1 year ago
Binance has responded to the allegations astir misusing its idiosyncratic tokens, saying it was a misunderstanding of what happened.
Uniswap laminitis Hayden Adams pointed retired that Binance delegated 13 cardinal UNI tokens which technically belonged to its users, expanding its voting powerfulness connected the platform.
Yesterday @binance delegated 13M UNI from its books, making it 1 of the largest UNI delegates (this is lone 1.3% of existent delegated UNI truthful governance voting powerfulness remains rather distributed)
Very unsocial situation, arsenic the UNI technically belongs to its users. pic.twitter.com/bwsVb1IwKR
— hayden.eth 
(@haydenzadams) October 19, 2022
Adams added that portion much governance information is good, it is unclear what Binance plans to bash and that its users whitethorn apt similar to support their governance rights.
However, a Binance spokesperson told CryptoSlate that the speech does not ballot with its users’ tokens and that a transportation betwixt wallets had been misunderstood arsenic a delegation of tokens.
“Binance doesn’t ballot with user’s tokens. In this case, determination has been a misunderstanding of what has happened during the transportation of a ample equilibrium of UNI (around 4.6M) betwixt wallets. We’re presently successful discussions to amended the process to forestall further misunderstandings from happening again.”
Binance CEO Changpeng Zhao besides said successful a tweet connected Oct. 20 that the speech wallet has ne'er voted connected a Uniswap governance proposal.
UNI transferred betwixt interior Binance wallets, causing the UNI to beryllium automatically delegated. This is portion of their protocol, not "we intended". Binance don't ballot with user’s tokens. Uniswap misunderstood the situation. Tokens travel to fashionable platforms. #Binance https://t.co/KYPqFx5GrW
— CZ 
Binance (@cz_binance) October 20, 2022
Adams responded that portion Binance mightiness not beryllium voting connected proposals, sending UNI to an code already delegating automatically delegates the tokens. Adams said:
“The transfers conscionable accrued the magnitude delegated – determination was already a binance code that had delegated a smaller amount. Bc of this, I deliberation it is utile to perceive however you deliberation astir cex governance participation.”
Meanwhile, Binance is present 1 of the astir salient voters connected Uniswap, arsenic it has 5.9% of the voting power. Only task superior steadfast Andreessen Horowitz has much voting power, with 6.7%.
The station Binance refutes claims it uses users tokens to vote appeared archetypal connected CryptoSlate.
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