Binance is arguably one of the largest crypto exchanges in the world. It has millions of users due to its reliability and popularity. A recent post on Twitter, however, raises doubts about the transparency of this company. In response to this tweet, Data Finnovation conducted an analysis of Binance chains. The results are catastrophic!
Binance Chains Not Working As They Should, Says Data Finnovation
This is not the first time that Binance has been singled out for its lack of transparency. On December 7, the crypto platform released proof of its reserves. Unfortunately, it is not unanimous within the crypto community. Several finance experts have even issued alerts. According to them, the report was useless as it did not include liabilities.
December 16, the tweet of a whistleblower on Binance’s BNB Beacon chain called out Data Finnovation. His question: how can a wallet hold 22 million BNB without a deposit record? To answer this, this financial services provider analyzed Binance chains. Verdict: Things don’t work as they should on Binance Chains.
“It’s a mess,” he tweeted. To support its assertions, Data Finnovation has obviously provided public evidence that it considers “solid”. On his tweet thread, this data provider presents for example details about Binance Transaction Hash. One another twitter thread explains the existence of two chains: a geth fork and a cosmos fork with integrated DEX. And these are just examples!
But who is Data Finnovation?
Data Finnovation is a Singapore-based data provider. More concretely, it provides modern financial information to which are added very in-depth market analyses. At the same time, Data Finnovation wants to be a supplier of traditional data. The latter are based on traditional architectures designed for humans and not for computers.
Data Finnovation has made it its mission to facilitate automation and decision-making for its customers. To do this, it provides them with high-quality data as well as deep learning tools.
Until it comes up with “truly tangible” evidence, it will be difficult to take Data Finnovation’s words seriously. Admittedly, it is a company specializing in fundamental data, but that is not enough to convince the community. In the meantime, Binance might respond to this tweet. To be continued…
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