Binance System Update Complete

One of the largest cryptocurrency exchange reported that it's back online
09 February 2018   383

One of the most fast growing cryptocurrency exchange, Binance, reported on complitatio of its system update. 

Binance has completed its system upgrade and we expect all trading activity to resume at 10:00 AM (UTC).

In the 60 minutes prior to the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account related functions.

To show our gratitude for your unwavering support throughout the upgrade process, Binance will provide all users with a 70% discount on trading fees (0.03% on all trades, 0.015% with BNB) until 2018/02/24 00:00 AM (UTC).

Binance Team

These news are good for the Binance users, but they report on ongoing issues on the Twitter.

We hope that the Binance team will solve all issues ASAP and their users will be happy.

Sequoia Capital to Sue Binance CEO

The founder of one of the largest crypto exchanges in the world acts as a defendant in the case of violation of the treaty on the granting of exclusive rights
25 April 2018   61

As reported by Bloomberg, against the CEO of Binance Changpeng Zhao, a lawsuit was filed in Hong Kong by the California venture capital company Sequoia Capital.

Referring to the court documents, the publication says that the subject of the proceedings was the discussion of Sequoia's investment in the Binance exchange, which began last August when the trading platform was launched.

As the talks continued, Zhao allegedly stated Sequoia in mid-December, when the cost of bitcoin reached a historic high above $ 20,000, that the proposed $ 80 million for an 11 percent stake in his company did not meet the expectations of shareholders.

At the same time, Zhao negotiated with another potential investor, IDG Capital, who expressed his readiness to invest his funds in the exchange in two stages, giving it a much higher estimate: $ 400 million and $ 1 billion, respectively. Thus, Sequoia accuses Zhao of violating the treaty on the granting of exclusive rights.

Bloomberg notes that, although initially the companies intended to resolve the dispute arbitrarily, Sequoia applied to the High Court of Hong Kong to prevent further negotiations with potential investors from Binance.

The Hong Kong court allegedly ordered Zhao not to negotiate with other investors until a decision on the case was made.