, the company was able to recover the domain name within a few minutes, and the Twitter handle in some hours.

Per the announcement, the hacker obtained access “by social engineering the email domain name service provider,” and then posted a few tweets from the company’s official account, deleting them later. Furthermore, the hacker was reportedly cooperative and open during his communication with the exchange’s security team, which allowed for the quick recovery of the Twitter account. The firm notes:

“We were able to restore the domain name within a few minutes and the Twitter handle a couple of hours later. We will issue a security bug bounty to the white hat hacker, as well as investigate the incident further with our service provider. […] All funds on Binance.JE are safe. No data was compromised.”

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Screenshot of one of the tweets | Telegram channel Diddycarter’s ANN Channel

In one of the tweets from another account, reportedly controlled by the same hacker, they asked Binance CEO Changpeng Zhao to contact them personally. At press time, all of the hacker’s tweets have been deleted from Binance Jersey’s Twitter profile.

As Cointelegraph recently reported, the native token of crypto exchange Binance soared around 11%, despite the fresh rumors of a possible Know Your Customer data leak affecting exchange’s users.

Source:cointelegraph

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Binance to Enter the US Market in A Month or Two: CZ

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Binance is finally looking set to put its feet in the crypto market of United States. After hard work of more than 3 months the company is now prepared enough to make a debut in this huge cryptocurrency market within a month or two. This was revealed by none other than company’s CEO Changpenz Zhao (CZ) himself in a recent interview.

Binance is in the midst of an aggressive expansion plan that aims to cover every major cryptocurrency market. As part of these plans, it was obvious that they decided to set up an office in the US to provide their services. Having a physical presence is necessary to provide fiat-to-crypto trading services in the United States, as per the requirements of Fin Crimes Enforcement Network (FinCEN). There are some other requirements too, and Binance has been working to fulfill them as well. When CZ was asked yesterday by online news outlet Cheddar about what’s going on with all those things, and when do they plan to launch Binance in the US, here’s what he told:

“I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”

The first time when we heard about the American plans of Binance was back in June when they had launched the service in partnership with local trading service provider BAM. However, they had to halt their services soon as regulators had reservations regarding their operations in the country. Here’s what CZ told about the BAM partnership in yesterday’s interview:

“The partnership with BAM Trading Services will help us navigate the US regulatory environment. Now we have our partner, we want to take this opportunity and explore the market.”

When asked about the regulatory ambiguity of US, he said:

“I think the US is one of the most developed markets because I think it has good regulations in the traditional finance space. Crypto is a new thing, and for new things, the US is a big country and with a lot of regulatory bodies and a very large market […] in a large market it is harder to regulate.”

Concluding his remarks, he said that he believes the US will come up with positive regulatory framework for crypto. He cited the regulations of country’s traditional financial service providers as an example, and said that he believes the things will improve in future.

Source :crypto-news.in

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