Binance terminate some services in South Africa

livingfree

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Quote from: Dragonfund on October 11, 2021, 03:37:43 PM

Quote from: livingfree on October 11, 2021, 03:04:05 PM

Binance will just act what's necessary for them if there's a country that's too tight on their regulation about their operations.

That's why it's not only happening in South Africa but as well as other countries that they have to cut their ties but they have a solution for it as they make their website more accessible following the tight regulation of a country for their users there.

If I'm binance, I wouldn't hesitate to stop operating in a country that are too hard to cooperate, I mean regulation is a good thing for both the exchange, it customers and the country but when the country decides to feast on the exchange because they believe its generating revenue for them, that's a parasitic relationship instead been a symbiosis relationship.

I would have said they should create a decentralized exchange for everyone but that would give them another nightmare and focus demanding.

Yeah.

That's what they're thinking if they don't care to the crypto users on that country that's hard to cooperate with their business. But they do care that much since they're expanding globally.

And every country that they can cooperate is very important to them and hard to let go.

Hydrogen

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I feel like this is simply another page in the long history of platforms like thepiratebay attempting to avoid regulation by hosting servers in neutral locations. At one point thepiratebay planned torrent servers be hosted in airborne drones flying over international waters to avoid regulation and law enforcement. Then we have TOR and darknet market places like silk road, alphabay, etc.

Its possible in the future, africans will host their own cryptocurrency exchanges using TOR. Or perhaps even with servers hosted in drones flying over international waters. Like they say necessity is the mother of all invention and history repeats itself.

If africans are someday spamming Elon Musk's social media asking him to host a bitcoin exchange in space, the moon or mars for them, I won't be surprised.

Dragonfund

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Quote from: livingfree on October 11, 2021, 03:04:05 PM

Binance will just act what's necessary for them if there's a country that's too tight on their regulation about their operations.

That's why it's not only happening in South Africa but as well as other countries that they have to cut their ties but they have a solution for it as they make their website more accessible following the tight regulation of a country for their users there.

If I'm binance, I wouldn't hesitate to stop operating in a country that are too hard to cooperate, I mean regulation is a good thing for both the exchange, it customers and the country but when the country decides to feast on the exchange because they believe its generating revenue for them, that's a parasitic relationship instead been a symbiosis relationship.

I would have said they should create a decentralized exchange for everyone but that would give them another nightmare and focus demanding.

livingfree

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Binance will just act what's necessary for them if there's a country that's too tight on their regulation about their operations.

That's why it's not only happening in South Africa but as well as other countries that they have to cut their ties but they have a solution for it as they make their website more accessible following the tight regulation of a country for their users there.

Husires

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If the regulators start to focus on you, they will find manipulation what happens in legal firms that fear their reputation.
The situation will certainly be worse in a decentralized system that is not subject to supervision.

Binance has taken many steps to win the trust of regulators and began verifying the identity and may exchange information with them
most of these cases will end with paying fines and obligating the platform to cooperate.
all records of previous transfers will be in the hands of governments.

It will not only be South Africa but all the regulators that have high bitcoin trading.

fiulpro

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Quote from: Nathrixxx on October 10, 2021, 05:48:05 PM

The authority of the South African conduct financial authority has taken a further actions in pursuit to put oandn hold ongoing activities of binance and new account cannot be created for it new users due to restriction placed to pause some of it activities due to lack of compliance to being regulated not to provide advisory financial service as it is believed to be running some underground insider manipulations in its trading activities.

Am not coming for the first time toward threads that talks about Binance secret agender on having manipulations discrepancy within its system of operations, is it possible to be true despite all the fame and reputation it has in place and wouldn't the pause in offering some services to South Africans affect the rate of it patronage and many crypto transactions held in Ransom?
Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator

Well I do think right now since the price of Bitcoin is climbing to the top, I do feel it would have been perfect for them to get involved with more people, especially in south America, the country might be moving towards a really friendly crypto economy.

I cannot pin point any reason they could be doing this but they have to check their rules and regulations again and let people know they are not just crypto friendly, but the are supporting them as well here.

But then again, this might be a good opportunity for some other company to take over, binance has been in the race for a long time but I do feel right now they need either better, stronger, safer systems in place of someone else needs to take over.

Hopefully things gets resolved and people have other options as well, because right now we are in a trading heaven.

TheNineClub

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Could it be possible that Binance is doing something more on the sketchy side? Sure. Could it be possible that the SA government is feeling cut from all the crypto businesses and they want their cut? I would say that's also a possibility. I wouldn't put any corporation, and that includes Binance, to high esteem, but neither would I do the same for any government. So if I'd have to bet my money on it, I'd say there is shenanigans on both sides.

stompix

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Blackjack.fun

March 2022, Binance cut services Moon and Mars citizens after previously terminating all sewage mutants accounts.

With the speed on how are leaving jurisdiction after jurisdiction and cutting clients, I wonder what will be left in a few months, probably Vatican, Liberland and Bartovia.

Quote from: Nathrixxx on October 10, 2021, 05:48:05 PM

Am not coming for the first time toward threads that talks about Binance secret agender on having manipulations discrepancy within its system of operations, is it possible to be true despite all the fame and reputation it has in place

Reputation for what?
When it comes to the law its reputation is below zero, other than not being hacked yet there is nothing.
Fleeing country after country, lying every time about licenses, manipulating numbers and volumes, their only reputation is that they haven't yet openly scammed anyone, that's all.

Similificator

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I have been using binance for a couple of years already and I can say that there should really be some manipulation happening in the back scenes. I won't talk much about all the speculations I have and have heard, but I'll just mention the two red dots on the 1st of October and on the 8th. I was using VMC and it was there that I saw the two red dots that were present on the ends of the two bearish divs and you will be able to see there that someone has been placing huge efforts to maintain the price when it should've dumped already. "Miracle pumps" that were present also shows there. You will also see that there is no "other side of the trades" when you compare it with the other days on the month of September.

Also, even the US has no futures so we can just put into consideration that services allowed in binance depends solely on the country in which the person is currently residing.

tyz

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This is a development that I have been expecting for a while at Binance. Binance has only been able to grow so big because it is completely unregulated and because it has always been able to relocate its headquarters to avoid the scrutiny of investigating authorities. Three days ago I read on Cointelegraph that they now want to finally move to Ireland [1]. Many other major crypto exchanges are now more or less fully regulated. The exception is still Binance. But the noose is tightening.

[1] https://cointelegraph.com/news/globetrotting-binance-looks-to-ireland-for-centralized-headquarters

cheezcarls

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Looking for gigs

It seems that more and more countries are now restricting Binance users due to regulatory and compliance issues especially KYCs and withdrawal limits. It all started with UK, US, Australia, Ontario in Canada, Japan (warning), Singapore and now South Africa. I don’t know which countries would be next in line to restrict or terminate Binance, but I’m just glad that the Philippines have stepped up their regulations instead of outright ban.

NeuroticFish

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Quote from: Nathrixxx on October 10, 2021, 05:48:05 PM

Am not coming for the first time toward threads that talks about Binance secret agender on having manipulations discrepancy within its system of operations, is it possible to be true despite all the fame and reputation it has in place and wouldn't the pause in offering some services to South Africans affect the rate of it patronage and many crypto transactions held in Ransom?

I think that the only hidden agenda for Binance was earning more money. They were most attractive for users because the lack of KYC for pretty high amounts at withdrawal (2 BTC/day, pretty much enough even for some medium rollers). Of course, this helped tax evasion, of course this meant that governments didn't have full knowledge about how much money everybody has - whether the reasons are good or not - and this made Binance get more and more enemies.

They've played the cat and mouse game for some years, but now they are heading towards getting regulated. They've opened HQ in Ireland, they started reducing the withdrawal amounts without KYC, hiring people to help getting towards a regulated exchange and so on.
I think that all this will take some time and meanwhile some more countries force them stop their operations, at least for a while.

But I don't think that this is much related to ransomware...

Nathrixxx

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The authority of the South African conduct financial authority has taken a further actions in pursuit to put oandn hold ongoing activities of binance and new account cannot be created for it new users due to restriction placed to pause some of it activities due to lack of compliance to being regulated not to provide advisory financial service as it is believed to be running some underground insider manipulations in its trading activities.

Am not coming for the first time toward threads that talks about Binance secret agender on having manipulations discrepancy within its system of operations, is it possible to be true despite all the fame and reputation it has in place and wouldn't the pause in offering some services to South Africans affect the rate of it patronage and many crypto transactions held in Ransom?
Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator

Topic: Binance terminate some services in South Africa (Read 107 times)