Scam or Misunderstand? Binance condemn a Korean Crypto-exchange

A Korean crypto-exchange which has claimed to have had cooperation with Binance, is confirmed to be false news as of today.

Changpeng Zhao (also known as CZ), Founder and CEO of Binance, one of the world’s largest digital currency exchanges, tweeted this Friday saying that Binance did not and will not establish any cooperation with Chain Partners/Daybit and warned investors to be aware of the scams.

Daybit is a Korea-based crypto-exchange which is still under preparation, and according to several local investors, the exchange claimed to have had a partnership with Binance and has let out several online articles pertaining to this partnership under “Chain Partners X Binance”.

“This issue was actually very big in Korea because a lot of people invested in a token called Pibble, and since most of them believe the coin would soon be listed on Daybits exchange, numerous investers wanted to invest in the coin because they believed in Binance’s partnership.” One of the sources told BABI Finance.

According to Coinmarketcap’s exchanges ranking, Binance, has topped the charts since the end of 2017, with over $2 billion in trading volumes over the last 24 hours.

However, the CEO at Chain Partners (Owner of Daybit project) Charles Pyo argued that both parties discussed the partnership positively but due to regulation concerns, the cooperation was cancelled.

“At the time talks with a partnership with Binance was very positive, however with the Korean government regulations and also Korean citizens using Korean currency for exchanges became an issue, we were unable to have successful talks with Binance.” Pyo wrote in a statement after CZ’s twitter.

Pyo also argued that it is an inappropriate expression in the past led to a misunderstanding that Daybit and Binance were partners.
He apologized for this.

However, this is different from another source’s claim.

“We thought that Daybit and Binance were partnered so we were very excited and waited for Daybits opening for a long time.” One of the investors told BABI Finance, he is very angry and prepares to sue Daybit.

For further clarification, BABI Finance approached He Yi, Co-founder of Binance, who stated that she never heard of the name of Daybit at all until this week, they may be just one of the many companies that want to cooperate with Binance, and that Binance never considered establishing any partnerships in a country which it is not quite familiar with：

“There are lots of Korean companies trying to establish a partnership with us, however we are still unfamiliar with the Korean market, so we would like to make such decisions after further research. Currently, Binance has no official partner in Korea.”

Apparently, it was not Korea’s regulatory issues for Binance to be unable to cooperate with Daybit, but from He Yi’s statement, the crypto-giant never wants to have a partnership with Chain Partners ever.

On a side note, Daybit did not have conversations with Binance.

BABI Finance will keep following such events that involve a significant amount of money from the public and will expose the truth with the most reliable sources to all.