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Should Iran also investigate if Iranian residents trade on Binance? And if they do, why is it Binance responsability to bow to the Iranian government? And if th

by 1996 6y ago

Should Iran also investigate if Iranian residents trade on Binance? And if they do, why is it Binance responsability to bow to the Iranian government? And if they don't bow, why should Binance bow to the US? Conclusion: Team USA: world police.

filoleg 6y ago
>Should Iran also investigate if Iranian residents trade on Binance? It isn't a matter of should. But they definitely could, if Binance operates in Iran, and they suspect Binance is doing something that is against the law there. >And if they do, why is it Binance responsibility to bow to the Iranian government? If they want to conduct business with Iran, then they have to take on that responsibility. If they don't care about conducting business with Iran, they are welcome to not listen to any demands and just walk away. >And if they don't bow, why should Binance bow to the US? If they don't bow, they won't be able to conduct transactions and business with US entities completely, such as banks and payment providers. Whether they should bow or not is up to whether they want to continue that relationship. For context, Binance DOES operate within the US, they just have a separate entity set up for it called Binance US that is fully compliant with US regulations and doesn't allow trading crypto derivatives (only regular crypto coins). Binance (the non-US one that allows derivatives) is self-blocking US users. The allegation is that despite all of that, Binance allowed derivative crypto trades to slip through the cracks in the US. If Binance doesn't comply and is at fault, then they are risking getting their Binance US entity prevented from operating in the US. This has nothing to do with world policing or anything like that. If the business you are conducting in a country doesn't comply with local regulations, you are running a risk of getting investigated and asked to either fix it up (if you were given such a chance depending on circumstances) or get out, as simple as that.
- bluesign 6y ago
  Imagine Apple is investigated by regulators because some US people created UK account and downloaded some app not available in US. This kind of behavior is bad, doesn’t matter which country does it.
  - filoleg 6y ago
    Assuming you are talking about a case where some app is illegal in US, but not in UK, as long as Apple has sufficient safeguards, they should be in the clear. For example, don't you need a valid address in another country to create an app store account there? Or maybe a credit card from that country? If yes, then that sounds like a sufficient safeguard. Not that it really matters, given I haven't heard of any Apple app store apps that are legal in UK but are explicitly illegal in the US. I remember there was a scare like that with TikTok/WhatsApp last year, but it never went through, so there isn't really a real life situation that could've set the precedent for such a thing. I don't doubt that once such a situation occurs, Apple might indeed get looked into by the regulators. Would be an interesting case to observe for sure. Either way, that hypothetical situation is much much less clear-cut than what's happening with Binance right now, though I can definitely see the similarities.
    - bluesign 6y ago
      Yeah the problem here is, US is expecting more than standard controls. Basically from the article, People from US trying more imaginative ways everyday. This shouldn’t be necessary, or maybe LE should go after that people a bit too? I never heard any enforcement to US citizens doing this, but always regulatory pressure. PS: in Apple case, as long as app is free , you can create any account from any country. But regulators would not be able to show teeth there for sure anyway
      - ketamine__ 6y ago
        Or maybe Binance should put some effort (they are a tech company after all) into figuring out if a user is from the US instead of telling its users to use a VPN. I'm actually a BNB holder but the arguments here are silly.
        CryptoPunk 6y ago
        If a US regulatory agency doesn't want its residents to interact with foreign websites, it should block their internet access to websites outside of the country. Other entities outside of the US have no moral obligation to run these checks on behalf of the US government.
- teitoklien 6y ago
  Why aren’t they fining the USERS in usa who break these rules ? Why is it upto the company to make sure us residents can’t bypass the blocks It’s almost like suing a home owner cuz a thief broke into their house, did illegal activity on their computer. Why not sue the thief instead ? It’s ridiculous
anonporridge 6y ago
Inflation of the dollar, which is used as the global reserve currency, is how the US extracts tribute from it's global empire.
- BobbyJo 6y ago
  I think a better way to look at it is: people paying to park wealth in the worlds most stable and transferable currency. Even North Korea likes holding US dollars. We have the most stable, predictable economic environment in the world, and the oldest functioning constitution. Why would we not extract some of the value in that? Another point: Inflation plays a domestic role as well, as it increases the velocity of money.
  - dnautics 6y ago
    > Inflation plays a domestic role as well, It's a fantastic way to steal from the poorest and most vulnerable citizens and blame it on "capitalism".
    - anonporridge 6y ago
      It's definitely fantastic for anyone with employees. If the currency was deflating, you better believe your boss would be doing a downward cost of living adjustment ever single paycheck. As it stands, they can just keep your pay fixed and you are constantly becoming a lesser business cost until they begrudgingly give you a 1-2% annual cost of living adjustment. Basically, it's easier to manipulate individuals into working for less if the number they're getting remains the same or even goes up, but slower than real inflation.
      - dnautics 6y ago
        > Basically, it's easier to manipulate individuals into working for less if the number they're getting remains the same or even goes up, but slower than real inflation. But that's that's not what happens. Wages don't keep up with inflation. https://www.epi.org/productivity-pay-gap/ https://www.epi.org/productivity-pay-gap/

by 1996 6y ago

filoleg 6y ago

>Should Iran also investigate if Iranian residents trade on Binance? It isn't a matter of should. But they definitely could, if Binance operates in Iran, and they suspect Binance is doing something that is against the law there. >And if they do, why is it Binance responsibility to bow to the Iranian government? If they want to conduct business with Iran, then they have to take on that responsibility. If they don't care about conducting business with Iran, they are welcome to not listen to any demands and just walk away. >And if they don't bow, why should Binance bow to the US? If they don't bow, they won't be able to conduct transactions and business with US entities completely, such as banks and payment providers. Whether they should bow or not is up to whether they want to continue that relationship. For context, Binance DOES operate within the US, they just have a separate entity set up for it called Binance US that is fully compliant with US regulations and doesn't allow trading crypto derivatives (only regular crypto coins). Binance (the non-US one that allows derivatives) is self-blocking US users. The allegation is that despite all of that, Binance allowed derivative crypto trades to slip through the cracks in the US. If Binance doesn't comply and is at fault, then they are risking getting their Binance US entity prevented from operating in the US. This has nothing to do with world policing or anything like that. If the business you are conducting in a country doesn't comply with local regulations, you are running a risk of getting investigated and asked to either fix it up (if you were given such a chance depending on circumstances) or get out, as simple as that.

bluesign 6y ago
Imagine Apple is investigated by regulators because some US people created UK account and downloaded some app not available in US. This kind of behavior is bad, doesn’t matter which country does it.
- filoleg 6y ago
  Assuming you are talking about a case where some app is illegal in US, but not in UK, as long as Apple has sufficient safeguards, they should be in the clear. For example, don't you need a valid address in another country to create an app store account there? Or maybe a credit card from that country? If yes, then that sounds like a sufficient safeguard. Not that it really matters, given I haven't heard of any Apple app store apps that are legal in UK but are explicitly illegal in the US. I remember there was a scare like that with TikTok/WhatsApp last year, but it never went through, so there isn't really a real life situation that could've set the precedent for such a thing. I don't doubt that once such a situation occurs, Apple might indeed get looked into by the regulators. Would be an interesting case to observe for sure. Either way, that hypothetical situation is much much less clear-cut than what's happening with Binance right now, though I can definitely see the similarities.
  - bluesign 6y ago
    Yeah the problem here is, US is expecting more than standard controls. Basically from the article, People from US trying more imaginative ways everyday. This shouldn’t be necessary, or maybe LE should go after that people a bit too? I never heard any enforcement to US citizens doing this, but always regulatory pressure. PS: in Apple case, as long as app is free , you can create any account from any country. But regulators would not be able to show teeth there for sure anyway
    - ketamine__ 6y ago
      Or maybe Binance should put some effort (they are a tech company after all) into figuring out if a user is from the US instead of telling its users to use a VPN. I'm actually a BNB holder but the arguments here are silly.
      - CryptoPunk 6y ago
        If a US regulatory agency doesn't want its residents to interact with foreign websites, it should block their internet access to websites outside of the country. Other entities outside of the US have no moral obligation to run these checks on behalf of the US government.
teitoklien 6y ago
Why aren’t they fining the USERS in usa who break these rules ? Why is it upto the company to make sure us residents can’t bypass the blocks It’s almost like suing a home owner cuz a thief broke into their house, did illegal activity on their computer. Why not sue the thief instead ? It’s ridiculous

anonporridge 6y ago

Inflation of the dollar, which is used as the global reserve currency, is how the US extracts tribute from it's global empire.

BobbyJo 6y ago
I think a better way to look at it is: people paying to park wealth in the worlds most stable and transferable currency. Even North Korea likes holding US dollars. We have the most stable, predictable economic environment in the world, and the oldest functioning constitution. Why would we not extract some of the value in that? Another point: Inflation plays a domestic role as well, as it increases the velocity of money.
- dnautics 6y ago
  > Inflation plays a domestic role as well, It's a fantastic way to steal from the poorest and most vulnerable citizens and blame it on "capitalism".
  - anonporridge 6y ago
    It's definitely fantastic for anyone with employees. If the currency was deflating, you better believe your boss would be doing a downward cost of living adjustment ever single paycheck. As it stands, they can just keep your pay fixed and you are constantly becoming a lesser business cost until they begrudgingly give you a 1-2% annual cost of living adjustment. Basically, it's easier to manipulate individuals into working for less if the number they're getting remains the same or even goes up, but slower than real inflation.
    - dnautics 6y ago
      > Basically, it's easier to manipulate individuals into working for less if the number they're getting remains the same or even goes up, but slower than real inflation. But that's that's not what happens. Wages don't keep up with inflation. https://www.epi.org/productivity-pay-gap/ https://www.epi.org/productivity-pay-gap/