Yeah, this influence of Chinese authorities... with such politics they will lose the most promising businesses and huge revenues to the state treasury with it.
I hope, the favorable attitude of the European Union and its member states won't change. A lot of new startups and digital banks trying to solve the problem of crypto-fiat convertibility where launched there complying with the local regulations. It's an important issue nowadays that needs a solution in order to allow us to feel and experience the whole value of our crypto-assets.
Topic: Binance issue - page 2. (Read 251 times)
I think you shouldn't worry about the issues Binance has at the time. I'll tell you more, such issues usually are created in order to manipulate crypto-market and force people, who take all of this speculative news too seriously, panic and make mistakes.
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So, stop worrying and start thinking on how to earn some profit from this situation. For example, you could buy some BNB yesterday and make a nice profit today.
I agree with you on many points. I think that Hong Kong is under strong pressure of central Chinese authorities that want to crack down all crypto trade both in China and Hong Kong (as the Special administrative region). Good sign is that Binance and Malta authorities have already hinted that the deal is almost complete. It is a good development of situation. I'm glad that Binance does active preventive steps to mitigate exisitng risks. Also I hope that EU and Eurozone will not pressure cryto trading in future that can hinder Malta activities in that sphere. ...
So, stop worrying and start thinking on how to earn some profit from this situation. For example, you could buy some BNB yesterday and make a nice profit today.
BNB is on my radar for a long time already
Malta invited Binance to operate in their country. This should put the Binance FUD and rumors to rest. There is always going to be a country who is going to be crypto friendly. No one rejects money they can earn through taxation. And with the exchange volume Binance has it wont have a problem finding a country to operate in.
I think you shouldn't worry about the issues Binance has at the time. I'll tell you more, such issues usually are created in order to manipulate crypto-market and force people, who take all of this speculative news too seriously, panic and make mistakes.
First of all, Binance's CEO has already decided to open a new office in Malta and its Prime-Minister welcomed his decision. To change jurisdiction for a business entity nowadays is not that difficult. Especially for Binance. As we know, Malta tries to become a "trailblazer" in the regulation of blockchain-based businesses. For that reason, the local government even launched the Malta Digital Innovation Authority in order to provide legal clarity for companies developing Blockchain technologies, cryptocurrencies, and ICOs. I think this country has a very favorable environment for companies like Binance.
Secondly, Binance is a huge "whale" of crypto-world. And its reputation means for its founders more than anything. That is why they won't allow Binance's clients to suffer from their temporary issues. Even if the authorities of their current residence will impose a fine on them, they will pay it, and just change their residence.
So, stay calm and don't worry about these political and business "games". It is nothing but just that. Everybody knew about Binance's business activities before and about its success but nobody told nothing until now. It means that Binance's activity didn't contradict the local legislation. And now the local authorities found something...accidentally...out of nowhere... It looks suspicious, doesn't it? And guess what do they do? They just send a warning. As a lawyer must tell you that all of this means nothing. They don't file a lawsuit in court or just shut down Binance's offices confiscating its software and servers. Warnings are sent in cases when the legislation enacted some new provisions and while not every business entity is still complying with the new regulations, authorities send these warnings to force them to align with these regulations. And it's just the ground for these two parties to start the dialogue. Only if Binance's leaders refuse to comply with the new requirements, they can become a subject to punishment and responsibility. But as we know, Binance is not refusing to do this and is currently holding negotiations with local regulative bodies.
So, stop worrying and start thinking on how to earn some profit from this situation. For example, you could buy some BNB yesterday and make a nice profit today.
First of all, Binance's CEO has already decided to open a new office in Malta and its Prime-Minister welcomed his decision. To change jurisdiction for a business entity nowadays is not that difficult. Especially for Binance. As we know, Malta tries to become a "trailblazer" in the regulation of blockchain-based businesses. For that reason, the local government even launched the Malta Digital Innovation Authority in order to provide legal clarity for companies developing Blockchain technologies, cryptocurrencies, and ICOs. I think this country has a very favorable environment for companies like Binance.
Secondly, Binance is a huge "whale" of crypto-world. And its reputation means for its founders more than anything. That is why they won't allow Binance's clients to suffer from their temporary issues. Even if the authorities of their current residence will impose a fine on them, they will pay it, and just change their residence.
So, stay calm and don't worry about these political and business "games". It is nothing but just that. Everybody knew about Binance's business activities before and about its success but nobody told nothing until now. It means that Binance's activity didn't contradict the local legislation. And now the local authorities found something...accidentally...out of nowhere... It looks suspicious, doesn't it? And guess what do they do? They just send a warning. As a lawyer must tell you that all of this means nothing. They don't file a lawsuit in court or just shut down Binance's offices confiscating its software and servers. Warnings are sent in cases when the legislation enacted some new provisions and while not every business entity is still complying with the new regulations, authorities send these warnings to force them to align with these regulations. And it's just the ground for these two parties to start the dialogue. Only if Binance's leaders refuse to comply with the new requirements, they can become a subject to punishment and responsibility. But as we know, Binance is not refusing to do this and is currently holding negotiations with local regulative bodies.
So, stop worrying and start thinking on how to earn some profit from this situation. For example, you could buy some BNB yesterday and make a nice profit today.
This is a well detailed story line but is there a link to this perspective you just shared here? Although I read about the move to Malta on Bloomberg:. https://www.bloomberg.com/news/articles/2018-03-23/the-world-s-biggest-cryptocurrency-exchange-is-moving-to-malta?srnd=cryptocurriences
It would really be sad to have Binance suffer any crackdown. It's the darling exchange of many now.
It would really be sad to have Binance suffer any crackdown. It's the darling exchange of many now.
Recent Binance & Japan FUD caused me a certain concern because I actively use that exchange and, in general, I like Binance. It is true Japan FCA has no authority to officially close or to impose sanctions against the exchange that is at least formally registered in Hong Kong that is not Japan jurisdiction.
But the problem is that Binance as the centralized exchange really has some serious troubles with its legal place of registration and faces with strengthening of operation risks in Hong Kong. Problems were primarily caused by the well-known official warning of Hong Kong Securities and Futures Commission (or SFC) on Feb 9, 2018. There is a high probability of an additional strong pressure of Hong Kong authorities that are intended not to allow local exchanges to trade cryptocurrencies which are «securities» without a licence. The SFC has already said that they may take further actions against cryptocurrency exchanges which disregard the provisions of corresponding laws and those which are repeat offenders.
I think it made the exchange to seek for other countries to operate in and to register in, though there are very few countries with favorable legal basis for crypto-exchange activity.
The recent situation with Japan FSA warning makes me think that as a result of growing SFC pressure Binance tried to fulfill preventive steps and began unlicensed operations in Japan with further intention to change jurisdiction from Hong Kong to Japan and get FSA licence after all. As we see the attempt was unsuccessful.
The intention of Binance to mitigate its Hong Kong jurisdiction's risks is also proven firstly by urgent plans to launch a decentralized exchange and secondly by yesterday’s interview of Zhao Changpeng to Bloomberg where he alleged that Binance negotiates with Malta authorities to open office there and establish fiat-to-crypto exchange.
There is a pessimistic scenario that Hong Kong authorities can initiate crypto-exchange crackdown and strict sanctions before Binance succeeds with Malta (or Binance deal with Malta can fail) and with a launch of decentralized exchange.
Thus, I think Binance should clarify the whole situation in detail to mitigate possible risks for investors and traders who can lose their money if Binance faces strict measures and sanctions of Hong Kong SFC and loses its permanent base there.
As for me I’m interested in information that firstly clarifies the state and preliminary results of negotiations between Binance and Hong Kong SFC; secondly, clarifies reasons for Binance attempt to establish its office in Malta; thirdly, clarifies where there is a permanent base of Binance now (still in Hong Kong?).
But the problem is that Binance as the centralized exchange really has some serious troubles with its legal place of registration and faces with strengthening of operation risks in Hong Kong. Problems were primarily caused by the well-known official warning of Hong Kong Securities and Futures Commission (or SFC) on Feb 9, 2018. There is a high probability of an additional strong pressure of Hong Kong authorities that are intended not to allow local exchanges to trade cryptocurrencies which are «securities» without a licence. The SFC has already said that they may take further actions against cryptocurrency exchanges which disregard the provisions of corresponding laws and those which are repeat offenders.
I think it made the exchange to seek for other countries to operate in and to register in, though there are very few countries with favorable legal basis for crypto-exchange activity.
The recent situation with Japan FSA warning makes me think that as a result of growing SFC pressure Binance tried to fulfill preventive steps and began unlicensed operations in Japan with further intention to change jurisdiction from Hong Kong to Japan and get FSA licence after all. As we see the attempt was unsuccessful.
The intention of Binance to mitigate its Hong Kong jurisdiction's risks is also proven firstly by urgent plans to launch a decentralized exchange and secondly by yesterday’s interview of Zhao Changpeng to Bloomberg where he alleged that Binance negotiates with Malta authorities to open office there and establish fiat-to-crypto exchange.
There is a pessimistic scenario that Hong Kong authorities can initiate crypto-exchange crackdown and strict sanctions before Binance succeeds with Malta (or Binance deal with Malta can fail) and with a launch of decentralized exchange.
Thus, I think Binance should clarify the whole situation in detail to mitigate possible risks for investors and traders who can lose their money if Binance faces strict measures and sanctions of Hong Kong SFC and loses its permanent base there.
As for me I’m interested in information that firstly clarifies the state and preliminary results of negotiations between Binance and Hong Kong SFC; secondly, clarifies reasons for Binance attempt to establish its office in Malta; thirdly, clarifies where there is a permanent base of Binance now (still in Hong Kong?).
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