- Binance DEX will no longer allow customers to use the exchange with an IP address in the US.
- The community is unhappy with this decision, despite being told that the ban was the decision of Binance.org.
Binance DEX, the decentralized cryptocurrency exchange, made a major announcement a few days ago that is not sitting very well with the community. The announcement declared that the exchange would not be accessible by users that have an IP addresses in the United States.
Considering the massive role that the US plays in cryptocurrency transactions, the community clearly came back with a lot of criticism, even accusing Binance of not being a truly decentralized platform.
The Binance ecosystem has been criticized before for being more centralized than they let on, depending too much on the personnel in management. However, Binance has consistently stated that their platform for trading is decentralized, stating that any accusation otherwise is entirely baseless. The CEO of Binance, Changpeng Zhao, was asked how a decentralized platform could exclude users from a particular region of the world, to which he stated that the exclusion was due to Binance.org instead of the DEX.
Ever since this announcement came out, there have been crypto proponents and stakeholders alike that have lashed out. In fact, Vitalik Buterin of Ethereum even posted to Twitter about this concern, receiving a reply from Zhao that what is said on Twitter is not always true.
He also posted another tweet that repeats the notion above that the DEX did not block US customers, but Binance.Org did.
Don’t believe everything you read on Twitter @VitalikButerin https://t.co/Zcakm8Md6B
— CZ Binance (@cz_binance) June 14, 2019
Still, the fact remains that the US customers are blocked, and that Binance has a new partnership with a US-based crypto trading platform called BAM Trading.
With the partnership, Binance.US will be launched, which is meant specifically for American customers. Considering the block from the main exchange, this partnership has raised a lot of questions, coming at the same time that a lot of other exchanges have blocked the US, like Huobi Global.
Even with the explanation that Zhao offers, it is clear that the community isn’t exactly convinced that he is being truthful. Last month, after hackers went after the Binance DEX, the platform became the subject of an accusation.
The controversy just got worse after Zhao announced that Binance was a potential reorganization involving the Bitcoin that was lost during this $40 million attack.
After speaking with various parties, including @JeremyRubin, @_prestwich, @bcmakes, @hasufl, @JihanWu and others, we decided NOT to pursue the re-org approach. Considerations being:
— CZ Binance (@cz_binance) May 8, 2019
pros: 1 we could “revenge” the hackers by “moving” the fees to miners; 2 deter future hacking attempts in the process. 3. explore the possibility of how bitcoin network would deal with situations like these.
— CZ Binance (@cz_binance) May 8, 2019
cons: 1 we may damage credibility of BTC, 2 we may cause a split in both the bitcoin network and community. Both of these damages seems to out-weight $40m revenge. 3 the hackers did demonstrate certain weak points in our design and user confusion, that was not obvious before.
— CZ Binance (@cz_binance) May 8, 2019
cons: 4 While it is a very expensive lesson for us, it is nevertheless a lesson. it was our responsibility to safe guard user funds.
We should own up it. We will learn and improve.
As always, thank you for your support!
— CZ Binance (@cz_binance) May 8, 2019
The community further stated that they would’ve been persuaded by this idea, eliminating the myths regarding decentralization, if this had been possible.
- Source: First Appeared Here
- Published Time: 2019-06-16 16:24:40
The views and opinions expressed in the article Binance Bans US-Based IP Addresses, And the Crypto Community is Very Unhappy do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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