Binance Updates Whitepaper to Avoid Complications Associated with the Term, “Securities”

    Recently, Binance has supposedly made updates to their original whitepaper that was first released in 2017 reports The Block Crypto. An image of the way words has been removed and replaced has also been provided by the aforementioned news outlet, and it can be seen right below:

    Figure 1: The image on the left (with the red highlight) is the original whitepaper and the image on the right are the changes made to the original. This shows how the two differ in words, but not so much in goals and how things are done at Binance.


    Source 1: The Block Crypto

    The Block Crypto supposedly spoke to the CEO of Binance, Changpeng Zhao, who noted that said changes were made mostly to ensure that investors had a clear understanding as to how things are done at Binance, especially when it comes to the burning of BNB tokens.

    Zhao also noted that, the “profit language” had to be removed because of the fact that said profits may be associated with securities, which is something the team at Binance wants to “distance BNB from,” adding that in the future they, “plan to describe the burn this way and burn what we burn.”

    This does not change the fact that BNB burned amounts equalling roughly 20% of the profits, as seen on the left picture in Figure 1. Interestingly, another source believes that this move was done to ensure that problems do not arise when it comes to regulatory frameworks.

    According to the CEO of CoinRoutes, Dave Weisberger, a firm’s need to make such changes has been described as being “sad” because this implies that firms have to make the effort to “avoid the securities designation or to avoid the U.S.”

    He also added that it would be ideal for regulators to work in such a way that protects investors and provides a framework for crypto firms specifically, as opposed to trying to push the securities framework.

    Interestingly, it has been noted that simply changing terms on the whitepaper will not suffice. A lawyer at The Block Crypto, Stephen Palley has been quoted saying the following,

    “Changing the language […] does not necessarily have an impact on a regulator’s analysis of whether or not something is a security.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    44% Think Bitcoin's in a Bull Market & Alt-Season Will Occur in 2020: Kraken Survey

    In the currently unstable environment where industries are laying off, cryptocurrency exchange Kraken is on a hiring spree as it moves ahead to expand...

    Bitmain Releases Antminer E3 Firmware Update to Keep It Mining ETH Till October

    Mining hardware firm, Bitmain, set to extend the durability of its once “most powerful Ethash miner” from April to October 2020. The mining firm...

    Tether Prints over a Billion USDT in March, Rising Demand or Exchange Run?

    We are about to end March, a month that saw the price of bitcoin hitting $3,850 and ready to end the quarter with over...

    Bitcoin Beating Gold But What will Hold its Value Better in Five Years?

    The price of bitcoin is currently trading in the green by 2.34% as it trades around $6,450. Although down 11.89% YTD and about 34%...

    Lightning Labs New LSAT Protocol Promises To Do Away With Usernames And Passwords

    A statement from Lightning Labs CTO, Olaoluwa Osuntokun, revealed the specs of the Lightning Service Authentication Tokens (LSAT) which is expected to act as...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.