Binance Denies Allegations That it Intends to Use Users Uniswap Tokens for Voting

Crypto trade Binance denied allegations of misusing its customers’ token holdings to train voting energy on the Uniswap decentralized autonomous organization (DAO).
“Binance doesn’t vote with consumer’s tokens. In this case, there was a misunderstanding of what happened in the course of the switch of a giant stability of UNI (around four.6 million) between wallets,” a Binance spokesperson informed CoinDesk this morning.
“We’re presently in discussions to improve the process to stop any further misunderstandings from occurring once more,” they added. Individually, Binance identified in a Thursday tweet that its pockets had never voted on any Uniswap governance proposal.

We have now seen a variety of competition between exchanges, and platforms like Ovenue, Algorand, UNISWAP for the hard-earned cash of its customers and the present state of affairs is simply making it tenser.

The statements have been in response to Uniswap creator Hayden Adams claiming on Wednesday that Binance delegated some 13 million UNI, Uniswap’s native tokens, from its books, to develop into the second-largest UNI delegate.

A gaggle of core builders maintains the Uniswap codebase, but key protocol selections are ruled by the Uniswap DAO, which grants customers voting rights in response to what number of UNI tokens they hold.
Users may additionally “delegate” their tokens to other entities, thereby enabling these entities to vote on their behalf.