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For those unfamiliar with the cryptocurrency space in general, Binance is the world's largest exchange because they are a global platform. They don't need to ca
by px43 5y ago
For those unfamiliar with the cryptocurrency space in general, Binance is the world's largest exchange because they are a global platform. They don't need to cater to western regulations. These regulations aren't cutting Binance out of western markets, they're cutting western citizens out of the largest cryptocurrency market, forcing them to use VPNs and other technologies to bypass the geo blocking.
There are plenty of localized exchanges, like Coinbase, who play well with the regulators in certain geographies. This is not the market that Binance cares to cater to, and that's fine IMO. I'll never use Binance because as a US citizen, I don't feel like my deposits are safe there, mostly because US financial authorities love seizing bank accounts from companies they don't like. This is why the only crypto to USD bridge that I'll use is Coinbase.
I feel like this stance is incredibly detrimental to the future of the economy of the country that I live in, but here we are. Hopefully US regulators (and Canada and UK etc) will realize the long term damage that they're doing before it's too late.