Binance has started its spring cleaning, releasing a new tool on April 23, 2018, allowing traders to exchange dust for Binance tokens (BNB).
What is Dust?
Dust is a colloquial term that refers to the dregs of a trade—the useless leftovers which are below the minimum amount needed to withdraw or swap.
This slight caveat is a significant bugbear for traders, who have long requested a mechanism to turn these leftovers into something more useful. Binance has now finally delivered, unveiling the “Exchange Broom” on both Twitter and Instagram:
On Instagram the team celebrated the release with a cute cartoon Binance man sweeping the floor, captioned with the enigmatic “ANY GUESS❓❓❓”.
On Twitter, the news was cast to the masses by CZ, with the teasing message “I hear the team has built a broom, who wants it?”
I hear the team has built a broom, who wants it?
— CZ (@cz_binance) April 24, 2018
This dust can now be converted to Binances’ native BNB token, which is used to pay trading fees on the platform. Users have long complained that lack of such a feature means a chunk of every user’s assets will necessarily turn to useless dust, just because of fees.
The “Exchange Broom” is currently only working only on the desktop version of the exchange, and the conversion process can only be done once per day.
Could you Win a Magic Broom?
Another sophisticated twitter scam accompanied the Tweet releasing the news—this time promising a “magic broom” to gullible victims. Scammers claimed to be running a promotion to accompany the broom’s launch. Interested parties were invited to invest large amounts of BTC or ETH, with a higher value having a higher chance of bagging the top prize.
This grand prize was purportedly a magic broom, to be given to the individuals who invested the most ETH and BTC.
The scam might be a little different than the others, but is just another spin on the classic “giveaway” formula. Every tweet by a well-known figure in crypto garners immediate attention from scammers using fake accounts to promote fraudulent giveaways, and other get rich quick schemes. The accounts aim to impersonate legitimate accounts to defraud investors.
Bermuda Shorts and ERC20 Audits
In more news on the Binance front, the exchange recently announced the successful audit of their ERC20 tokens. Recently, the security firm PeckShield identified an error with nearly a dozen different ERC20 tokens on the OKEx exchange. The reported error allowed malicious agents to extract large amounts of ETH via the exploit.
As such, Changpeng “CZ” Zhao commissioned QuantStamp to perform a similar audit to determine the safety of his exchange. Fortunately, the report returned positive and “Quantstamp’s automatic and manual audits allowed [Binance] to swiftly audit and secure all presently-listed ERC20 tokens on Binance. We have determined that they are unaffected by the recently-identified vulnerabilities.”
Richard Ma, CEO of Quantstamp, explained the following:
“Quantstamp shares Binance’s safety-first philosophy in protecting their customers and supports the exchange’s ambitions to create the gold standard in security for the mass adoption of digital currencies. In light of the recent vulnerabilities, we are proud to have assisted Binance in its mission to help protect their token holders and the wider Ethereum community.”
Far from security protocols, audits, and potential attack vectors, CZ taught the greater crypto community a few things about culturally-sensitive business. In his most recent visit on April 27, 2018, to Bermuda with the Ministry of Finance and host of other bigwigs, the exchange owner sported the highly formal Bermuda short and tie at the meeting.
Bermuda shorts are like bitcoin, many people still don’t know, or have the wrong perception about it. It is formal and respectable. (honestly though, I didn’t know until this trip, but I am an open minded learner). I now feel a even stronger tie to them.
— CZ (@cz_binance) April 30, 2018
If anything, CZ is undoubtedly offering a global brand for Binance. The firm has not only been establishing a presence in Bermuda but has also looked into moving their base to Malta, an emerging “crypto haven.”