Binance employs scare tactic to claim a domain name
I have a lot of respect for corporate entities that manage to grow their stocks into juggernauts in their respective industries. There's no denying that it requires hard work, dedication and a lot of legal battles.
However, it has to be said that while big corporations may pretend to have an interest in your well-being, it is important to note that in reality, they don't care. In fact, there's only one reason why big corporations exist and that is solely to make money.
In the young and constantly developing crypto space, the biggest figures are CEOs of central exchanges. It is pretty ironic when you think about it because Cexes are basically banks, so the crypto market went full cycle.
What really happened
Yesterday, I encountered a twitter thread from an interesting fellow who was subject to some high-level corporate harassment from Binance. It was pretty fascinating to read because, for a long time, Binance has been posturing itself to seem like "good guys" in the crypto industry.
The story follows a certain individual that goes by the pseudonym "crypto felon" on Twitter arguing that a domain name that he registered far back in 2017 is subject to a lawsuit by Binance.
According to the elaborate Twitter thread that I linked in a previous paragraph, Binance resorted to a scare tactic that involved manipulation of the law, and a cooked-up scenario to force the individual to relinquish the domain name.
The scare tactic employed was a desperate attempt to take the domain off the individual for free after he rejected their offer. At the time, Cryptofelon was contacted on Linkedin to state his price, to which he put started with an opening set price of 420 ETH that Binance through one of the lawyers, attempted to haggle down to 1.4 ETH.
According to the thread, Binance realised that the individual had no interest in selling the domain name at their stipulated price and then proceeded to use scare tactics to force the individual's hand.
The underhanded tactic employed by Binance involved using aspects that are on the periphery of the law, including a cease and desist order claiming some copyright infringement.
According to the Crypto Felon on Twitter, the domain name was actually secured for his bisexual girlfriend. It is meant to be used as something related to a pornsite, but here's the thing though, the domain name hasn't still been used.
Not the first time
In June of 2020, Decrypt reported that an Australian florist was also at the wrong end of the Binance beef. The florist ended up winning the case and still controls the domain name/site.
Binance, represented by Ashurst Australia, had been battling the florist since April 15. Binance's lawyers argued the florist has no claim to the trademark, since Binance registered its trademark on November 21, 2018, a year before the florist registered its domain name on October 27, 2019.
Fortunately for the florist or unfortunately for Binance(it is all about perspective really), Binance lost the case and the domain name still stands. However, you don't go up against a big dog and end up without any scratch.
You can't actually WIN
Right now, if you visit http://binance.com.au/, your metamask extension will tell you that it is a phishing site. In reality, it is actually an online flower shop. So, while Binance did lose the case in the general scheme of things, the online flower shop will be avoided by anyone with a metamask wallet in their system.
As you know, Metamask is quite popular in the crypto space, so there's little to no chance that this company will first of all, ever receive crypto payment for their services and secondly, ever even get views from people that use crypto in general.
So, in essence, Binance has colluded with Metamask to gatekeep crypto and prevent a company from accessing digital assets. Some champions of decentralisation they turned out to be.
Going back to the case with the Crypto Felon, the proverbial jury is still out but what we know for now, based on the thread, at least, is that the "disputed" domain name has been suspended. Hmmm, I wonder who stands to gain if the domain name is permanent suspended?
The fact remains that the rules are different for the bigger fishes in the pond. It doesn't matter how hard you fight them, you will always lose.
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Hah, Metamask doing Binances dirty work for them. Would have expected more.
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binance has been involved in a lot of controversies lately I still believe in the BNB project
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In first paragraph alone.
Stocks
Crypto
Banks
Market
If we on Leofinance dont optimize our content for the search engines, who will.
We seem to be willing to link to outside sources, helping to build those platforms more.
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Never getting fooled by CZ's marketing or Binance's bullshit.
Helen Hai, head of Binance's "charity" division ran sweatshops all over Africa, still does, she's also a WEF puppet.
Chinese businesses have been exploiting and abusing African workforce, society and natural environment for the past 35 years. Do not buy Chinese products. Do not let Chinese Belt-And-Road SLAVERY rape your people anymore.
Is it even possible to avoid Chinese made goods?
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FUCK CHINA. FUCK BELT AND ROAD. entire ccp are murderers.
Fighting the big game wouldn't leave you scratched, Binance be doing the most.
I'm not sure why this is an issue?
Binance are not bastions of decentralisation. They are a registered multinational corporation.
This bloke is squatting on that company's brand name and trying to extort them.
Of course the company is going to play by the rules and take them to court.
This is NOT a crypto issue at all.
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He's not trying to extort them though, he never even contacted them, they contacted him. He's also never used the domain name for anything and hasn't made a single dollar from it, so he's also not milking it or anything.
There's so much he could have done with the domain name but he chose not to.
On top of that, he also intends to use the domain name for some porn related site that has nothing to do with crypto.
In any case, all I'm saying is that Binance always posture themselves as these good guys that care about people. In reality, they're just another cut throat business
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Even if you say you're building a porn site for your Mrs (LOLLLLLL), you can't just squat on registered company's brand names.
Binance is completely in their rights to do what they're doing.
But yes - Fuck both the squatter and Binance.
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