Binance Would Deny Bitcoin Due to Decentralized Nature

According to a controversial discussion circulating the crypto community, the largest digital currency exchange, Binance, would be forced to reject Bitcoin if it were to apply to be listed for trading on the platform due to the lack of compliance with the exchange’s terms for listing.

Bitcoin Slowly Outcasted for Decentralized Nature

According to WhalePanda, a crypto enthusiast and figure within the digital community raised an interesting point regarding Bitcoin that has sparked some controversy. He noted that the rejection of Bitcoin is inevitable if it were to apply to Binance’s listing as it fails to comply with the platform’s terms and conditions. Among those criterion is the existence of some type of centralized authority, the very opposite against Bitcoin’s nature and identity as a cryptocurrency.

In this sense, the first and most mature of cryptocurrencies, Bitcoin, would fail in regards to eligibility on the Binance trading list for reasons that first sparked its success as a digital currency- a lack of centralized authority. Although discussions continue to clash around this topic it is without a doubt that Binance requires some type of centralization as a major criterion for listing.

Regardless, the initial tweet fuelled an ongoing debate which centers around the point that decentralized projects such as Bitcoin remain unrepresented as a key aspect of their very purpose. By establishing this idea of representation, or main point of contact, suggests a form of authorization that does not exist with the notion of decentralization. Decentralization is originally one of the factors that give a currency its distinguishing feature as a cryptocurrency.

Does the Concept of Decentralization Really Exist?

Binance’s Chief Executive Officer, Zhao Chengpeng, noted in July that the concept of a true decentralized project does not actually exist. He also explained that if a core group or team exists behind a given digital currency, it nonetheless represents a type of centralization. His statement was in response to Vitalik Buterin’s statement, the Co-Founder of Ethereum, who essentially said he wishes the concept of centralized exchanges ceased to exist.

Recently, Binance has been under the media’s radar in regards to applications for listings, particularly in regards to the recent incident with blockchain-based platform, Expanse, and its attempt to apply for a listing. The company’s co-founder, Christopher Franko, claimed Binance offered a request of a controversial four hundred Bitcoin as a fee for becoming a listed currency on their platform. Binance immediately denied these claims and suggested the correspondence was in fact spoofed.

2 years ago

Start Weekly Digest

Similar news