Cryptofelon explained his accusation in detail in a post on Twitter on July 15, 2022, in which he said that Min Lin, Executive Director of Binance Global Partnerships, contacted him on November 16, 2021, about a Canadian domain name.
He replied: "I am willing to sell at 30.0BTC or 420.0ETH." Binance executives felt that the price was "unreasonable" and proposed $6,500. However, the two parties failed to reach a consensus, as the seller stated that he would not get less than $25 in BTC at the time, and anything worth more than $1.8 million in BTC was exchanged.
Cryptofelon claimed that Binance had abruptly stopped offering prices, threatened legal action, and accused him of violating the organization's trademark rights. Binance also sued Cryptofelon for using the Binance Excess Profit name, which Cryptofelon strongly denies.
Cryptofelon argued that he registered a disputed domain name long before Binance acquired its trademark rights. He also claimed to have purchased a domain name for a project he planned to build.
Domain name registration is a common practice in the hope that someone or company in the future will be willing to acquire them for a good salary. Techcrunch published a 2010 report on how Facebook paid its former owner as much as $8.5 million to acquire Fb.com.
Cryptofelon In April 2022, he described how he bought a domain name for $16, and then sold it to a centralized exchange for nearly $500,000.
Currently, Binance, the Canadian court is dissenting from this case, the domain name holder of binance.ca has been instructed by the court to suspend access to it by the domain name holder Cryptofelon.
