It is all in the world of cryptocurrencies to make some mistakes as people learn and the field continues to grow in stature, value and adoption across the globe. Such was a mistake made during the weekend by one of cryptocurrencies’ most influential personalities, Chengpeng Zhao, popularly known as CZ Binance, the CEO of Binance cryptocurrency exchange. In a tweet on Sunday, CZ Binance “blacklisted” one of the brightest blockchains today, XinFin (XDCE) for a post that claimed the coin will soon be listed on Binance. The CEO however later realized the grave mistake he had made and had to issue an apology, which rose tension amongst different members of the crypto community.
The unfolding of CZ Binance and XDCE brawl
Official communication from XinFin
An official Twitter post from XinFin Development team announced a talk between the co-founder of XinFin Fin Tech PTE, Ritesh Kakkad and CZ Binance during the Delta Summit 2018 held earlier in the week.
The photo seen above showing the two together were followed with the quote,
“@riteshkakkad, co-founder, @XinfinF had a talk with @cz_binance, the CEO of #1 #exchange, @binance at the @Delta_Summit 2018. They discussed about the #license & #banking problems faced by #exchanges, future way out for those problems.” – @XinFinF on their Twitter page.
Wapinter, pump and Dump scheme on XDCE tokens
The picture was quickly taken by one Bounty Manager, Wapinter, (not affiliated with XinFin) who further forwarded the picture with the caption, “XDCE will soon be listed on Binance. Get ready for huge pump”, to the cryptocurrency’s Telegram page.
However, a screenshot leaked and pushed through to the Binance CEO who found no amusement in the post at all. In the tweet shown above, CZ claimed the action an unacceptable and put a blacklist on XDCE saying “you won’t be seeing this coin on Binance.” How wrong can someone of CZ status be?
CZ Binance apologizes for his wrong comments on XDCE
Such a huge statement from one of the largest cryptocurrency exchanges bosses comes with a traction of opinions too. As some followed the CEO in banning XDCE, some found the action totally unbearable especially holders of the coin who saw the move as a total failure of due diligence on the post and over concentration of powers on centralized exchanges. A Twitter user complained saying,
“This is why we need DEX – no one man or woman should have the power to sway the market, or any given token like CZ/Binance possesses! A simple mistake from Binance and the world thinks it’s a ‘scam coin’.” – @ripcurldog replies to CZ Binance apology.
CZ Binance had not carried out due diligence on the post to see it did not come from the official XinFin team, who have remained professional in their dealings since their advent earlier in the year. The rush post to discredit XDCE token was followed by an apology by Binance’s top man later.
However, with the damage already done on XinFin’s reputation, the CEO of Binance could do more to recover the trust of investors according to other community members of XinFin.
The XinFin development team came out strongly discrediting the earlier post of CZ Binance saying,
“May we remind all @XinfinF has never supported hype & have built real world #usecases for #global #trade #finance. We’ve always coordinated with #regulators & #institutions.” – @XinFinF Twitter page.
The external developments have not affected the price of XDCE which currently trades at $0.001465 USD, representing a 6.38% increase in the last 24 hours. The coin is ranked 469th on the Coinmarketcap listings with a total market capitalization of $5,583,968 USD.