Binance CEO Discusses Crypto Ecosystem with Turkish Officials

The push by Binance, the world’s largest exchange by trading volume, to expand its influence has continued to gain increased momentum in Turkey.


The exchange’s Chief Executive Officer, Changpeng Zhao, known on Twitter as ‘CZ’, met with Turkish officials where he discussed issues bothering the crypto ecosystem.

“We had a virtual meeting with Mr. Changpeng Zhao, the founder of Binance. Mr. @cz_binance and I had discussions on the blockchain ecosystem and crypto assets,” said Dr.Nureddin NEBATİ, Turkey’s Minister of Treasury and Finance, one of the key officials that were a part of the meeting.

While the exact details of the conversation were not revealed, crypto Twitter has been speculating that something big might be underway between the trading platform and the Turkish government.

Over a year ago, Binance came under fire for operating illegally in quite a number of jurisdictions. With its license revoked, it made up its mind to pursue a more wholesome relationship with regulators across the board. With its commitment to tightening the loopholes in its engagement with regulators, it has earned one of the most impressive backing from regulators over the past year.

In his global campaign to get regulators’ nod, CZ has visited a number of government officials in France, Dubai, and even Kazakhstan. CZ’s meeting with Kazakhstan’s officials also involved signing a Memorandum of Understanding (MoU) with the country’s President, Kassym-Jomart Tokayev, as the parties looked to foster digital education and transformation in the country.

Binance’s efforts have produced operational licenses in key regions, including Spain, Bahrain, the United Arab Emirates (UAE), and Italy amongst others. The trading platform has reiterated how it is committed to ensuring governments around the world introduce functional regulators that can help foster the industry’s growth as a whole.

The meeting with the Turkish Minister is yet another way in which the trading platform is taking the lead in the industry.

Image source: Shutterstock


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Elon Musk and Changpeng “CZ” Zhao Clash Over Dogecoin Glitch

Twitter has become an arena for crypto-related battles due to the ongoing issue associated with Binance suspending Dogecoin withdrawals.

A war of words ignited between Elon Musk, the CEO of Tesla and SpaceX and Changpeng “CZ” Zhao, the CEO of Binance crypto exchange, on Twitter social media platform after Musk called the way Binance exchange is handling Dogecoin glitch “shady”.

Binance suspended Dogecoin withdrawals on November 11 after the platform experienced a software glitch as a result of a network update.

Musk took to Twitter on Tuesday morning November 23 and brought up the issue concerning Doge withdrawals on the popular exchange. Musk tagged Binance CEO, and stated:

“What’s going on with your Doge customers? Sounds shady.”

Binance’s official Twitter account took about 30 minutes to respond and, as a result, argued that there is nothing shady with the issue. 

The company admitted that the issue exclusively affected Dogecoin because the platform has a ‘different technical wallet set-up’ for the meme cryptocurrency. Binance said that in order to fix the problem, it will have to rebuild the wallet entirely, which could take another week or so. The exchange clarified that it would resume withdrawals once the problem has been fixed, but that the suspension could last until November 29.

Since Musk was not satisfied with Binance’s response, he continued rebuking the exchange, stating that “Doge holders using Binance should be protected from errors that are not their fault.” Musk also cited a thread by Dogecoin developers explaining that the problem began a “bit over a year ago”.

Zhao fired back at Musk on his personal Twitter account, stating that Binance was “pretty certain” about the issue facing the Dogecoin wallet, and he apologized to Musk and his followers for any inconvenience caused. Zhao also referred to an article by Guardian media outlets reporting that Tesla software experienced a glitch in October, an incident that prompted safety recalls for about 12,000 vehicles in the US and asked “happen here?”

Major Problems in Crypt Markets

It is unfortunate that cryptocurrency platforms often experience technical glitches and investors might lose their funds as a result.

From cases of temporary technical glitches to exchange outages during times of heavy demand, investing in crypto coins has grown rapidly and exchanges sometimes struggle to keep up with huge demands.

In May, the whole crypto market crashed when almost all major exchanges suffered outages, including Binance, Coinbase, Gemini, kraken among others, struggling to handle a massive surge in trading. Users were met with frustrating error messages and therefore were able to perform their trading activities.

While Doge investors might blame Binance for the current issue, they need to understand that the problem was caused by a Dogecoin update.

Image source: Shutterstock


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