The decentralized exchange of Binance, Binance DEX, has been a target for criticism over being centralized than Ethereum (ETH) as the co-founder of the cryptocurrency Vitalik Buterin claims. In a recent Twitter discussion, the person behind ETH triggered a wave of argument over decentralization in the crypto industry, making some bold claims.
Buterin claims that Binance DEX should be criticized for centralization and not Ethereum (ETH). The entire discussion sparked after he retweeted a promotional video by the multi-currency digital asset and derivatives exchange BTSE on December 21. Even though the video has nothing to do with Binance DEX or questions surrounding Ethereum’s decentralization, he spurred the crypto community and was featured in the ETH news by tweeting:
“The part I think is silly is criticizing ethereum for being centralized and enabling ICOs and then turning around and promoting using a centralized token on top of a permissioned consortium chain that is doing an ICO.”
In the tweet, Vitalik reportedly addressed the Magical Crypto Friends who did the promotional video for BTSE platform, according to the global marketing director at BTSE Lina Seiche. The fact that Buterin claims that Magical Crypto Friends criticized Ethereum for being centralized and enabling ICOs, this “could not be further from the truth” according to Seiche.
The real criticism as Seiche argued, lies in “claiming Ethereum is decentralized when it clearly isn’t.” As she elaborated:
“Their criticism of Ethereum is, to a large degree, rooted in false advertising and the misleading of people building on and investing in Ethereum.”
After Seiche mentioned Binance in the thread, Buterin jumped and was in the Binance news for turning the spotlight to Binance DEX. As Buterin claims, Binance claims to be a DEX in its very name but is “hardly decentralized.”
“Seems like a way better target than ethereum, which merely has a few governance values that some BTC people don’t like,” he continued.
As we all know, Binance DEX has been characterized as not really decentralized. As such, the popular crypto personality Whale Panda tweeted in February 2019 and said that the decentralized exchange is “as much a DEX as JPM coin is a cryptocurrency.”
Meanwhile, Buterin is known for his positive stance on decentralization and the intolerance for centralized cryptocurrency exchanges.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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