Binance has reportedly closed its Shanghai office, where over 100 staff, including senior management, were employed, following a raid by Chinese law enforcement, according to sources cited by The Block.
Binance Denies Office Raid
Binance has moved to deny reports of the raid after CEO and Founder Changpeng Zhao tweeted just yesterday that offices are an outdated and antiquated concept. However, Chinese authorities recently issued a notice to the public directing individuals to report businesses engaged in virtual asset trading to the country’s central bank, the People’s Bank of China, which is also headquartered in Shanghai. …
Since launching in January, Sideshift.ai has become a well known cryptocurrency application that allows people to swap 20+ cryptocurrencies in an automated manner. When Sideshift first launched, users needed an access code to use the service, but on November 20 the team removed access codes and the platform’s affiliate program has fully activated.
For almost a year now, Sideshift.ai has offered an automated cryptocurrency swapping service that allows people to trade specific digital assets at a rapid pace. Users leveraging the Sideshift platform can swap coins like BCH, BTC, BNB, DASH, DOGE, SAI, SPICE, USDT, USDH, XMR, L-BCH, L-BTC, and LTC. The platform was launched by software engineer Andreas Brekken when he was helping develop Drivechain extension applications with Paul Sztorc. Brekken is also the chief executive officer of the review site Shitcoin.com and the infamous coder who once held the most BTC ($220,000) on the Lightning Network last year. Since then, Sideshift has grown mature and offers a variety of decentralized assets and stablecoins. When Sideshift first launched, an access code was required to use the service and could be acquired in a number of ways. But now anyone can use Sideshift without needing an access code and the platform’s affiliate program is now open to the public.
“The Sideshift AI Affiliate Program is fully activated. Earn a cut of fees when a user visits your referral link — Access granted,” Sideshift tweeted on Wednesday.
Unfortunately, not everyone can use Sideshift as the platform is restricted in the U.S., North Korea (DPRK), Iran, Belarus, Iraq, Yemen, Zimbabwe, and 12 more countries. In order to bolster the Sideshift AI Affiliate Program, the team has created a token called SAI which helps pay for affiliate rewards. Essentially there are 210 million SAI and Sideshift explains that no more coins will be minted. An interesting fact about SAI is the token is stored using Ethereum’s ERC20 standard, the Simple Ledger Protocol, and Blockstream’s Liquid sidechain at the same time. SAI can be traded on the Sideshift network but the tokens are also listed on the cryptocurrency exchange Coinex. “The goal of Sideshift AI is to increase the usefulness of SAI token when interacting with Sideshift AI services as well as external vendors,” the Sideshift website details.
Automated Rapid Swaps and Memes
Besides paying rewards in SAI, the organization wants to incentivize Sideshift traders as well with SAI. The team will also use the tokens for rebates and paying Sideshift employees, contractors, service providers, and partners. Sideshift’s shift history shows a list of all the swaps that take place on the platform. However, with privacy coins like monero (XMR), users “will not be able to view shifts on any block explorer with privacy coins,” the website highlights. Sideshift’s platform also works with the Lightning Network (LN), and with BTC and LN support on Sideshift, users “can shift to any coin in less than 5 seconds.” The Sideshift developers say that the LN integrated Sideshift node helps with research, increased connectivity, feedback, and the overall expansion of LN. For now, Sideshift recommends users who want to leverage the LN features use wallets like Eclair, Bluewallet, and Wallet of Satoshi.
For some time now Sideshift has also been supported by the Bitcoin.com Wallet, a noncustodial lite client that just recently surpassed 5 million wallets created. Bitcoin.com Wallet users can swap BTC for BCH or vice versa using the Sideshift platform within the wallet interface. Last August, Sideshift was also on the hunt for a “Meme Lord/Specialist” with the ability to produce “spectacular memes.” Sideshift’s Meme Lord job application on Indeed.com said: “Sideshift requires 6+ months of meme experience and a strong interest in cryptocurrencies and crypto culture.” Sideshift’s recent announcement in regard to dropping the access code was welcomed on crypto Reddit forums and one user was quite surprised the swapping service even existed. “Wait is Sideshift like what Shapeshift used to be? Can anyone vouch for the legitimacy of this service?” one Redditor asked. “It’s legit,” another user replied. “They have been in a semi-closed beta till now.”
What do you think about the Sideshift.ai platform? What’s your favorite cryptocurrency swapping service? Let us know what you think about this subject in the comments section below.
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