Binance: 90 percent of employees can be paid with their own token

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90 percent of the employees of the Japanese online trading center Binance have decided against a bank transfer. Their salary is paid monthly by Binance Coin (BNB). This has been announced by the CEO Changpeng Zhao to the news portal TechCrunch. Zhao was due to the cooperation with the Liechtenstein Cryptoassets Exchange (LCX) in Europe.

On August 18, editor of the online magazine TechCrunch wrote the to Twitter, the managing director told him that 90 percent of its employees have opted for a withdrawal of their salary with the company’s token BNB. The share of token takers among employees is remarkably high.

Binance points his fingers towards Europe

Last week, the cooperation with the cryptoexchange for professional traders, Liechtenstein Cryptoassets Exchange, was announced. Binance will be responsible for the technical implementation of the new exchange. The rest is to be covered by the operating company from Liechtenstein. It will be possible to exchange the crypto assets in Fiat currencies such as the euro and the Swiss franc. However, this is not possible with Binance. Changpeng Zhao’s company is moving towards the European market with this cooperation.

Background: The Binance Coin (BNB) is the in-house token of the trading platform. It uses Ethereum’s ERC 20 token standard. The company was forced by the Beijing regulation in September 2017 to emigrate with its servers and administration to Japan. Therefore, Liechtenstein seems to be a good location for the planned online trading center, because the government announced in the spring a progressive regulation of cryptocurrencies. In addition, start-ups should be supported by means of their own blockchain legislation.

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Marko Vidrih

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