See More

Binance Launches Invite-Only Messenger App to Poor Reviews So Far

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Binance rolls out its new Messenger app to a limited user base ahead of other Web3 announcements at its Blockchain Week starting tomorrow.
  • Messenger is built on CyberConnect, a Web3 social media platform that allows app developers to use account abstraction for social identity.
  • Last year, Binance rolled out an exclusive social app that linked its main customers with their key account managers and some Binance staff.
  • promo

Binance launched an invite-only Web3 social media app on the iOS store to poor reviews. Despite some initial excitement about its release, the exchange’s CEO, Changpeng Zhao (CZ), clarified its limited use case.

CZ said the app would mainly be used for internal communications and is unrelated to what Binance will announce at its Blockchain Week starting Wednesday. The app uses infrastructure developed by CyberConnect to allow the limited user base to network and collaborate.

Binance Web3 App Launches on iOS

The Binance messenger app will initially be available to iOS users and later to Android phones. On the iOS store, the app has one star from one rating so far.

Binance Messenger review. Web3
Binance Messenger review | Source: iOS App Store

CyberConnect is one of the largest Web3 social media platforms that allows users to build applications using account abstraction methods. Account abstraction uses smart contracts to enhance a user’s decentralized Web3 identity, which developers can then incorporate into applications that allow interactions between users.

Read more: Is Account Abstraction Secure? A Guide to Mitigating Risk

Binance’s Blockchain Week, set to take place in Istanbul from Nov. 8 – Nov. 9, is focused on the future of Web3 technologies. Over 2,000 Web3 enthusiasts from around the world will be attending the exchange’s flagship event.

Read more: A Beginner’s One-Stop-Shop for Web3 Project Ideas

The conference location, Istanbul, has a large crypto following. By hosting the event there, Binance could boost trading volumes stung by recent lawsuits and regional exits.

App May Target Key Stakeholders

Binance’s new app may be used to woo large investors and partners with exclusive services. Last year, the exchange rolled out a platform to enable VIP users to interact with key account managers and other Binance employees. 

According to a lawsuit filed by the US Commodity Futures Trading Commission, Binance allegedly allowed big US market-makers to access its over-the-counter derivatives trading desk, against US laws. The lawsuit has not yet been settled, which could mean the exchange is still doing business with these companies.

Despite a decline in overall trading volumes, Binance still accounts for most of the direct-to-customer derivatives trading, according to CCData’s September report.

Do you have something to say about the Binance Web3 app or anything else? Please write to us or join the discussion on our Telegram channel. You can also catch us on TikTokFacebook, or X (Twitter).

Top crypto projects in the US | May 2024



In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...