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Elon Musk Throws ‘Shade’ at Binance Over DOGE Handling, CZ Bites Back

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Tesla and SpaceX CEO Elon Musk has scrutinized major crypto exchange Binance over dogecoin (DOGE) withdrawals, which are frozen due to a technical issue triggered by a software upgrade – calling the situation “shady.”

“We are pretty certain it is an issue with the latest doge wallet,” replied Binance CEO Changpeng Zhao (CZ), adding that they are in communications with developers. 

However, to this explanation, CZ added a jab of his own – he pointed to a recent issue with Tesla software, which reportedly puts the lives of 12,000 people in danger. “What happened here?” CZ said, arguably shifting the attention to a much more critical issue. 

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Binance announced last week that DOGE network withdrawals will “be suspended for the next 10 to 14 days” due to a minor issue that originated after carrying out a version update. 

Following the tweet by Elon Musk, Binance’s official Twitter account updated users on the problem. “The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users,” Binance tweeted

Acknowledging that Binance is the sole entity suffering from the issue, the exchange said that Dogecoin developers are assisting it to “rebuild the wallet entirely,” adding that it would be a long and complex process, which is why it may take “another week or so.” 

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Meanwhile, as Elon Musk endorsed and “defended” Dogecoin, the meme coin pumped in price. At around 9:40 UTC, DOGE jumped from around USD 0.217 to USD 0.232 in less than an hour, according to data by CoinGecko.

At 12:23 UTC, the 10th coin by market capitalization is trading at around USD 0.223 per coin. It’s unchanged in a day and is down 13.2% in a week. It’s also down 11% in a month and up 6,590% in a year. 

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Binance Singapore to Reportedly Withdraw its Permit Application

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After being on the regulator’s waitlist of crypto exchanges that are yet to get approval in Singapore to legally provide crypto services, Binance may just quit its former hub, and move on to expanding its business in other territories. According to Business Times insider reports, Binance has hinted at withdrawing its application with the Monetary Authority of Singapore (MAS), in lieu of the long-standing halt of seeking an operation’s permit. Furthermore, the withdrawal will depend upon whether or not the Nation’s regulatory authorities consider a change in stance. Regardless, Binance is expected to declare its final decision by next year.

Binance CEO Shares Risk Reduction & Economic Growth Strategy

While Binance CEO, Changpeng Zhao declined to comment on the status of his the exchange’s local unit’s licence application in Singapore, noting that it is “in the process”, he did highlight that Binance will only set up shop in countries with a pro-crypto approach. Despite the exchange’s recent decision to become regulator-friendly and more centralised, Binance does not believe in completely giving in to irrational regulatory restrictions. CZ argued that while risk reduction is essential for consumer protection, however, pro-crypto regulators have a way of both, reducing risk while enabling innovative and economic growth.

“When (regulators) only go by that metric, they just shut everything down, and yes that’s the best way to reduce risk. But better regulators have 2 metrics – they want to encourage innovation or economic growth and reduce risk. Regulators usually make rules that are much more pro-business when they look at both these metrics.”, The Business Times quoted its impromptu interview with CZ.

Singapore authorities are adopting a pro-crypto approach while also maintaining regulatory oversight. However, the nation is still to pass crypto exchange giants’ applications to allow them to legally provide services in the area.

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Last month, CoinGape reported that both, Binance and Coinbase were struggling to acquire their licenses from MAS, while authorities revealed that more than half of the companies that applied for crypto permits in 2020, had already received their approvals. Although MAS noted that some crypto companies were still operating with an exemption, and waiting to get approved by the authorities.

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Binance Boss CZ Is Richest Ethnic Chinese Person Alive, Report Claims

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The Binance Founder and CEO Changpeng “CZ” Zhao is the richest ethnic Chinese person alive, a new article has claimed – although mainstream Chinese media outlets appear reluctant to report on the news.

The claim was made by the outspoken media outlet Caijing on Weibo and reported on in detail by numerous Chinese-language outlets, many of which are based outside Mainland China. The mainland’s mainstream outlets, however, all maintained a stony silence on the matter.

The media outlet noted, quoting data from unnamed “insiders,” as well as previously published information from Forbes that Binance was being valued at USD 300bn, adding that Zhao, a Chinese-Canadian, owns 30% of Binance’s shares. If these calculations are correct, it explained, the Binance chief is now worth USD 90bn.

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This valuation, Caijing added, “means that Zhao has become the richest [Chinese] man and ranks among the top 10 richest people in the world.”

The media outlet was quick to point out that the beverages giant Nongfu Spring’s founder, Zhong Sui Sui, is the mainland’s richest man and the second-richest Chinese in the world – and that Zhao is now worth 35% more than him. 

Next on the list came ByteDance (the TikTok operator) Founder Zhang Yiming, followed by Zeng Yuqun, the Founder and Chairman of the Ningde Times media empire. Bottom of the top five was the Tencent supremo Ma Huateng.

But Zhao appeared to question the logic behind the calculations with a tweet featuring some mathematics of his own.

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Regardless, Chinese-speaking netizens were impressed. On Weibo, one highly upvoted comment read:

“He is the richest man [on the list] just by virtue of holding Binance shares. The value of his cryptocurrency holdings has not even been taken into account. He’s a person who can be rightly compared to Elon Musk.”

Cryptonews.com’s own Baidu and Google searches for recent news on Binance and Zhao produced precious little in the way of mainstream reporting on the matter in China, despite the fact that the Caijing post was made over 24 hours ago.

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Indeed, trying to find Mainland Chinese reports on anything crypto-related – including Binance itself – is proving to be an ever-more-difficult task, as some observers have been discovering.

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Changpeng Zhao boasts on Binance wins, says exchange is 10x bigger than competitors

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  • Changpeng Zhao says Binance is 10x bigger than other exchanges.
  • Speaks on unique strategy Binance adopted to be number one crypto exchange.

Binance exchange CEO, Changpeng Zhao has boasted about the exchange firm compared to other crypto exchanges as he told some of the success stories of the firm.

According to Changpeng Zhao, the exchange didn’t rise to the top by chance. It was a carefully calculated effort made up of interesting innovations and a culture of focusing on the product.

Zhao spoke on how Binance made it to become the number one crypto exchange it is today in an interview with Forbes.

According to him, in 2017 when Binance launched, Coinbase and Kraken controlled the bulk of the US markets while Poloniex and Bittrex topped the charts for their large volumes. He pointed, however, Zhao pointed they all had narrow focus.

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Changpeng Zhao reveals Binance win strategy

He said, when Binance was coming to the market, no exchange looked to cater for the need of the global audience which prompted him to adopt the new approach.

“We had support for 31 languages on the day we launched and nine languages within a month. Today we support 31 languages on our interfaces. Our customer support is in 16 different languages” said Zhao. “So I think listing a high number of tokens was an advantage, but being more international was also the first thing we did.”

Also the platform’s interface which allows one full-screen trading that other exchanges have adopted also was a win strategy for Binance exchange.

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“Most of the time, we’re 10x bigger than the second biggest players. We also have the largest fiat-to-crypto exchange most people don’t know about.” Zhao told Forbes. “We support 50 something fiat currencies all over the world, and nobody has this coverage.”

He boasted that the exchange iwn Trust Wallet one of the most used crypto wallet and CoinMarketCap.com, a top crypto analytics provider.

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