Binance Clarifies Stance on TST Memecoin: Not Our Logo, Not Our Control

Binance founder and former CEO Changpeng 'CZ' Zhao has clarified the company's stance on TST, a newly emerged memecoin within the BNB Chain ecosystem. In a recent post on X, CZ informed the community that the TST memecoin now has a functional website and X account, but emphasized that neither was created by the BNB Chain team nor is the protocol or staff from the crypto exchange involved in its control.

CZ stated that the TST memecoin is likely under the control of someone within the community, but he does not know the identity of this person. He raised concerns about the unauthorized use of the Binance logo on the TST memecoin, describing it as an infringement that needs to be addressed. CZ reassured his 9.5 million followers that, like other memecoins, he has never bought and does not own any TST tokens, and advised them to protect themselves and be responsible for their actions.

As the memecoin phenomenon gains traction, many industry proponents believe these tokens are here to stay. The BNB Chain and Binance ecosystems have been trying to keep up with the competition, with the TST token quickly gaining popularity after a tutorial conducted by the BNB Chain. Its market valuation jumped to $35 million within 4 hours and has since surged over 22,000%, crossing $100 million at its peak.

The Solana ecosystem remains the primary hub for memecoins, and it remains to be seen what impact TST will have on activating the memecoin ecosystem around the BNB Chain. Meanwhile, asset managers are exploring more ambitious products for these volatile digital currencies. Tuttle Capital Management has filed for a leveraged Dogecoin ETF product with the US Securities and Exchange Commission (SEC), while Rex-Osprey is pushing for different memecoin ETF products featuring BONK and TRUMP, among others. Although the prospects of approval for these ETF products remain low, they signal the growing maturity of the asset class.