Long tail.
The market will be bigger and bigger, that's what we have to bet on. And if the market is really big, we'll have options for everyone. Probably exchange deregulated, do not ask for KYC or even completely decentralized will exist.
But Binance wants to attract more and more institutional investors. And for that it has to conform to some regulations.
Topic: Crypto Cowboy Binance Wants to Play by the Rules - page 2. (Read 667 times)
my question then becomes should we just disregard all of the scams and large amount of funds that are being funneled and stolen from innocent people? I just find companies like ciphertrace giving more people hope and confidence that they're funds are safe. if we want more people to use crypto they need to feel safe.
the days of centralized exchanges are numbered in my opinion and the more they push for more restrictive rules that are bad for the whole community the faster they go in direction of becoming obsolete.
the decentralization of exchanges and most other services (such as market places) have begun.
but "customers" look for security and assurance that they are not going to get hacked or scam them.
regulations and KYC are not guaranteeing that. in fact Bittrex scammed people right after they implemented KYC.
the decentralization of exchanges and most other services (such as market places) have begun.
Binance is just another exchange like bittrex, they are based in Hong Kong so trying to look more appealing to customers with these regulations, thats it.
but "customers" look for security and assurance that they are not going to get hacked or scam them.
regulations and KYC are not guaranteeing that. in fact Bittrex scammed people right after they implemented KYC.
I expect DEX and marketplace without KYC to be banned at some point or another if they ever get too successful (it's not because it's decentralized you can't make it a pain in the ass to access).
The serious DEX we are currently seeing coming close to release are mostly about being non-custodial, not so much about being anonymous.
i am not sure what "non-custodial" exchanges exactly mean but if it is about you being in control of your funds not the exchange then it makes sense for them to gain traction since anonymity was never as important as having control and having some privacy.
regulations and limits on verification can be significantly tightened, because the war against money laundering will be topical for the Binance administration. Meanwhile, we have practical freedom of action and wide-ranging trade opportunities.
the days of centralized exchanges are numbered in my opinion and the more they push for more restrictive rules that are bad for the whole community the faster they go in direction of becoming obsolete.
the decentralization of exchanges and most other services (such as market places) have begun.
but "customers" look for security and assurance that they are not going to get hacked or scam them.
regulations and KYC are not guaranteeing that. in fact Bittrex scammed people right after they implemented KYC.
the decentralization of exchanges and most other services (such as market places) have begun.
Binance is just another exchange like bittrex, they are based in Hong Kong so trying to look more appealing to customers with these regulations, thats it.
but "customers" look for security and assurance that they are not going to get hacked or scam them.
regulations and KYC are not guaranteeing that. in fact Bittrex scammed people right after they implemented KYC.
I expect DEX and marketplace without KYC to be banned at some point or another if they ever get too successful (it's not because it's decentralized you can't make it a pain in the ass to access).
The serious DEX we are currently seeing coming close to release are mostly about being non-custodial, not so much about being anonymous.
Where anonymity is involved, money launderers get a bright opportunity to play around with money in that area. The only way to stop it is to alter the framework which in this case can be called as regulaiton.
Hence the anonymity concept is disrupted. I would say that binance is doing it's best thinking of the possible problems it could face in future and making itself ready for upcoming problems.
It's at least thinking of tackling such problems while it's competitors are doing nothing.
Hence the anonymity concept is disrupted. I would say that binance is doing it's best thinking of the possible problems it could face in future and making itself ready for upcoming problems.
It's at least thinking of tackling such problems while it's competitors are doing nothing.
the days of centralized exchanges are numbered in my opinion and the more they push for more restrictive rules that are bad for the whole community the faster they go in direction of becoming obsolete.
the decentralization of exchanges and most other services (such as market places) have begun.
but "customers" look for security and assurance that they are not going to get hacked or scam them.
regulations and KYC are not guaranteeing that. in fact Bittrex scammed people right after they implemented KYC.
the decentralization of exchanges and most other services (such as market places) have begun.
Binance is just another exchange like bittrex, they are based in Hong Kong so trying to look more appealing to customers with these regulations, thats it.
but "customers" look for security and assurance that they are not going to get hacked or scam them.
regulations and KYC are not guaranteeing that. in fact Bittrex scammed people right after they implemented KYC.
Binance is just another exchange like bittrex, they are based in Hong Kong so trying to look more appealing to customers with these regulations, thats it.
Ohh... I see that is why almost all ICO project out there is now asking for KYC verification because of the binance news.
it is mainly because they want an additional revenue since they can no longer raise the same ridiculously high amount of money from their useless tokens. now they ask for KYC so that they have something to sell on dark markets and make some profit. every ICO participant and bounty hunter's identity is already available in dakrnet for purchase!
O yeah, the company that fled Japan during the night denying that they can't respect financial regulation there and fled to the last off-shore in EU is thinking about playing by the rules..
Playing what, roller coaster tycoon or zootycoon?
All those news lately about Binance wanting regulation, welcoming regulations making me think down there they are in some really deep trouble and when this will burst people will start seeing mtgox as a happy chapter compared to this one.
LB is dead for me
Many of the users I've dealt with during the years have gone silent, the new ones offer prices with quite a heavy % on bitstamp, less and less banks for national transfers...Really not attractive anymore.
Playing what, roller coaster tycoon or zootycoon?
All those news lately about Binance wanting regulation, welcoming regulations making me think down there they are in some really deep trouble and when this will burst people will start seeing mtgox as a happy chapter compared to this one.
They want to make money, so they bend over to the regulators demands and then anonymity is sacrificed and the users are thrown to the wolfs.
I agree. Already heard about this news through several threads in this forum recently, but it will get regulated sooner or later. I was honestly surprised to hear that LocalBitcoins needs to comply with the KYC requirements by Nov 2019 which seriously sucks.LB is dead for me
Many of the users I've dealt with during the years have gone silent, the new ones offer prices with quite a heavy % on bitstamp, less and less banks for national transfers...Really not attractive anymore.
I think fraud and money laundering will still exist with or without cryptocurrency. As long as people can find a way how to do fraudulent and money laundering, they can easily do that thing again and again without anyone can stop. I think that will be good for binance because they can try to reduce the fraud and money laundering level from their members so they can make sure that their site is "clean."
http://fortune.com/2019/04/15/binance-regualtion/
Compliance focused strategy seems to be leading the way with Binance's recent partnership announcement with cyber security and blockchain forensics firm CipherTrace. Fraud and money laundering are real and if we can somehow avoid it at all costs that seems fair to me, what are your thoughts?
Compliance focused strategy seems to be leading the way with Binance's recent partnership announcement with cyber security and blockchain forensics firm CipherTrace. Fraud and money laundering are real and if we can somehow avoid it at all costs that seems fair to me, what are your thoughts?
Crypto is supposed to be private and unregulated, it seems like it would only slow things down for everyone while the launderers would find another way...
Even if you work with crypto you have to obey the laws of your country. Seems like Binance is developing their AML service to prevent different kinds of arrests and sanctions against them. That's a normal and logical thing.
I think that the intention of Binance to comply with regulations to prevent financial crimes is good. What might be problematic is that the AML policies are ineffective. They put a lot of pressure on users, whereas the biggest threat is clearly the exchange/company itself. We have seen it before with banks, the biggest money launderers. Intruding into the privacy of individual low-income users.
http://fortune.com/2019/04/15/binance-regualtion/
Compliance focused strategy seems to be leading the way with Binance's recent partnership announcement with cyber security and blockchain forensics firm CipherTrace. Fraud and money laundering are real and if we can somehow avoid it at all costs that seems fair to me, what are your thoughts?
Compliance focused strategy seems to be leading the way with Binance's recent partnership announcement with cyber security and blockchain forensics firm CipherTrace. Fraud and money laundering are real and if we can somehow avoid it at all costs that seems fair to me, what are your thoughts?
Crypto is supposed to be private and unregulated, it seems like it would only slow things down for everyone while the launderers would find another way...
If it is allowed to continue, many victims will even cause bankruptcy. In my opinion, the regulation is valid, provided that it maintains a decentralized blockchain system.
I am very supportive of the steps taken by the binance
http://fortune.com/2019/04/15/binance-regualtion/
Compliance focused strategy seems to be leading the way with Binance's recent partnership announcement with cyber security and blockchain forensics firm CipherTrace. Fraud and money laundering are real and if we can somehow avoid it at all costs that seems fair to me, what are your thoughts?
Compliance focused strategy seems to be leading the way with Binance's recent partnership announcement with cyber security and blockchain forensics firm CipherTrace. Fraud and money laundering are real and if we can somehow avoid it at all costs that seems fair to me, what are your thoughts?
Binance wants to play by the rules but only the rules it can play with. Why else would they move from jurisdiction to jurisdiction if it was not to enjoy the best tax rules? China move to Japan was understandable,,, they wanted to run a business and they could not from China. But Japan is totally crypto friendly and Bitcoin is a recognized tender there. Why else would they move to Malta?
The ultimate fate of ventures like this that started with a "anonymous" goal, will be that it will gain a lot of popularity and people will support these services, but once they grow large enough, regulators start to take notice of them and then the pressure to legitimize their business or close their doors, comes down on them.
They want to make money, so they bend over to the regulators demands and then anonymity is sacrificed and the users are thrown to the wolfs.
I agree. Already heard about this news through several threads in this forum recently, but it will get regulated sooner or later. I was honestly surprised to hear that LocalBitcoins needs to comply with the KYC requirements by Nov 2019 which seriously sucks.They want to make money, so they bend over to the regulators demands and then anonymity is sacrificed and the users are thrown to the wolfs.
Popularity is a double-edged sword indeed in this case.
The ultimate fate of ventures like this that started with a "anonymous" goal, will be that it will gain a lot of popularity and people will support these services, but once they grow large enough, regulators start to take notice of them and then the pressure to legitimize their business or close their doors, comes down on them.
They want to make money, so they bend over to the regulators demands and then anonymity is sacrificed and the users are thrown to the wolfs.
They want to make money, so they bend over to the regulators demands and then anonymity is sacrificed and the users are thrown to the wolfs.
Ohh... I see that is why almost all ICO project out there is now asking for KYC verification because of the binance news.
it is mainly because they want an additional revenue since they can no longer raise the same ridiculously high amount of money from their useless tokens. now they ask for KYC so that they have something to sell on dark markets and make some profit. every ICO participant and bounty hunter's identity is already available in dakrnet for purchase!
Ohh... I see that is why almost all ICO project out there is now asking for KYC verification because of the binance news.
I don't think it will be good for crypto but I believe for some user they are waiting for this for their own protection.
For me, I don't like to verify my name when exchanging something like an altcoin they will ask where did I get it or source of income just to monitor all our earnings and funds which is no more privacy if we tell.
Honestly, investors are not a problem the only problem in crypto is these ICO projects almost all ICO projects are scam. They should ask KYC verification to the CEO or owner of the project to make sure that the owner of the project is real and other members who involved in the project.
I don't think it will be good for crypto but I believe for some user they are waiting for this for their own protection.
For me, I don't like to verify my name when exchanging something like an altcoin they will ask where did I get it or source of income just to monitor all our earnings and funds which is no more privacy if we tell.
Honestly, investors are not a problem the only problem in crypto is these ICO projects almost all ICO projects are scam. They should ask KYC verification to the CEO or owner of the project to make sure that the owner of the project is real and other members who involved in the project.
I think we are still figuring it all out ultimately. Right now with the laws and the way things are panning out, it looks like KYC might be the best thing to handle all of the drama between ICOs. It would make the most sense to check the CEO though
Ohh... I see that is why almost all ICO project out there is now asking for KYC verification because of the binance news.
I don't think it will be good for crypto but I believe for some user they are waiting for this for their own protection.
For me, I don't like to verify my name when exchanging something like an altcoin they will ask where did I get it or source of income just to monitor all our earnings and funds which is no more privacy if we tell.
Honestly, investors are not a problem the only problem in crypto is these ICO projects almost all ICO projects are scam. They should ask KYC verification to the CEO or owner of the project to make sure that the owner of the project is real and other members who involved in the project.
I don't think it will be good for crypto but I believe for some user they are waiting for this for their own protection.
For me, I don't like to verify my name when exchanging something like an altcoin they will ask where did I get it or source of income just to monitor all our earnings and funds which is no more privacy if we tell.
Honestly, investors are not a problem the only problem in crypto is these ICO projects almost all ICO projects are scam. They should ask KYC verification to the CEO or owner of the project to make sure that the owner of the project is real and other members who involved in the project.
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