Topic: Is this a gang up against cryptocurrency? Or ways to regulation? - page 2. (Read 357 times)
Governments can set up their laws and ban crypto, and that might be a way to hold the progress of it for a while and may prevent crypto business from doing their activities in that specific country, but in no way shape or from they could prevent the people from using it, because crypto is decentralized and they have no control over the transactions that go on, and since its anonymous they can't totally ban it, and the more they are against it the more it shows how that government is corrupt because if they trust in their financial system they would have nothing to fear, and they wouldn't ban it.
You seem to be a newbie in the cryptocurrency market op. This kind of stuff happens on a regular basis and it completely makes sense. Many governments fear the ability of popular cryptocurrencies to put the power back into people's hands.
Why would they want to lose power by accepting decentralized cryptocurrencies? The only way they would embrace them is if they had more to gain than to lose from them.
This is why many small countries with poor economies around the world openly embrace them since they don't have a lot to lose by doing so.
Why would they want to lose power by accepting decentralized cryptocurrencies? The only way they would embrace them is if they had more to gain than to lose from them.
This is why many small countries with poor economies around the world openly embrace them since they don't have a lot to lose by doing so.
Upon reading the news, the FCA of UK has released certain set of rules in which Binance has not yet complied with. Unfortunately, the government also wants control to every transaction that comes within the ambit of their jurisdiction. Anything that is decentralized is a red flag for them since it allows some circumvention to their authority.
This is one of the problems that cryptocurrencies, in general, are facing. The decentralization, even if the idea is very promising, is one of those innovation that the government cannot just accept without consequences.
People mistake what "decentralized" means in crypto. It means the ruling of crypto is decentralized, how you use it has never been decentralized at all, even the whole existence of binance proves that it is not how you use it, it is what you are using is decentralized.This is one of the problems that cryptocurrencies, in general, are facing. The decentralization, even if the idea is very promising, is one of those innovation that the government cannot just accept without consequences.
To give an example, if you want to increase the max cap of bitcoin numbers from 21 million bitcoins to 210 million bitcoins, you can't because it is decentralized, or if you want to revert back a transaction, you can't because it is decentralized, basically no one person has the power to control blockchain and the code, whereas if you want to send money to me in 10+ million dollar amount, governments will ask where did that come from, or if you want to not pay taxes on your crypto trading, governments will give you a penalty. So as you can see, it is bitcoin that is decentralized, not what you do with it.
Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE
UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.
In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.
US did the same thing so they wanted to have a strictly regulated exchange, probably UK also wants to do the same but all these things are happening because people are evading taxes using the cryptocurrencies so people have to pay the taxes and the government also need to impose the tax rate which is affordable. But this is yet to be a big thing in the crypto space and may impact the prices negatively in the short term. UK BAN ON BINANCE
UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.
In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.
UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.
The government's institutions expect all companies that work with money should comply their rules. From what I've read Binance doesn't, nothing unexpected here, especially since Binance is not registered in UK.
They will play cat and mouse, then, if UK is big enough market to worth the hassle, we'll see a binance.co.uk only for the brits, with certain restrictions enforced and so on. But that's only if UK is a big enough market for Binance...
This is true.
Upon reading the news, the FCA of UK has released certain set of rules in which Binance has not yet complied with. Unfortunately, the government also wants control to every transaction that comes within the ambit of their jurisdiction. Anything that is decentralized is a red flag for them since it allows some circumvention to their authority.
This is one of the problems that cryptocurrencies, in general, are facing. The decentralization, even if the idea is very promising, is one of those innovation that the government cannot just accept without consequences.
Conspiracy or not, it doesn't matter because bitcoin has been conspired against by many entities in the past and look at where bitcoin market is now? Also, I don't think that they are ganging up just because they simultaneously regulated bitcoin in their countries, maybe it was a coincidence that they were studying how to regulate and arrived at same conclusion.
I hope this is not something that can negatively affect us. Regulation is a great implementation as long as they use their power to keep security and avoid their people losing their money. Schemes and illicit activities are very present due to the crisis.
Lol it even came as a surprise to me. Even China has been on the news recently as they started trying to take down cryptocurrency mines. I just don’t get what’s wrong with all these governments and why they wouldn’t allow people to make use of cryptocurrency.
I do understand there are there bad sides of everything, maybe they should all be more focused on how to fix those issues that are seen in cryptocurrency. Those issues are the things that should be fixed. They shouldn’t just straight up ban cryptocurrency, that’s very bad for them to do.
I do understand there are there bad sides of everything, maybe they should all be more focused on how to fix those issues that are seen in cryptocurrency. Those issues are the things that should be fixed. They shouldn’t just straight up ban cryptocurrency, that’s very bad for them to do.
Doesn't seem like it in the case of the UK (unlike China or India, and with Nigeria things are complicated, not everything is apparent yet). But the fact that people are still free to use cryptocurrencies AND Binance says that they are not trying to restrict the use of cryptos.
Following the article:
Quote
Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies.
If they wanted to, they would've done it differently, applied some more strict rules.Following the article:
Quote
The FCA does not regulate cryptocurrencies, but requires exchanges to register with them. Binance has not registered with the FCA and therefore is not allowed to operate an exchange in the UK.
It seems that the problem may lies within these formalities indeed. 
Regarding the UK news, I found this snippet from the article of particular interest:
So I'm not sure how much this "warning" is going to affect UK citizens using Binance. It sounds more like the government trying to puff out its chest to look tough. And this sort of thing may be happening in other countries, but I have faith that crypto will overcome all of this nonsense. If centralized exchanges get regulated out of existence, the crypto community is smart and strong enough to find another way to trade (like P2P, for instance).
However, I'd be happy if governments would just back the fuck off and focus their attention on fixing their own debt problems instead of imposing even more restrictions on what people can do with their own money.
Quote
Binance's existing crypto exchange is not UK-based so despite the FCA ruling, there will be no impact on UK residents who use the website to purchase and sell cryptocurrencies.
So I'm not sure how much this "warning" is going to affect UK citizens using Binance. It sounds more like the government trying to puff out its chest to look tough. And this sort of thing may be happening in other countries, but I have faith that crypto will overcome all of this nonsense. If centralized exchanges get regulated out of existence, the crypto community is smart and strong enough to find another way to trade (like P2P, for instance).
However, I'd be happy if governments would just back the fuck off and focus their attention on fixing their own debt problems instead of imposing even more restrictions on what people can do with their own money.
The bans and negative news like these are published to the media that's being used by whales probably institutions too so people will sell their coins so that they can buy the coins with the money also earn from the bullrun since they earned a lot. They have sold their BTC when it surged to its ATH. They've been successful in spreading fud and then taking the coins out from us.
Remember a few points, just in case.
1- If governments could ban and stop the use of cryptocurrencies, they would have done it by now. The truth is that they cannot regulate the use of crypto and they cannot stop it either. All these bans and strict policies against crypto mean nothing as long as people keep believing.
2- When the market is down everyone tends to talk bad about bitcoins so don't take the shit talk too serious tat social media and I often laugh at such articles where bitcoin is shown to be in a dire condition because it wastes recourses and all.
The same BTC has been running for a decade now and only good things have happened to the ecosystem so nothing to worry about yet.
1- If governments could ban and stop the use of cryptocurrencies, they would have done it by now. The truth is that they cannot regulate the use of crypto and they cannot stop it either. All these bans and strict policies against crypto mean nothing as long as people keep believing.
2- When the market is down everyone tends to talk bad about bitcoins so don't take the shit talk too serious tat social media and I often laugh at such articles where bitcoin is shown to be in a dire condition because it wastes recourses and all.
The same BTC has been running for a decade now and only good things have happened to the ecosystem so nothing to worry about yet.
The government can't get the full control in crypto, that's why they don't like it. However, as you said, even if they ban it, they can't do anything about the movement in crypto, because it is simple, they can't make the transaction to stop. This is nice about crypto, you can make your own transactions without anyone knowing about it. Maybe, in time, they will truly accept the existence of crypto and just regulate as much as they can. Yes, they don't have the full control but at least, they can get ahold of some of its transactions.
Remember a few points, just in case.
1- If governments could ban and stop the use of cryptocurrencies, they would have done it by now. The truth is that they cannot regulate the use of crypto and they cannot stop it either. All these bans and strict policies against crypto mean nothing as long as people keep believing.
2- When the market is down everyone tends to talk bad about bitcoins so don't take the shit talk too serious tat social media and I often laugh at such articles where bitcoin is shown to be in a dire condition because it wastes recourses and all.
The same BTC has been running for a decade now and only good things have happened to the ecosystem so nothing to worry about yet.
1- If governments could ban and stop the use of cryptocurrencies, they would have done it by now. The truth is that they cannot regulate the use of crypto and they cannot stop it either. All these bans and strict policies against crypto mean nothing as long as people keep believing.
2- When the market is down everyone tends to talk bad about bitcoins so don't take the shit talk too serious tat social media and I often laugh at such articles where bitcoin is shown to be in a dire condition because it wastes recourses and all.
The same BTC has been running for a decade now and only good things have happened to the ecosystem so nothing to worry about yet.
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We can all this issue a gang up on against cryptocurrency and we shouldn't expect every government to support crypto because its decentralization in nature is one turn-off for the government. However, the recent UK ban on Binance is from the FCA and it was due to their rules and regulations.
Meanwhile, Binance is not the only company restricted by them (FCA) and the restriction is not banned cause UK customers can still use Binance.
Meanwhile, Binance is not the only company restricted by them (FCA) and the restriction is not banned cause UK customers can still use Binance.
That is nothing new to us anymore.
Policies from the government change towards crypto services and businesses such as exchanges that operate in their jurisdiction. Even if that stops them, they'll realize that there's a big amount of money that they're pushing away.
They stop or ban it today, soon they'll change that decision.
Policies from the government change towards crypto services and businesses such as exchanges that operate in their jurisdiction. Even if that stops them, they'll realize that there's a big amount of money that they're pushing away.
They stop or ban it today, soon they'll change that decision.
Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE
UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.
In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.
I believe it is not going to be that much of a problem in the world of crypto in the long term because these regulations are what makes a sector grow up. The more regulations there are the more legit you become and there is no question mark in your head.UK BAN ON BINANCE
UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.
In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.
Binance is starting a whole new thing for UK and that is going to be quite cool and they will follow every law and they will make a ton of money and all the people in UK will be able to get a ton more stuff out of this. Hell Binance is so rich that British people care about football a ton, they could just sponsor EVERY team on premier league with the amount of money they make, that could be a good way to grow. After a nation accepts it and puts a law and arrange regulations that is not saying they do not want you, that is saying they want you to be more legit and be safe, it is actually a security that they are providing.
UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.
The government's institutions expect all companies that work with money should comply their rules. From what I've read Binance doesn't, nothing unexpected here, especially since Binance is not registered in UK.
They will play cat and mouse, then, if UK is big enough market to worth the hassle, we'll see a binance.co.uk only for the brits, with certain restrictions enforced and so on. But that's only if UK is a big enough market for Binance...
I completely agree with you, nothing unexpected happened! The UK is a highly regulated country, so if Binance is not complying with their rules what else could happen? In the end, if Binance wishes to get on the UK market they can do that... but they will have to comply with UK rules and regulations! What can lead us to the conclusion that some Binance features will not be available there!
I don't think this is some "gang up against crypto"! It's just a serious country enforcing the rules, and just against one exchange that doesn't play by their book!
That's not normal to see the governments and bank people are acting against cryptocurrency. Because, after each new technology some people who were getting advantage from old technology will try stand against it because they see their benefits in danger and a new technology is always scary for traditional people. In the other hand. bitcoin and cryptocurrencies were not created to be centralized and get controlled by the governments, that's what they are trying to do by forcing people to to kyc and pay tax from each transaction and tell them about their total funds so the governments can get the tax from them, I believe what they do is totally normal.
Have you notice that this regulation and banned are just to scare people from investing and trying to collapse the market. Perhaps their fear of bitcoin dominating and overtaking other financial sector.
The way and manner of approach toward this ban is just obvious that they are merely trying to scare everyone that's why they are doing it in the bull run and not during bear market when things would have been transparent, but they preferred when crypto has gain so much attentions.
The way and manner of approach toward this ban is just obvious that they are merely trying to scare everyone that's why they are doing it in the bull run and not during bear market when things would have been transparent, but they preferred when crypto has gain so much attentions.
Lately some government have come hard on cryptocurrency in trying to ban activities or stop people from crypto. India and Nigeria have a restriction on their people from freely using or hodling crypto, although that of Nigeria is to crypto accounts in the banks but that is part of restrictions. Now the latest country to come with another policy in line with restricting patronage of crypto is UK.
UK BAN ON BINANCE
UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.
In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.
This is not really regulation against cryptocurrencies this is regulation against centralized businesses that deal with cryptocurrencies, it may seem just semantics but the difference is important, those regulations do not affect cryptocurrencies directly, they just affect those which are dealing with cryptocurrencies and are using the fiat system as well, you are still as free to send your coins from one corner of the world to the other and the governments cannot do anything to stop you. UK BAN ON BINANCE
UK is restricting Binance from there service in the UK and warning the people against binance.com. These restrictions looks to me like a means to regulate the activities of cryptocurrency.
In my own reason, I think we get this kind of news whenever the market turns bear after a good bull run and the government politicians have cashed out.
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