Binance Exchange’s Charity Falling Short of Transparency Goals

Mahanton

hero member

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Merit: 632

Quote from: hugeblack on July 29, 2019, 09:41:43 AM

There are a lot of articles about money laundering by this charity.
For example, what drives Justin Sun (A man who paid 2 million dollars for a dinner) to donate, the purpose is always to manipulate the price in order to raise the price of TRON and then benefit from the impact of positive news.
The same manipulation happened with Crypto.com Chain Shitcoin.

Overall I have seen some photos posted for charity donations and I hope they are honest about them.

Honest or not but at least we do see some picture that they did really such charity donations.We cant be sure if its tagged with some sort of marketing or just purely donate without any motives.

hugeblack

legendary

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There are a lot of articles about money laundering by this charity.
For example, what drives Justin Sun (A man who paid 2 million dollars for a dinner) to donate, the purpose is always to manipulate the price in order to raise the price of TRON and then benefit from the impact of positive news.
The same manipulation happened with Crypto.com Chain Shitcoin.

Overall I have seen some photos posted for charity donations and I hope they are honest about them.

buwaytress

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Merit: 3724

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@dothebeats yeah beats me too. I'm actually familiar with traditional non profits, but totally removed from corporate charity... CSR and all that. It is possible, my guess, is that they pick an organisation that best knows how to optimise their tax relief.

If they were truly interested in getting bang for buck then yeah, they have quite a lot to pick from. But crypto is crypto and they need something in return for the business. A straight out donation to the Red Cross, for example, probably doesn't get them enough back patting.

Like you said though, can't knock charity money. Good for them.

dothebeats

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Those are donations that should have gone to charity, but then again I wonder: why would people give their donations through a private entity instead of forwarding said donation towards real non-profit organizations or make a coordination to wherever they are planning to send the money to? No offense to them, what they're doing is truly remarkable given that most exchanges are not that open when it comes to helping other humanitarian causes but shouldn't people who donated expect that something like this could happen? But then again:

Quote from: BCF Spokesperson. CoinDesk article

“The Binance part ($10 million) is a commitment … other [donations] are set aside. But since we don’t have that many projects yet, they will come when needed.”

It's good if they really are planning to use the funds in increments to help other people in need, or if the need arises. I just can't understand the logic, still, so pardon me.

erricducducan26

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