@Abiky. Also, if CZ and Binance evade much of these regulations and to continue what they have been doing, it would also imply that the laws the regulators use have become limited in managing the cryptospace.
I shake my head because it was Bittrex that wanted to be regulatory compliant and they delisted much of the ICOs in the exchange on 2017. This caused Binance to become the exchange for maybe more than 80% of the market for ICO coins and tokens. However, what did it bring Bittrex for following the rules? Presently other exchanges are learning from CZ hehehe.
I shake my head because it was Bittrex that wanted to be regulatory compliant and they delisted much of the ICOs in the exchange on 2017. This caused Binance to become the exchange for maybe more than 80% of the market for ICO coins and tokens. However, what did it bring Bittrex for following the rules? Presently other exchanges are learning from CZ hehehe.
Regulations are there to protect investors against malpractices from crypto exchange companies. But too much regulations, will cause a mass exodus by said companies to other countries that are much more flexible. The US is trying to do the right thing by eliminating as much illegal activity as possible on the crypto industry. It's just that it's doing everything the wrong way. Congress needs to devise a proper regulatory framework to bring clarity to the crypto industry in the region. The first step would be to remove SEC chairman Gary Gensler from office. That would provide a sign of relief among crypto exchanges and investors alike.
I was surprised to have read about Bittrex leaving the US when it was always striving to comply with regulations. Maybe there's something else behind that made Bittrex take such a decision? Now Coinbase threatened to leave the US, so things will get interesting in the following months. Let's hope there's "light at the end of the tunnel" for the crypto industry to thrive within the US. Just my opinion
Protecting investors is only the reason being used to impose regulations and maybe in the beginning it might have been the real reason, however, the real rulers of any country who back politicians and put them in their positions in government are being used to create regulations to control different types of industries and maintain their dominance. This is why many people think regulators end in doing too much. The government does not work for you, it works for the real rulers.
Also, do you know who gives their banks a bailout during a crisis? It is you the tax payer hehehehe.
