Binance Twitter and THAT Emoji!
On April 20, 2022, Binance, a leading cryptocurrency exchange, launched a Twitter emoji that it later deleted due to its resemblance to the swastika. The swastika is a symbol associated with Nazism.
The emoji was an image of a golden square with four Ls for arms. Its resemblance to a swastika was clear as day to many Twitter users.
One tweeted: "The new Binance emoji is a literal swastika” Another tweeted that on a scale of one to 10, they'd give it a "Nein….".
Other Twitter users also pointed out that the date the emoji launched coincided with Adolf Hilter’s birthday.
After the public outcry, Binance deleted the emoji. So did the CEO, Changpeng Zhao, who also had it up on his Twitter page. The exchange then tweeted: “Well, that was obviously really embarrassing.
“We’re not sure how that emoji got through several layers of review without anyone noticing, but we immediately flagged the issue, pulled it down, and the new emoji design is being rolled out as we speak."
Binance created its controversial emoji using Twitter’s branded hashtag feature. Through the feature, companies can design their own custom emojis and include them in hashtags to promote their business. The emojis are also known as hashflags.
Hashflags are images that appear after a tweeted #hashtag. They are embedded on Twitter and enabled for specific occasions or events. Twitter hashflags disappear after a limited time has lapsed, leaving the hashtag. Branded hashflags can cost a company a million dollars.
Binance Twitter Woes
Binance is the world's largest cryptocurrency exchange by trading volume. It is accessible in many countries across the globe, supports more than 500 different cryptocurrencies, and features low fees. It is also feature-rich.
As good as Binance may be, the exchange is not short of problems. The Twitter emoji issue is only one of those. The crypto exchange is reportedly under investigation in the US for helping in Bitcoin transactions worth around $716 million in 2019 associated with criminal activities.
Several countries have in the past banned Binance. In 2021, the UK’s financial regulator, the FCA (Financial Conduct Authority), banned Binance from operating in the UK. In the US, citizens cannot use Binance to buy or trade crypto. Instead, they have access to Binance US, which is quite limited compared to the internationally available Binance. The exchange is also not regulated in many countries.
Binance's Twitter emoji problem was easily solvable. Many people continue to wonder if the emoji was an intentional move by the company or something that was an innocent mistake. The emoji is no longer in use, but the damage has already been done for some people.
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Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.