Topic: Another Boom for the crypto market. - page 2. (Read 383 times)

It is indeed  a good step for cryptocurrency adoption that Poland licensed Binance.  I think this will give boost to the current market and speed up Bitcoin awareness and Bitcoin promotional campaign. 


Indeed this might be a good counter to some FUD that is starting to lurk the internet.


Small steps, small niches, when put in together can make a huge impact.  Besides, it is better to have these small steps than nothing at all.

Binance is an exchange on its own, having it authorized by a country doesn't affect the price of bitcoin or the crypto market generally.

It is a fantastic thing that the Polish government has given Binance full permission to operate there. This demonstrates that the government fully embraces bitcoin.

There are still more nations where Binance is establishing a reputation as one of the most reliable cryptocurrency exchanges, in addition to Poland.

This is why whenever i do hear up with some recognition or positive news then i dont really make myself believe that it would definitely be giving out some positive impact towards market price.
Its not always the case if we do talk about fundamentals because we know that whether it would be affecting or not there's no way for us to find out on what would be its future movement.
This is why whether positive or negative news then it wont really be making myself that much affected, its up to the public on what would be their reactions to it but
it wont be surprising if ever they would really be that significant.

We haven't moved beyond 21k with this news. It's "that" important, great for Polish people who want to use binance, but that's literally as small of a niche as you can find for a good news. How many Polish people who didn't have a method of buying bitcoin, that ended up having a method of buying bitcoin thanks to Binance being available to them? Not many people, not a lot of money to begin with, hence why the price doesn't move.

I have to say that people are overreacting to the smallest good or bad news based on the momentum, if it's going up, the smallest things look like they could be huge, and when it's bad, then smallest bad things could look like the worst thing ever.

Hooray!

Yet with caution, hate to be the wet blanket, but holding these licences won't mean much if regulators don't like what you're doing, and if the lessons of NEXO, Genesis and Gemini over the past year are anything to learn from, it's that these FI licences allow for very specific activities. What got all those three in trouble (litigation ongoing) is that they also provided interest-bearing accounts.

Binance does the same (Savings) and actually a lot, lot more... those licences won't save them if someone anti-crypto sits up and takes notice.

Instead of giving space to a centralized exchange that is legally backed by the government in other words there will be data access to know who owns the largest assets in the country and you hand them all over to a centralized exchange. Well, good news for those who like transparency and don't care about their ownership one day they will get a bigger tax bill than usual before a centralized exchange is given a license to operate.

As a centralized entity on a hardly regulated cryptocurrencies ecosystem, it is expected that Binance as a supposed leading company of exchange will comply in any country that requires extensive requirements of regulations or licenses. Binance should have affirmed with any country' request since they are dealing directly with a government compliant. I believe the recent FTX fiasco will make the cryptocurrency ecosystem getting scrutinised, henceforth, a regulation will be strictly enforced by any countries that deem its urgency.

Nevertheless, this news is just casual crypto news, not a piece of breaking news that sensationalized the market.

It's a win for Binance and isn't really a win for the crypto market, this is just a normal news and won't have a significant impact on the crypto market. I see you're excited, are you a Binance employee?



I don't think that Binance is regulated by the SEC, and one more thing is that the Binance audit was suddenly stopped in 2022, and everything seems to have gone into oblivion. It looks like Fuds is trying to bring down Binance, or there are hidden truths behind it. No one knows. I also followed that news for a while and forgot about it because of other events.

Are you Polish? Because otherwise I can't understand such enthusiasm.


Yes, it is impressive that a thing called the Union, instead of being a unit for many things, is a gluing together of watertight compartments. It's the same with bookmakers, if you have a bookmaker and you want to operate in EU territory, you have to apply and if you are granted a licence you have to pay for a licence in practically every country, instead of just one licence for the whole of the European Union.

This means an excessive multiplication of bureaucracy and fees, in addition to compartmentalising the market, which is certainly not going to put the EU at the forefront of innovation in the crypto world.

They want more things in Poland, so like it or not they also have to comply with the regulatory standards that exist in Poland.
At least there are a number of requirements that must be complied with by users there so as not to cross the boundaries of the regulations that exist there.
At least this makes it possible to actually be profitable because with this the local government could be more literate about Crypto, but on the other hand, several conditions must also be seen whether this will be profitable or not for users there.

Quite impressive. Binance now holds a licence in several countries on various continents. In Europe its seven licences already:

1. Binance France SAS


2. Binance Italy S.R.L


3. Bifinity UAB Lithuania (formerly called Binance UAB)


4. Binance Spain, S.L


5. Binance Cyprus Limited


6. Binance Nordics AB (Sweden)


7. Binance Poland Spółka z Ograniczoną Odpowiedzialnością


Source: https://www.binance.com/en/legal/licenses

In addition, Binance holds further licences in Kazakhstan, Abu Dhabi, Bahrain, Dubai in the Middle East. Additionally in Australia, Japan, New Zealand in the Asia-Pacific region. One licence in Africa, namely South Africa and one licence in North America in Canada. The business with US clients is spun off into a separate company, Binance US.

Honestly impressive, if you ask me. No wonder Binance dominates the crypto market. As a global company, they really are everywhere in the world.

Binance is a centralized exchange, and many people may not like it, but admittedly it is the best performing exchange even during this bear season. In addition to the collapse of exchanges like FTX, even Coinbase and Kraken have just halted operations in Japan because of the bear market. But meanwhile, Binance is recruiting more employees to expand the market. Show that they are a powerful force in the market, but I wouldn't be too fond of Binance getting bigger and bigger, leading to a market monopoly, and they will easily manipulate everything.

I wouldn't be surprised if Binance can become the first centralized exchange accepting every countries or almost countries in this world because Binance already get audited and regulated by SEC. Maybe they only not accept few countries that has a problem with NATO e.g. Russia or private country e.g. North Korea.

I don't think it will cause huge boom, Poland doesn't have huge Bitcoin enthusiasts, so it's just a small good news.

I don't think it will have a significant impact on the crypto market globally, because we already know that Binance is used to complying with regulations in the countries they operate in, for example in my country they are working with one of the local exchanges to allow direct depositing of money from local ATMs to the Binance platform.

The global expansion of Binance is undoubtedly the greatest support for the encryption world, and it is more conducive to the spread of digital currencies. It is a very wise choice for Binance to actively respond to the supervision of governments around the world. This has fully established the status of the world's largest digital currency exchange. What remains to be maintained is that the exchange should not take the initiative to do evil, and not become a tool of capital and politics to ensure the safety of exchange users' funds. This is what I am most concerned about and looking forward to.

Remember in years past when the majority said legalizing and taxing marijuana was the no brainer, common sense, stance on cannabis?

It seems crypto is emerging within a similar precedent where governments of the world seek to legalize and tax it to boost economies and tax revenues. We've seen it with spain and other european nations offering "digital nomad" travel visas which would allow crypto whales to reside in country. Tax cuts and other incentives have been offered by other nations in an effort to attract crypto whales.

Its difficult to say how far crypto has penetrated into public consciousness and the degree to which younger generations might have chosen to embrace it. So called "bitcoin maximalists" appear to be taking flak at the moment on social media platforms. With many not being outspoken as to which direction they lean in.

Poland appears to be the latest to hop on the crypto bandwagon in an effort to boost tax revenues and economic stats. Given current conditions and plans to fund resistance against russia. Nations like poland could currently be scrambling to generate revenues as high as possible. Knowing their defense budgets are defined as a percentage of GDP, incentivizes them to devise methods to boost GDP. To increase funds which can be devoted towards defense purposes. In which case, embracing crypto could become a legitimate means of funding resistance against russian expansionism.

This time it was also not a compulsion but binance's own initiative.
Binance has indeed won many success stories when lobbying for many financial development programs in several countries. As far as they operate the most worldwide, they seem to be the first crypto company to gain the trust of the government. Last time I heard they were working with the government to build an exclusive bitcoin-friendly area called "bitcoin island" (iirc) in a country in southeast asia (I forget which country).

It is a good news (for Binance) but I doubt that this will have any effect on the crypto market. News like this were big maybe 10 years ago but luckily not anymore. Now its just business as usual and CEX doing as much as they can do to suck up to governments to increase their reach (which is understandable).

This step by Binance is good for bitcoin publicly. This authorization to operate in Poland would make more people use the currency in that country. They are not authorizing Binance operations because they love or want to support the crypto Industry. But the government's target is to regulate the crypto space, invade privacy and collect taxes. Regulations negate the sole purpose of bitcoin, but for now, I think exchanges are doing more publicity but in the nearest future they might end up having lesser influence. It would be good if other nations that have ban bitcoin changed their stance and maybe embrace regulations instead of an outright ban.

They don't really have much choice than to comply to government policies to enable them operate in these countries. What is worth doing, is worth doing well. Binance is determined to be the number one crypto exchange in the world and in other to achieve that they have do what is necessary.
I think people of Poland will be confident enough to trade in binance knowing they have followed all due process. And this is another job opportunity for people over there.