Is regulation of cryptocurrency exchanges essential for mass adoption? - page 2.

Altcoiner007

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Quote from: Cryptoababe on October 07, 2023, 08:27:40 AM

We all know the benefits of regulation is to prevent scams/illicit activities on these exchanges. Although, some countries regulations might be abnormal or too strict for some exchanges. But I think there are some top, safe and well regulated exchanges that still operate in most of these countries which Binance and some other Top exchanges cease to operate. So, I don't think crypto can ever fade away.

I agree with you. Crypto will never fade away! The technology is here to stay! There seem to be something those top Exchanges are not telling us as to they are unable to comply with the Regulatory demands. Sometimes I think how CEX like Bitget and Kraken are surviving the Regulatory shakings. Regulatory demands are continuous process that requires diligence and adaptability. Not to be avoided!

armanda90

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Regulation of cryptocurrency exchange if most essential for adapting, to protect with how many exchange have been collapse and run away investors fund I think all exchange have ideas for getting regulation. Need guarantee with some exchange keep away from collapse or get scam to make investor fund secure and comfortable when holding or make an exchange as saving placed for put their cryptocurrency assets. Right now still pretty strict rules with adoption for exchange how protecting the investor fund, learned with Mt.Gox, Cryptopia and last collapse exchange FTX not refund the investor money we need regulation of cryptocurrency most essential thing.

No body won't for the future have any exchange got collapse and run away with investor fund without get chance for refunding, if have an exchange will close operation they need give time for investor withdrawing their assets like Hotbit exchange.

AakZaki

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Quote from: Altcoiner007 on October 17, 2023, 06:06:19 PM

I have to agree with you cos that's how I see bitcoin too. More businesses accepting and transacting with Bitcoin over the years will help normalize things! But since Bitcoin is not like paper money, more regulated Platform and Exchanges will need be available for swift transaction between individuals or organizations. I once saw a video of Bitget MD, talking about bridging the gap. They've been surviving most of the recent Regulatory issues, let's see how their vision pushed through.

We just need to wait to see how the regulations for crypto will be determined next. Because there are some countries that provide full regulations for the use of bitcoin, there are also those that only regulate it as a commodity. It still takes time for Bitcoin to be fully accepted, the reason is because it is decentralized because the government doesn't like it.

GreatArkansas

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Quote from: poodle63 on October 18, 2023, 07:08:36 PM

Quote from: Russlenat on October 15, 2023, 02:41:44 AM

Absolutely, regulation is crucial for this market's survival. Without it, scammers would be running rampant, targeting investors who might be a bit too eager but not well-informed. We need some authority to keep these bad actors in check, to establish rules that maintain order in the market.

Even though it might not seem as attractive, especially since the early days of crypto were all about decentralization, it's inevitable that governments will step in. With such a massive amount of money circulating in the crypto world, government intervention is bound to happen sooner or later.

I personally have no problem with such government intervention, we need assurance that our money will be there when we needed when we are investing in cryptocurrency.
we don't want to see another collapse of exchange that make their users fund as sacrifice, because if there's rules about it that protect the fund of the user then they won't do such reckless thing and instead responsible for their bankruptcy on their own.
because honestly, doesn't matter how good these exchange reputation are, there are always chance that they would be facing some financial difficulty because of reckless management.
we see ftx, they are really big of an exchange before, everyone think it won't collapse, but suddenly it collapsing, there's no reason to not getting assurance of our invested money at this point.

For me, I can't see it any essential. Even though, it's just important. Government is government, at the end of the day, it's still government. That's why when it comes to some fundamentals news and when there is government involved, the price of Bitcoin is reacting too much.
So for me, regulation or government can just help Bitcoin to become more reputable and be trusted by the people.

poodle63

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Quote from: Russlenat on October 15, 2023, 02:41:44 AM

Absolutely, regulation is crucial for this market's survival. Without it, scammers would be running rampant, targeting investors who might be a bit too eager but not well-informed. We need some authority to keep these bad actors in check, to establish rules that maintain order in the market.

Even though it might not seem as attractive, especially since the early days of crypto were all about decentralization, it's inevitable that governments will step in. With such a massive amount of money circulating in the crypto world, government intervention is bound to happen sooner or later.

I personally have no problem with such government intervention, we need assurance that our money will be there when we needed when we are investing in cryptocurrency.
we don't want to see another collapse of exchange that make their users fund as sacrifice, because if there's rules about it that protect the fund of the user then they won't do such reckless thing and instead responsible for their bankruptcy on their own.
because honestly, doesn't matter how good these exchange reputation are, there are always chance that they would be facing some financial difficulty because of reckless management.
we see ftx, they are really big of an exchange before, everyone think it won't collapse, but suddenly it collapsing, there's no reason to not getting assurance of our invested money at this point.

slaman29

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Quote from: Vaculin on October 17, 2023, 11:09:50 AM

Quote from: slaman29 on October 07, 2023, 08:21:24 AM

But if mass adoption is about using crypto the way it is, regulation doesn't help. Education only does that.

Well, being regulated means losing the nature of cryptocurrency. But if regulations could be the best way possible for all the people to trust crypto and it’s exchanges, and to secure the safety of their assets, then why not? After all, the main reason for crypto regulations is to mitigate the fraud and hacking risks that most of the time the serious and common issues in crypto. With regulations for crypto exchanges, consumers are well safeguarded and that financial integrity is more encouraged and acknowledged.

While regulating the crypto exchanges are still in process, expect that mass adoption for crypto will also be widely spread. That way, trading and investing with crypto will be easier not only for crypto enthusiasts but also for those who are still planning to enter into the crypto market.

Losing the nature of cryptocurrency? How? CEXs are regulated, crypto advertisements are regulated and most businesses even casinos are regulated. Did Bitcoin decentralization change? Did self custody change?

People already lost "the nature" when they used CEX and services depositing funds into wllets they didn't control. Regulation helped to protect them.

Regulation can try to control Bitcoin network but they know it'll fail

Altcoiner007

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Quote from: albert0bsd on October 07, 2023, 08:26:07 AM

I think that mass adoption of bitcoin depends more of business being open to it and folks like us spreading the word about how to use it.

Think in the first trades done by humanity, how they learning to trade goods and services, how they adopt money until the point that every body start to using and work for it...

It's kind of like a domino effect, you know? People learned, taught others, and before you knew it, everyone was on board and using it in their everyday lives. That's how I see Bitcoin too – if more businesses start accepting it and more people show others how it works, it could become a big part of our financial world just like money did back in the day.

I have to agree with you cos that's how I see bitcoin too. More businesses accepting and transacting with Bitcoin over the years will help normalize things! But since Bitcoin is not like paper money, more regulated Platform and Exchanges will need be available for swift transaction between individuals or organizations. I once saw a video of Bitget MD, talking about bridging the gap. They've been surviving most of the recent Regulatory issues, let's see how their vision pushed through.

Vaculin

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Quote from: slaman29 on October 07, 2023, 08:21:24 AM

Yes if mass adoption means everyone investing and trading in crypto because CEX and crypto companies do not have customer interest at heart. If it's about profit and customer safety we all know which they would choose, and I don't blame them that's all business not just crypto.

But if mass adoption is about using crypto the way it is, regulation doesn't help. Education only does that.

Well, being regulated means losing the nature of cryptocurrency. But if regulations could be the best way possible for all the people to trust crypto and it’s exchanges, and to secure the safety of their assets, then why not? After all, the main reason for crypto regulations is to mitigate the fraud and hacking risks that most of the time the serious and common issues in crypto. With regulations for crypto exchanges, consumers are well safeguarded and that financial integrity is more encouraged and acknowledged.

While regulating the crypto exchanges are still in process, expect that mass adoption for crypto will also be widely spread. That way, trading and investing with crypto will be easier not only for crypto enthusiasts but also for those who are still planning to enter into the crypto market.

Peanutswar

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Possible there are a lot of factors too, if the country supports the use of crypto and most of the organizations use it with their mode of payment, there a chance that the other competitors will do the same but there's are a lot of ruling right here to implement, filter out and if this kind of mass adaptation is acceptable.

Every transaction now becomes transparent, and secure but again it becomes in the exchange possible theres a mass application of KYC needed, and data privacy measurement for the safety of the adoptation.

poodle63

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Quote from: Russlenat on October 15, 2023, 02:41:44 AM

Absolutely, regulation is crucial for this market's survival. Without it, scammers would be running rampant, targeting investors who might be a bit too eager but not well-informed. We need some authority to keep these bad actors in check, to establish rules that maintain order in the market.

Even though it might not seem as attractive, especially since the early days of crypto were all about decentralization, it's inevitable that governments will step in. With such a massive amount of money circulating in the crypto world, government intervention is bound to happen sooner or later.

if thats for ensuring the safety of the investors then i think its fine, after all investing in cryptocurrency really need regulation about ensuring the safety of investors, too many accident occurred leaving bitter taste to the investor because they are the ones getting burdened losing money for other mistake like for example in the ftx incident.
its just really ridiculous that when the company is collapsing we also get brought down with them, there should be regulation that wrap around this problem that ensure there's gonna be reimbursement for those that keep their money in cryptocurrency exchanges just in case.

taufik123

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Quote from: fullhdpixel on October 16, 2023, 01:30:10 PM

I don't think that regulatory bodies or authorities will provide any security promises for the investors even if they go for regulating the exchanges, they might say that they will make sure that the investments stay safe from scams and other stuff but they will probably not be responsible if a person loses their investment for a certain cryptocurrency dropping significantly, they will surely take action if a cryptocurrency rug pulls and scams their investors.

The promise of security will only be a promise, in the end, it will all be your own responsibility because it has been made clear that investing in crypto has a high risk.
The government will only take taxes and enjoy the profits.
so only a few rules will change and the rest will remain the same.

Saw some new coins that appeared on my local exchange and it was hype at the beginning of the launch because the coin was built by a famous artist.
But what happened, in the end, was just a junk coin with no volume and no increase whatsoever, many investors lost.
The government can only look at it and will not take any action.

Quote from: fullhdpixel on October 16, 2023, 01:30:10 PM

About no regulations for the investors, what do you mean by that? They would obviously not let that happen, now when there aren't strict regulations, they are still asking for KYC verification from all customers, and you expect them to allow everyone to trade without any regulation on a centralized exchange.

Now KYC is an option that must be done.
Local exchanges in my country have even followed the government rules and are required to do KYC so that the government can detect who is using crypto and will be taxed in the end.
Trading without any rules can be done with DEX, but it will never work on a centralized exchange.

fullhdpixel

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Quote from: uchegod-21 on October 12, 2023, 12:47:58 PM

If regulating the cryptocurrency exchange will...
1. Guarantee the safety of our investments
2. Guarantee that people's investments can be recovered in event of winding up of a particular exchange or perceived scam.
3. Guarantee that people or investors can still carryout operations freely just like in DEX with no strict regulations.

Then, majority of the people will have confidence in cryptocurrency and will be willing to adopt it. Countries too will adopt it since they can now control the system .

I don't think that regulatory bodies or authorities will provide any security promises for the investors even if they go for regulating the exchanges, they might say that they will make sure that the investments stay safe from scams and other stuff but they will probably not be responsible if a person loses their investment for a certain cryptocurrency dropping significantly, they will surely take action if a cryptocurrency rug pulls and scams their investors.

About no regulations for the investors, what do you mean by that? They would obviously not let that happen, now when there aren't strict regulations, they are still asking for KYC verification from all customers, and you expect them to allow everyone to trade without any regulation on a centralized exchange.

KingsDen

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Quote from: Palazodeen on October 07, 2023, 06:36:11 AM

Since 2009 till date, the industry has encountered a mouth watering growth with many institutional adoption of which Honda Motors is the latest to announce purchase of their product via crypto. Let's not also forget Elon Musk also accept payment of crypto for his Tesla cars and other big institution around the world also accept crypto as means of payment to obtain their goods.

Elon musk wasn't straightforward in accepting bitcoin for his Tesla cars. He did that to shake the market to his favour because his reason of stopping the use of BTC is not genuine and maybe genuine to some people because Tela is about renewable energy.

Quote from: Palazodeen on October 07, 2023, 06:36:11 AM

This shows the world and future of crypto look promising but one area of particular interest that could potentially hinder this growth seems to be compliance by crypto exchanges to be regulated which of course I personally deem important because of the past event of scam from exchanges, hacks and collapse of some CEX which left investors in shambles.

CEXs are highly centralised and already influenced by the government. They conduct KYC and does not hesitate to submit customers data to the government in the case of any suspicion or investigation.

Quote from: Palazodeen on October 07, 2023, 06:36:11 AM

The leading cryptocurrency exchange Binance which is supposed to take the lead in regulatory compliance seems to be having troubles with many countries already due to one regulatory issues to another ranging from licensing, operating within the legal framework of the country and compliance to regulation in general which have caused their exit from countries like United States, United Kingdom, Canada, Switzerland, Japan and others. Recently Bybit another top crypto exchange has also exited the UK market raising an eye brow about the readiness of this exchanges to extant laws that seek to protect the interest of users and investors.

I don't think there would have been issues before Binance and the government of different countries if the government didn't exceed what they are supposed to regulate. The major challenge between binance and the SEC is their inability to differentiate between a token and securities. If this is solved, 50% of their misunderstanding solved

Quote from: Palazodeen on October 07, 2023, 06:36:11 AM

If this turn of events towards rejecting to be regulated by countries persist, crypto might prolly fade away with time especially if some top exchanges are not operational in top countries like USA, UK, Canada, Japan and the rest.

What are your thoughts?

Maybe new exchanges that will comply to the government directives will emanate or the government will start their own exchange with their standards.

Russlenat

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Absolutely, regulation is crucial for this market's survival. Without it, scammers would be running rampant, targeting investors who might be a bit too eager but not well-informed. We need some authority to keep these bad actors in check, to establish rules that maintain order in the market.

Even though it might not seem as attractive, especially since the early days of crypto were all about decentralization, it's inevitable that governments will step in. With such a massive amount of money circulating in the crypto world, government intervention is bound to happen sooner or later.

Palazodeen

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Quote from: milewilda on October 12, 2023, 03:14:52 PM

Quote from: uchegod-21 on October 12, 2023, 12:47:58 PM

Quote from: Palazodeen on October 07, 2023, 06:36:11 AM

The cryptocurrency industry is currently at a critical stage and the role of exchanges can either "Make or Marr" the growth of the space.

Since 2009 till date, the industry has encountered a mouth watering growth with many institutional adoption of which Honda Motors is the latest to announce purchase of their product via crypto. Let's not also forget Elon Musk also accept payment of crypto for his Tesla cars and other big institution around the world also accept crypto as means of payment to obtain their goods.

This shows the world and future of crypto look promising but one area of particular interest that could potentially hinder this growth seems to be compliance by crypto exchanges to be regulated which of course I personally deem important because of the past event of scam from exchanges, hacks and collapse of some CEX which left investors in shambles.

The leading cryptocurrency exchange Binance which is supposed to take the lead in regulatory compliance seems to be having troubles with many countries already due to one regulatory issues to another ranging from licensing, operating within the legal framework of the country and compliance to regulation in general which have caused their exit from countries like United States, United Kingdom, Canada, Switzerland, Japan and others. Recently Bybit another top crypto exchange has also exited the UK market raising an eye brow about the readiness of this exchanges to extant laws that seek to protect the interest of users and investors.

If this turn of events towards rejecting to be regulated by countries persist, crypto might prolly fade away with time especially if some top exchanges are not operational in top countries like USA, UK, Canada, Japan and the rest.

What are your thoughts?

If regulating the cryptocurrency exchange will...
1. Guarantee the safety of our investments
2. Guarantee that people's investments can be recovered in event of winding up of a particular exchange or perceived scam.
3. Guarantee that people or investors can still carryout operations freely just like in DEX with no strict regulations.

Then, majority of the people will have confidence in cryptocurrency and will be willing to adopt it. Countries too will adopt it since they can now control the system .

1. Not totally safe at all, come to think and look on what happened on FTX or even on Mt. Gox, did their users do get their funds upto this moment?
2. There's no such thing about guarantee and lucky if you have some funds on an exchange like Binance which they do have that SAFU funds incase of hacks and exploits but we do know
that most platforms doesnt have, so its not completely a guarantee i shoud say.
3. Not that free because of mandatory KYC or you dont have that any choice because if you do go with that unverified account which limitations of such account do really sucks specially
on having that P2P feature on which you would really be needing to make some verification. So ending up on having no choice.

Exchange existence had already been in a while and its normal nor not shocking anymore that they would really be that complying with government rules and regulations on which it would really be just
that so normal that they would really be following on what are the things that had been implied or been said for them to continue operations on which we users doesnt have that
choice but to go along with it or else you do need to find another place but majority is really be that something like this.

Just as you rightly pointed out, the essence of this regulations is to protect users assets even though the government obviously have their own agenda of taxing users. But looking at it from a wider point of view, isn't it better for one to carry out his/her activities on this cexs and pay some penny as tax than some of these cex to just suddenly disappear with users funds and their is nothing the government can do about it. I think the former is more reasonable because regulations means those exchanges are under checks and are periodically been audited to see if they have what they claim to have. Talking about Dex, it's certainly best but not also free from hacks, I have seen so many wallets hacked also. We shouldn't forget that one of the aims of regulation aside protecting users funds is to combat AML (Anti-money Laundering), Terrorist Financing and so on which is one of the reason for KYC. Although many top cex have this in place already but aside Binance with $1B SAFU and Bitget with $350M user protection fund. No any other cex has publicly disclosed their user protection fund even though they claimed to have.

Palazodeen

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Quote from: jossiel on October 12, 2023, 07:58:17 PM

Quote from: MarvieJ on October 12, 2023, 05:19:53 PM

The discomfort and frustration I'm feeling right now is immeasurable. Bybit's decision to halt services in the UK due to upcoming regulations is leaving us high and dry.

IIRC, there are also other exchanges that have left the UK market because of the regulatory pressure that they're giving to these companies.

That's sad that a lot of good people that are using their services are being pinched on this one even if they don't want to see them leave that market.

This is the effect of these regulations that are not favorable to the people but only to the government.

It's sad that Bybit is exiting UK after Binance did some months ago. I have seen a lot of people argue the pros and cons of this regulations but to me, the safety of users asset is paramount. In as much as there are still exchanges like Bitget operating in the UK, it leaves me to wonder why Bybit is leaving. I think most governments are now sensitive to some of the anomalies in some of this cexs after FTX collapse. If the main reason for this regulations is to protect users assets then so be it but if the government have their own agenda, then DEX will be the way to go.

jossiel

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Quote from: MarvieJ on October 12, 2023, 05:19:53 PM

The discomfort and frustration I'm feeling right now is immeasurable. Bybit's decision to halt services in the UK due to upcoming regulations is leaving us high and dry.

IIRC, there are also other exchanges that have left the UK market because of the regulatory pressure that they're giving to these companies.

That's sad that a lot of good people that are using their services are being pinched on this one even if they don't want to see them leave that market.

This is the effect of these regulations that are not favorable to the people but only to the government.

MarvieJ

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Quote from: Zee27 on October 07, 2023, 10:54:10 AM

Quote from: KingsDen on October 07, 2023, 10:37:55 AM

Quote from: cheezcarls on October 07, 2023, 09:28:42 AM

But if we were to choose between regulation and outright ban, I would choose for regulation at least even if I don’t like it. I believe that centralized exchanges (CEXs) can co-exist with the government for mass adoption if they wanted to be licensed to operate their services to the citizens. But no way they would regulate DEXs.

It is like a dilemma and obviously every cryptocurrency enthusiast or a bitcoin will surely choose adoption over outright ban. Obviously there are some advantages of regulation but the disadvantages out weighs the advantages. If there is regulation, there rate of adoption will increase for institutions and companies but then decentralisation will be highly affected.
In the other hand, government purpose of adoption is not for the wellbeing of the citizens as they claim. They just want to control and sensor all factors and be able to tax everyone effectively in the cryptocurrency industry. We cannot reject regulation because if it doesn't happen today, it will happen to tomorrow and it must happen as long as grow of the cryptocurrency technology is experienced.

But it looks like some exchanges are finding it difficult to comply with regulations. You must've heard about Bybit's suspension of their operations in the UK due to regulatory issues. Meanwhile Bitget is in compliance and are still operating in that region. Binance also exited the US markets owing to regulatory issues. I'm genuinely interested in knowing why some exchanges are complying and others aren't.

The discomfort and frustration I'm feeling right now is immeasurable. Bybit's decision to halt services in the UK due to upcoming regulations is leaving us high and dry.

Renampun

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Quote from: Palazodeen on October 07, 2023, 06:36:11 AM

...

The leading cryptocurrency exchange Binance which is supposed to take the lead in regulatory compliance seems to be having troubles with many countries already due to one regulatory issues to another ranging from licensing, operating within the legal framework of the country and compliance to regulation in general which have caused their exit from countries like United States, United Kingdom, Canada, Switzerland, Japan and others. Recently Bybit another top crypto exchange has also exited the UK market raising an eye brow about the readiness of this exchanges to extant laws that seek to protect the interest of users and investors.

If this turn of events towards rejecting to be regulated by countries persist, crypto might prolly fade away with time especially if some top exchanges are not operational in top countries like USA, UK, Canada, Japan and the rest.

What are your thoughts?

What do you mean by fading? even if all the CEXs in the world are banned, cryptocurrencies and bitcoin will not fade away, currently there are even many people who make exchanges on DEX and also P2P. However, I am sure that legal regulations from the government regarding cryptocurrency exchanges will further boost the popularity of cryptocurrencies and also mass adoption among ordinary people. In several countries, crypto exchanges are regulated in such a way, but they are obliged to pay taxes to the state because that is the purpose of a countries regulate cryptocurrency exchanges is tax money.

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Quote from: uchegod-21 on October 12, 2023, 12:47:58 PM

Quote from: Palazodeen on October 07, 2023, 06:36:11 AM

The cryptocurrency industry is currently at a critical stage and the role of exchanges can either "Make or Marr" the growth of the space.

Since 2009 till date, the industry has encountered a mouth watering growth with many institutional adoption of which Honda Motors is the latest to announce purchase of their product via crypto. Let's not also forget Elon Musk also accept payment of crypto for his Tesla cars and other big institution around the world also accept crypto as means of payment to obtain their goods.

This shows the world and future of crypto look promising but one area of particular interest that could potentially hinder this growth seems to be compliance by crypto exchanges to be regulated which of course I personally deem important because of the past event of scam from exchanges, hacks and collapse of some CEX which left investors in shambles.

The leading cryptocurrency exchange Binance which is supposed to take the lead in regulatory compliance seems to be having troubles with many countries already due to one regulatory issues to another ranging from licensing, operating within the legal framework of the country and compliance to regulation in general which have caused their exit from countries like United States, United Kingdom, Canada, Switzerland, Japan and others. Recently Bybit another top crypto exchange has also exited the UK market raising an eye brow about the readiness of this exchanges to extant laws that seek to protect the interest of users and investors.

If this turn of events towards rejecting to be regulated by countries persist, crypto might prolly fade away with time especially if some top exchanges are not operational in top countries like USA, UK, Canada, Japan and the rest.

What are your thoughts?

If regulating the cryptocurrency exchange will...
1. Guarantee the safety of our investments
2. Guarantee that people's investments can be recovered in event of winding up of a particular exchange or perceived scam.
3. Guarantee that people or investors can still carryout operations freely just like in DEX with no strict regulations.

Then, majority of the people will have confidence in cryptocurrency and will be willing to adopt it. Countries too will adopt it since they can now control the system .

1. Not totally safe at all, come to think and look on what happened on FTX or even on Mt. Gox, did their users do get their funds upto this moment?
2. There's no such thing about guarantee and lucky if you have some funds on an exchange like Binance which they do have that SAFU funds incase of hacks and exploits but we do know
that most platforms doesnt have, so its not completely a guarantee i shoud say.
3. Not that free because of mandatory KYC or you dont have that any choice because if you do go with that unverified account which limitations of such account do really sucks specially
on having that P2P feature on which you would really be needing to make some verification. So ending up on having no choice.

Exchange existence had already been in a while and its normal nor not shocking anymore that they would really be that complying with government rules and regulations on which it would really be just
that so normal that they would really be following on what are the things that had been implied or been said for them to continue operations on which we users doesnt have that
choice but to go along with it or else you do need to find another place but majority is really be that something like this.

Topic: Is regulation of cryptocurrency exchanges essential for mass adoption? - page 2. (Read 475 times)