Uniswap Court Ruling Positive For Future Of DeFi: Binance CEO

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Uniswap Court Ruling Positive For Future Of DeFi: Binance CEO
  • Binance CEO Changpeng Zhao called court judgment in favor of Uniswap “positive.”
  • Zhao noted that regulators in Japan, Dubai, And Hong Kong are becoming more accepting of crypto.
  • He denied rumors of Binance dumping BTC to support the native token BNB.

During a Twitter live on September 1, Binance CEO Changpeng Zhao went live on Twitter to discuss multiple topics ranging from Uniswap’s recent judgment case to the US regulator’s lack of clarity in regulations.

In April 2022, trader Nessa Risley filed a lawsuit against the exchange’s developers and investors for violating security laws. However, yesterday the Southern District of New York Judge Katherine Polk Failla ruled that investors and developers of Uniswap cannot be held responsible under federal securities laws for the fraudulent tokens that caused financial harm to a trader.

Zhao labeled the decision as “very positive,” citing that regulators have become more progressive when it comes to accepting crypto, in countries like Dubai, Japan, and Hong Kong. Moreover, he noted that DeFi in the future will be almost ten times the size of CeFi.

According to Bloomberg, Binance plans to introduce 100 tokens to the platform, representing roughly three times the number of tokens that are currently available on the exchange. In his announcement, Binance Japan’s General Manager,  Tsuyoshi Chino highlighted the leading exchange’s eagerness to work proactively towards Japan’s first inaugural project.

A week ago, investors and traders Mike Alfred and Peter Brandt accused Binance of selling Bitcoin holdings inclusive of customers’ assets to support BNB. The drop in BNB prices has been attributed to the recent lawsuits filed against Binance by the United States CFTC and SEC

However, Zhao shared that the headline is FUD and denied being a counterparty of users. He also noted that the US regulators are allowed access to all of Binance US’ data while acknowledging that their regulation in the absence of clarity is merely enforcement. At the time of writing, BNB is trading at $214.70 as per CoinMarketCap.