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Great, Binance was fundamentally not built to service US citizens. Coinbase and maybe Gemini are basically the only ones who have gone through the legal hurdles
by px43 3y ago
Great, Binance was fundamentally not built to service US citizens. Coinbase and maybe Gemini are basically the only ones who have gone through the legal hurdles to actually service US citizens. The intended market for Binance, and exchanges like it, is the other 95% of the human population without US citizenship, and that's fine.
Kind of a bummer that US regulations make it incompatible with the financial infrastructure that the rest of the world is moving towards, but that's just the world we live in. We (the US) have enjoyed a certain level of economic dominance in the world, and aren't excited to give that up, but at some point the unsustainability of our financial infrastructure will catch up with us.
Edit: Quick example. In the US, there is an adversarial relationship between commodities regulators, and securities regulators. They frequently fight for territory, which spills over onto us, in the form of contradictory lawsuits and regulatory uncertainty. No other country in the world is set up like this.
- ericjmorey 3y agoWhat makes you think that the world is moving towards cryptocurrencies in any significant way?
- ElectricalUnion 3y agoThis logic sounds strange to me. When I hear about a government being "protective", I associate that with "The Brussels Effect" and EU, not with Washington. Let's take a bad analogy in food additives; Brussels will often ban things they science points but don't have confirmation yet if they're really dangerous. Washington will often only ban things once they unequivocally confirm that is a very serious short-term poison. On a side note, you can't use Binance from (most?) of the EU either.
- floren 3y agoSo you're saying this is good for Bitcoin?
- carstenhag 3y agoBinance "voluntarily" retracted the license application in Germany: https://www.btc-echo.de/schlagzeilen/binance-kryptoboerse-zieht-lizenzantrag-in-deutschland-zurueck-168426/ https://www.btc-echo.de/schlagzeilen/binance-kryptoboerse-zi... Binance retracts license application in Austria: https://de.beincrypto.com/binance-rueckzug-aus-oesterreich-droht-das-europa-aus/ https://de.beincrypto.com/binance-rueckzug-aus-oesterreich-d... Binance has been unable to get a license in the Netherlands: https://twitter.com/binance/status/1669628787267624961 https://twitter.com/binance/status/1669628787267624961 Binance to discontinue services for UK customers https://www.binance.com/en/feed/post/1374447 https://www.binance.com/en/feed/post/1374447 No, it's not the world moving towards crypto except for the US. Binance just doesn't comply (enough) in many countries apparently. Maybe it's a very shady company? Who knows.
- next_xibalba 3y agoDon’t forget, Binance is banned in China. That’s another 18% of the world’s population.
- deleted 3y ago[deleted]
- px43 3y agoIn the past 24 hours, Binance has still had nearly 7x the volume of their nearest competitor. They don't need to operate in markets that show any hostility towards them. That has always been their strategy, and it's served them well. They are by far the largest exchange. Having to hire whole teams of overpriced lawyers to babysit each high maintenance market would just slow them down. I'm a US citizen, so I don't really care what happens with Binance, but they started being openly hostile to US users maybe 6 or so years ago, for obvious reasons. They don't care, and they don't need to care. The weird part to me IMO is how aggressively some US citizens have still tried to use Binance, which means creating fake identity documents, using VPNs, and risking their account getting locked if they make any mistakes.