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Indian cryptocurrency exchange WazirX recently provided additional clarity regarding its relationship with the worlds leading crypto exchange, Binance. In a blog post, WazirX disclosed that Binance controls the WRX token, shedding light on the initial exchange offering (IEO) and the subsequent management of the token. This revelation has raised concerns, particularly as Binance has failed to conduct quarterly burns for the past five quarters. In this article, we delve deeper into the details of WazirXs ties with Binance, the concerns raised, and the potential implications for the WRX token and its users.

WazirX confirmed that Binance conducted the WRX token IEO, retaining all the proceeds from the sale, which amounted to nearly $2 million. Currently, Binance holds a significant amount of WRX tokens, with a total of 580.78 million locked and unlocked tokens. Of the unlocked WRX tokens, Binance transferred 116.8 million (11.68% of the total supply) to a treasury account on binance.com through multiple transactions. Notably, WazirX clarified that their team did not receive any token allocations from Binance, further emphasizing the control that Binance maintains over the WRX token.

WazirX highlighted Binances responsibility for conducting quarterly burns of WRX tokens. However, the exchange revealed that Binance has failed to carry out the token burns for the past five quarters, starting from January 2022. The most recent burn event, covering the period of October to December 2021, took place on March 9th, 2022, when approximately $6 million worth of WRX tokens were burned. The absence of subsequent burns has raised concerns about the commitment of Binance to the project and its impact on the WRX tokens value.

The lack of transparency regarding the management of WRX tokens has left WazirX users in the dark for an extended period. Although the news of Binances control over WRX tokens did not cause a significant immediate impact on the tokens price, there are potential implications for both WazirX and WRX token holders.

For WazirX, this revelation adds fuel to an ongoing feud with Binance over the ownership of the exchange. Previously, Binance ceased providing wallet services to WazirX and requested the Indian crypto exchange to withdraw its assets from Binance wallets. The failure of Binance to conduct quarterly burns for an extended period might indicate a lack of commitment to the project, potentially raising concerns about the future relationship between the two exchanges.

For WRX token holders, the lack of regular token burns raises questions about the scarcity and value of the token. Token burns are typically intended to reduce the tokens supply, thereby potentially increasing its value. However, the absence of regular burns can impact market sentiment, as investors may perceive a lack of commitment from Binance, affecting the long-term prospects and stability of the WRX token.

The recent disclosure by WazirX regarding Binances control over the WRX token has shed light on the initial exchange offering conducted by Binance and subsequent token management. The revelation that Binance has failed to conduct quarterly burns for the past five quarters raises concerns about the commitment and future direction of the WRX token. This lack of transparency and potential abandonment of the project by Binance has implications for both WazirX and WRX token holders.

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WazirX Reveals Ties with Binance and Raises Concerns Over WRX ... - Cryptopolitan

Apple has imposed additional limits on the use of third-party AI technologies, such as ChatGPTGood morning tech fam, here are some quick tech updates for you to catch on to!

Whats New Today: Oracle Holds a Layoff Strike in 2023, Laying Off Over 3,000 Employees.

Fast-Track Insights: Westpac prohibits transactions to Binance, the worlds largest cryptocurrency exchange.

The Wall Street Journal, citing a document and sources, reported on Thursday that Apple Inc. has restricted the use of ChatGPT and other external artificial intelligence tools by its employees as Apple develops similar technology. According to the report, Apple has advised its employees not to use Microsoft-owned GitHubs Copilot, which automates the writing of software code. Apple is also concerned about the leak of confidential data by employees who use the AI programs. The creator of ChatGPT, OpenAI, announced the launch of an incognito mode for the platform last month. This mode does not save users conversation histories and does not use them to improve ChatGPTs artificial intelligence.

In light of concerns regarding a recession, Oracle layoffs in 2023 are also imminent. Updates indicate that cloud giant Oracle has reportedly laid off over 3,000 employees at its recently acquired Cerner business. Employees at Cerner, an electronic healthcare records company, have been primarily affected by Oracle layoffs, according to an Insider report. The report mentioned that Oracle halted raises and promotions and resorted to these massive layoffs based on accounts from current and former employees.

Startups confront picture verification in the era of AI; Googles lower-tech features, with industry backing, might have a huge influence on identifyingfake AI pictures. Googleis introducing two newAI picturesearch capabilities toIdentify fake AI picturesand combat the spread of disinformation, particularly now that artificial intelligence techniques have made the fabrication of lifelike fakes cheap. The first new feature from Alphabet Inc. is called About this image, and it provides more data such as when an image or similar ones were originally indexed by Google, where they first appeared, and where else theyve appeared online. Read More

Westpac has prohibited clients from moving assets to the worlds biggest digital money trade Binance, in a move pointed toward lessening misfortunes from tricks. The Australian large four banks said on Thursday it was obstructing various digital money trades as a component of a preliminary after its information showed venture tricks represented about a portion of all trick misfortunes, and 33% of all trick installments were moved straightforwardly to digital money trades. Although Binance was not mentioned by the bank, it is believed that the exchange was subject to the ban. According to Scott Collary, group executive for customer services and technology at Westpac, the move could help recover millions of dollars from scams.

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Top Tech News Today: Apple Bans Employee Use of OpenAI's ... - Analytics Insight

Following the crypto winter, Binance has emerged as a mainstay of the crypto industry. While competitors such as FTX collapsed owing to poor fund management Binance benefited from its prudent practices and focus on consumer protection.

The company is the largest crypto exchange by all metrics, processing over US$6 billion in daily trades at present this is almost double that of its next closest competitor. It accounts for over half of the exchange market share, and is one of the few crypto companies to have continued hiring through the market crash.

Beyond this, Binance has helped bail out crypto companies affected by the winter, pledging US$2 billion in financial support last November. The company shoulders an immense responsibility today, with any shortcomings security flaws, liquidity crises sure to spell disaster for the wider industry.

Alex Chehade, Binances General Manager (GM) for the Middle East (MENA), is confident that the industry is in safe hands and Binance wont be responsible for a crypto winter such as the one at present. We are very conservative we were the first to come out with proof of reserves.

As is becoming common among crypto exchanges today, proof of reserves confirm the manner in which a company holds its customers assets. For example, Binance holds all user assets 1:1 and maintains additional reserves.

This provides assurance that users can withdraw their funds at any given time, says Chehade, adding that theres very little scope for failure in that manner.

Regulations have been a hot topic since the crypto winter and rightfully so. For the industry to mature, theres a strong need for policymakers to step in and ensure that consumers are well-protected from bad actors.

For companies as well, regulations help establish clear boundaries within which they can operate. Although Binance CEO, Changpeng Zhao, takes pride in his company being headquarter-less, it still needs regional hubs which provide regulatory clarity.

In December 2021, Binance withdrew its application to be licensed in Singapore and struck a deal to work with Dubais regulators on policies. Since then, the Emirate seems to have become a preferred home for the company.

Dubai gave Binance an opportunity to put down a footprint here in the [UAE]. From the top down, the government has made statements and made a real push to enable the Web3 economy in the region. Theyve put out legislation for crypto licences and financial institutions earlier than the rest of the world. Thats what spurred the action in this region.

For Binance, it was crucial to see a trajectory and long-term plan for the future of crypto. Dubai provided clarity in its regulations enough to convince Binance to set up shop and house over 600 employees in the city.

The company has since acquired an MVP licence from Dubais Virtual Asset Regulatory Authority (VARA), which allows it to offer its services to qualified retail and institutional investors.

Weve worked with [VARA] to build regulations and now they have the FMP full market participant program which we hope to [become a part of] later in the year, Chehade says. This will allow Binance to open its platform up to mass retail customers in Dubai as well.

To avoid a repeat of the crypto winter, Chehade believes its up to the regulators to ensure businesses are secure, transparent, and compliant.

What the UAE has done well is that theyve given very clear guidance and regulations, and theres no ambiguity around the authority that is licensing the company.

Today, VARA in Dubai is the only independent body dedicated solely to the regulation of virtual assets and having such a set-up helps avoid grey areas in policymaking. We need a consolidated view on the industry and its products, says Chehade.

In other jurisdictions, its common for a number of different regulatory bodies to deal with crypto activities, which can result in needless complexity. Thats the grey area that needs to be addressed, he adds, laying down his hopes for the near future.

That said, there are positive signs that change is on its way. With the collapses, regulators have reinvestigated their understanding about how [crypto] players work. It has spurred more conversations and were coming out of the winter in a much stronger fashion. Theres been a lot more deliberation and conversation between regulators and industry players.

Although Chehade admits that the Middle East has taken a front foot globally as a result of which, Binance has been concentrated in Dubai the company is still committed to working with the Monetary Authority of Singapore (MAS) on a possible return to the city-state.

When Binance initially withdrew its licence application, there was a lack of clarity on the future of crypto in Singapore. However, the past year has led to some key developments.

As the MAS has produced and released more information about their regulations, weve engaged with them more. We need to work closely with the regulators and it needs to be clear and distinct.

Most recently, [the MAS] published proposals enhancing consumer protections, and we were involved in correspondence.

Following the FTX collapse, Binances CEO published six principles emphasising user protection which he believes are essential for all centralised exchanges. With this being a key part of Binances philosophy, Chehade says that they are glad to engage with MAS on the matter.

As it stands, Binance is actively pursuing a licence in Singapore via its custodial arm, Ceffu. Were working forward to establish an institutionally focused custodian in Singapore, Chehade says.

Featured Image Credit: Binance / Gulf Insider

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Binance GM talks about the crypto exchanges return to Spore as it works with local regulators - Vulcan Post

The world of cryptocurrency is once again buzzing with excitement as the trend of meme coins Floki Inu continues to soar to new heights. Despite the inherent risks, many daring investors are willing to jump in for the tantalizing potential rewards.

Now, in a bold move, Binance the largest cryptocurrency exchange on the planet has thrown its hat into the meme coin ring by adding not one, but two of the hottest new tokens to its innovation zone: Pepe (PEPE) and Floki Inu (FLOKI). This has left many wondering if Big Eyes Coin (BIG) will be next.

Cat-themed sensation Big Eyes Coin (BIG) is on fire. This meme coin has posted some seriously impressive presale numbers that have left its competitors green with envy. With a whopping $35 million in sales, Big Eyes Coins presale has made history in the crypto world.

And the good news keeps on coming there are still just under thirty days left, and the presale is set to end with a bang. By offering an impressive 300% bonus on BIG tokens when using the promo code END300

Pepe Coin (PEPE) runs on Ethereums network and has taken the financial world by storm, all thanks to its origin story: the iconic Pepe, the Frog meme that rocked the internet in the early 2000s. Riding on the coattails of other meme currencies like Dogecoin and Shiba Inu, Pepe Coins native token, PEPE, boasts an in-built deflationary mechanism, keeping its token supply limited and preventing pesky price fluctuations.

Investors and traders cant seem to get enough of this cultural phenomenon, as Pepe Coin recently witnessed a jaw-dropping price surge that has caught the attention of the masses. Get ready to hop aboard the Pepe Coin train and join the wave of excitement around this meme-based currency.

Floki Inu has landed on the American branch of Binance, and its causing quite a commotion. Within just 24 hours of its listing, Floki saw a jaw-dropping 55% spike in value, leaving its market cap at a whopping $410 million a number not seen since February 2022.

With Big Eyes Coins irresistible offers and fantastic presale results, its no wonder this meme coin is the talk of the crypto town. Get ready to join the Big Eyes Coin hype train and dont miss out on this historic opportunity.

Presale: https://buy1.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Twitter: https://twitter.com/BigEyesCoin

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Binance Listing Welcomes Floki Inu And PEPE: Could Big Eyes ... - The Coin Republic

When investing your hard-earned money into anything, its always important to have the reassurance that your money and assets are safe from danger, be it bad actors trying to take advantage of loopholes or faulty technology that could wipe things away in a second. With that in mind, well be taking a look at two of the biggest cryptos on the market, comparing the work theyve done to ensure their networks are secure. Also, how an exciting new meme coin, DogeMiyagi (MIYAGI), is also doing its part!

In one corner, we have Binance Coin (BNB), the mighty creation of the Binance exchange, the biggest crypto exchange in the world. In the other corner, we have Cardano, the brainchild of Ethereum Co-Founder Charles Hoskinson.

Both Binance Coin and Cardano have separate and yet, at the same time, similar approaches to developing a secure network. The Binance Smart Chain (BSC), a blockchain that combines the greatest aspects of speed and security, is the platform on which BNB runs. BSC utilises a proof-of-stake or PoS consensus mechanism, which enhances transaction speed and creates a strong security framework, all while reducing energy consumption.

Cardano, on the other hand, takes a different route to security supremacy. Its blockchain operates on a different kind of PoS known as Ouroboros. Only reliable members can validate transactions and secure the network thanks to this novel approach. It works like a complex voting system where only the most trustworthy people are allowed to vote, preventing any malicious individuals from causing trouble!

But does any of that help find out who claims the title of the most secure network? Both options make it too hard to choose a definitive one, honestly. Both Cardano and Binance Coin have shown a steadfast dedication to hardening their networks against potential threats. To protect user funds and data, they have constructed robust security infrastructures, utilising cutting-edge technologies and qualified people.

There is something much easier to come to a conclusion about, though! That is how DogeMiyagi factors into all of this!

This newcomer has clearly taken a lot of inspiration from the likes of Binance Coin and Cardano, which can be seen in the security precautions it has made before even launching, all with its future investors in mind. DogeMiyagi is an Ethereum-based meme coin that fuses the rock-solid reliability and widespread popularity of blockchain technology with the infectious charm of meme coins.

Say goodbye to the days when meme coins were dismissed as mere jokes, for DogeMiyagi is here to shatter expectations and redefine their value. Get ready to witness the birth of a stable and practical alternative that challenges the status quo. It remains immune to the chaotic waves of market volatility, so you can rest easy once youve bought in, knowing that your funds are safe from the rollercoaster ride of unpredictable price swings.

DogeMiyagi also embraces transparency with open arms, providing its community with a clear view of its operations and developments. No hidden agendas or shady manoeuvres here. Its like having a crystal-clear window into the inner workings of DogeMiyagi, where everything is laid out for everyone to see.

It seems that investors really believe this also, as DogeMiyagi is already driven by a passionate community of supporters. This vibrant community fuels the coins growth, spreading the word and standing shoulder to shoulder on this epic journey. Its like being part of a tight-knit family, where everyone has each others backs and shares the excitement of whats to come.

For More On DogeMiyagi:

Website: https://dogemiyagi.com/

Twitter: https://twitter.com/_Dogemiyagi_

Telegram: https://t.me/dogemiyagi

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How Top Altcoins Binance Coin and Cardano Compare For Security ... - Cryptopolitan