CZ Binance Slammed for Lack of Transparency as Absence of Malta License News Spreads Fast

News
Fri, 02/21/2020 - 15:00
article image
Yuri Molchan
Crypto trader criticizes Binance for delaying the promised ‘post mortem’ on the recent maintenance, meanwhile CZ responds to the news of Binance lacking Malta license
CZ Binance Slammed for Lack of Transparency as Absence of Malta License News Spreads Fast
Cover image via www.forbes.com
Contents

Two days ago, the Binance exchange suddenly halted its operations for a while, which proved to be six hours. Everything but Binance Futures was on maintenance.

In one of his tweets after trading resumed, Changpeng Zhao promised to release post mortem later on.

Giving away $1 mln in BNB

Now Binance is conducting a giveaway of 50,000 BNB – over $1 million – to thank the community for the patience and support during the unscheduled maintenance.

However, some users are not happy with the recent Binance performance, including the fact that the promised explanation of the issue has not been published yet.

Related Binance Goes on Unscheduled Maintanance, Community Afraid to Lose Funds
Related
Binance Goes on Unscheduled Maintanance, Community Afraid to Lose Funds

CZ responds to the reports on Malta license

As reported by several media outlets earlier, the Malta Financial Services Authority (MFSA) had published a statement saying that the Binance exchange has nothing to do with it – neither geographically, nor legally or regarding regulation.

Many on the crypto Twitter started insisting on CZ addressing this issue.

Changpeng Zhao has responded, calling these reports a ‘mix of truth, FUD & misconception’.

Binance is not based in Malta, nor does it operate there, since the exchange exists in the blockchain world and operates from various parts of the planet, he says.

“Binance has a number of regulated entities around the world, either operated by our partners or by Binance.com directly. We work closely with regulators and comply with the rules in the places where we operate.”

“Binance.com has always operated in a decentralized manner as we reach out to our users across more than 180 nations worldwide. As well as pushing the envelope in experimenting how to become a true DAO (decentralized autonomous organization).”

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.