banner
Blocknet accuses Binance of stealing info through the DEX
Blocknet accuses Binance of stealing info through the DEX
Blockchain

Blocknet accuses Binance of stealing info through the DEX

By Marco Cavicchioli - 22 Feb 2019

Chevron down

Blocknet accused Binance of stealing information from competitors during the listing process of new tokens or cryptocurrencies on their DEX.

The allegations are supported by a video from the YouTube channel Chico Crypto which, at the request of Blocknet, has shared some explanatory images.

blocknet accuses binance dex
Source: https://www.youtube.com/watch?v=JSCAelH_iuk

 

 

The images show the process carried out by Blocknet when requesting Binance to list their token on the DEX (Decentralised Exchange).

In fact, also Blocknet offers users a decentralised exchange platform that competes with Binance DEX.

The accusation is that Binance uses its position and listing process to conduct research on the competitors of its decentralised exchange.

At a certain point during the process, detailed technical information about Blocknet’s technology was requested, which was deemed as intrusive. These questions were sent by NEO co-founder Erik Zhang, who is also a Binance angel investor.

The hypothesis is that, after realising that it was a potential competitor, they decided to further deepen their knowledge of the project with additional questions that were actually aimed at removing unnecessary information from the application process.

These questions concerned the Blocknet infrastructure and the possible code on GitHub, the reasons that led them to decide to develop a DEX, the solution adopted to solve the problem of domain names on the blockchain and the request for access to the private repository of BlockNet to view their latest developments.

However, it should also be added that Binance’s announcement of the development of a DEX has been made 5 months earlier than Blocknet’s, so it is impossible for Blocknet not to know that Binance was in fact a competitor.

Nevertheless, this attitude on the part of Binance could intimidate other projects that wanted to apply for listing on the exchange, also because Binance is now a company active in many fields of the crypto sector, with competitors almost everywhere, and not only in the exchange sector.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.