Topic: Countries agains Binance Ex. surges and also founder hits $8.42billion in 72hrs (Read 145 times)

Losing Nigeria and Philippines population in a space of les than a month is going to hurt them really bad and this is not the end some other countries are beginning to raise concerns too. Seems like a lot of duvious activities are going on there.

One of the Binance executives detained in Nigeria escaped from detention - another negative News

It is true that it will not be profitable and will have a negative impact on large and well-known companies like Binance if negative issues continue to be raised by the media.

They should be aware of this by taking action that doesn't leave a gap for the media to expose negative incidents like those mentioned by the OP even though I said they would be even more on top with reporting like that.
As CZ's replacement in this position, he must be aware that this will not make the company he currently holds rise to the top.

The countries aren't against Binance, but they are against all those platforms that doesn't follow their rules and regulations. I have been trading on Binance for many years and to be honest, I have never found anything wrong about it. So, I guess if Binance wants to operate successfully in those countries then it has to follow their rules and regulations.

Each country has its own rules and regulations, and their own way of licensing and whenever a platform doesn't follows those rules and regulations and the licensing criteria then they get either banned or backlisted in that country. Out of those countries US has been known as one of the strictest when it comes to rules and regulations and licensing. So it's better to accept the criteria or stop doing business in that region.

I understand your point and that is negligence on the part of Binance. I think they may not try something like this with the big economies like the US and UK, maybe they were thinking the other other countries does not matter. After they might have succeed in overcoming these challenges, I'm sure a lot of their policies will change. I just feel bad for some of the users from these countries who use Binance as a place to store their funds ... especially their P2P merchants that do not really have any other options than to store their funds there due to how their business work. I learnt that the governments are going after some of them, accusing them of money laundering.

Assuming this eventually lead to shutting down Binance, wouldn't this be a major cause of concern for cryptocurrency? This is also one thing that somehow gets me worried.

Binance is not securing license on the listed country especially on Philippines. CZ was supposed to acquire license last year since our SEC already gave him a warning about the potential restrictions but all the license acquisition plan become out of the picture after CZ was replaced by the new CEO on Binance due to the lawsuit that he faced.

Perhaps the new CEO is having a hard time on how to deal with the legal issue since CZ just keeps running and moving their HQ just to get away for strict regulations on his company. Binance can easily acquire license here if they just comply on our SEC since they gave them a lot of time to provide license requirements but Binance decided to ignore it.

Philippines has a lot of Binance user that contribute huge volume in daily basis. It will be a huge loss for Binance in case we use alternative exchange that is not yet restricted.

Negative news does not benefit successful firms. We're talking about a large financial platform where millions of customers. money is housed, and the only reason they have all of that money is because of trust.

If they continue to pay billions of dollars in fines for money laundering offences, they may go bankrupt and flee with their customers' money.

OP, you wrote this a bit confused, I'm not sure what exactly you're aiming for and what you want to explain with your post.
Be sure to keep in mind, that Binance can be quite manipulative and they use their dominant position very well. Of course, always in their favour. You don't need to worry if they come from any country, even yours, there are always perfectly good alternatives. In the end, you stated that they made a huge profit, nothing will happen to them if that profit is smaller in the future.

btw. This thread probably belongs to the exchange section.

Binance is a big exchange and well known for its services and features. Almost most traders admit all the conveniences obtained in using Binance.

Present and operating with a permit — pay taxes in each of these countries, maybe there are no countries that refuse and prohibit Binance from carrying out operations in each of these countries and the problem is over.

The news that is continuously reported about Binance can make them even more at the top in promotional strategies even though an exchange as big as Binance no longer needs that.

The crypto space is very dynamic and most nations are gradually beginning to understand the sector. Before now Binance could operate freely in some of these countries because there were no concrete regulatory laws that control its services. These nations have begun to make new laws that are becoming very difficult to apply and it seems Binance began to operate without obeying these laws.

In the case of Nigeria, the past government was filled with unqualified technocrats who had a laissez-faire attitude and gave little attention to supervising the activities of multinationals including Binance. The present government seems to have sound officials who understand the economic influence of these exchanges on the currency of the country. The Nigerian government claimed that Binance was part of the reason why the Naira was losing its value,  a claim that is not backed by substantial proof. But after the clamp down on Binance and some bureau de change operators, the Naira has consistently appreciated these few weeks.

Binance is no doubt one of the biggest cryptocurrency exchanges in the world and they can overcome these problems. They should just ensure that they comply with all the existing laws that guide their operations. It might be very difficult but this is the only way to survive these hard times. 

I didn't get what you're trying to say.

Binance is a centralized exchange and currently the biggest ones, so if the regulations ask them to restrict some countries, they need to accept it, which mean the risk of using CEX...

CZ gains $8 Billions in 72 hours, well he hold Bitcoin, Bitcoin price is rising and he own Binance's shares, so he will keep earn...

So in order to solution against of regulations and CEX's updates, you need to use No KYC P2P or DEX.

If Binance had initially went to those countries and registered there and follow their laws, it would have been better and something like this will not occur. But Binance decided not to expand using governmental policies but instead using his own policies. You are not in a country, you are not registered in that country as an organization but you are providing crypto services to the people in that country. Binance is mostly targeted because it is the strongest exchange.

While I just finished reading through in the internet about how the Binance exchange platform has got a much frowning increase of countries with the restrictions and banned of the exchange in the above countries such as
United Kingdom, Japan, Italy, Canada, Belgium, Nigeria, Australia, India, Netherlands, Thailand, Philippines, Germany, France, Bangladesh, Iran, Vietnam, Kazakhstan, Malaysia and China, I was really devasted why must Binance must have such unpleasant image because the exchange had indeed been of well and comfortable services in the P2P transactions with an influence number of Crypto Bitcoin and crypto holders.

Although it has been to my awareness that my own country Nigeria has been on a tussle with the exchange but I felt disappointed likely to blame the exchange in questioning about what really internally going on if a number number of countries like this could be against them, are they the Binance exchange really at fault? It is just something I can not technically accept to say yes o no by myself because some of these countries too could be selfish with an autonomous authoritative ness to engaging beyond its limits of governance and operations.

And not just after on I finished reading the above, I also came across the headlines which got to my attraction about how Binance exchange founder surge s high increase of his networth after gaining  $8.42 billions within just 3 days of 72 hours. There alongside also detailed about the historical background of this great exchange founder and the platforms as a whole which were much applauding.
Binance founder, Changpeng Zhao gains $8.42 billion in 72hrs