Copy link
Increase text size
Decrease text size
Link copied

Binance publishes an open letter to STEEM community members following controversy with TRON

Image by Binance

Wed, 11 Mar 2020, 16:24 pm UTC

Crypto exchange Binance published an open letter to air its side about the controversy involving TRON CEO Justin Sun and the DPoS-based crypto platform STEEM. The letter was addressed to the STEEM community members.

Binance apologized for the situation which it believed was due to “miscommunication about the specifics of the blockchain’s upgrade/hard fork.” The exchange added that after receiving the feedback from the community, it decided to “unvote.”

“Binance stays neutral and has no interest in on-chain governance beyond the Binance ecosystem. We hold a supportive position of normal upgrade/hard fork and will continue to do so in the future,” the letter read.

“Hopefully, the STEEM community and TRON will reach a consensus in an efficient manner. If they fail to reach an agreement and it poses potential risks/damages to STEEM users on Binance, we reserve the right to take corresponding actions at the consent of our users.”

According to Binance, it participates in community voting in their users’ interests. It provides staking services to PoS-based crypto users on the platform and will continue to distribute staking rewards to PoS-based crypto users on Binance regularly.

Backstory: Steem vs Tron Controversy

Sun has reportedly “strategically partnered” with the members of the STEEM community. Following Sun’s acquisition, the STEEM community orchestrated a coordinated preemptive “due diligence” to soft fork the blockchain to deactivate the major stake called the “ninja-mined stake” owned by Steemit.

The ninja-mined stake comprised roughly 74 million tokens and there was a concern that Sun would have excessive control over the platform if he has the power to dispense the voting rights that came with the stake.

Sun declared that it was a criminal action by malicious hackers and enlisted three major exchanges including Binance, Huobi and Tron-owned Poloniex to vote the STEEM tokens deposited by their users for a hard fork to reverse the community’s action.

According to Cointelegraph, Huobi has already announced that it removed its vote. Meanwhile, Poloniex is yet to release a statement about the matter.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $7,287.25 (-0.30%)
  • Ethereum (ETH) $170.55 (-0.58%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $264.79 (-2.78%)
  • Bitcoin SV (BSV) $217.50 (+2.66%)
  • Bitcoin (BTC) $7,287.25 (-0.30%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.