2019-6-2 14:30 |
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.”
The post Binance DEX faces criticism over geo-blocking users; Magical Crypto Conference’s Whale Panda and others weigh in appeared first on AMBCrypto.
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