Is this a gang up against cryptocurrency? Or ways to regulation?

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Quote from: Haunebu on November 22, 2021, 05:53:56 PM

Firstly, you need to get your facts right op. India did initially ban cryptocurrencies completely, but they reversed their verdict sometime back and are now in the process of trying to regulate them in different ways.

India is one among the country that announced ban of cryptocurrencies and it is illegal to use within the country. By the time people feared, but continued to use through all possible ways. Later government announced with the restrictions on banks providing support to crypto service renders. Now they've been planning to regulate the usage of cryptocurrencies.

Quote from: Haunebu on November 22, 2021, 05:53:56 PM

Various governments have been ganging up on BTC and other cryptocurrencies from long back and some of them eventually gave up and decided to simply regulate it like India etc.

Than following India, now we've got more countries that have taken bold decisions on using cryptocurrencies and are begun to follow those countries.

habebe

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in such situations We need to learn from the idea that a decentralized cryptocurrency is not needed by states. because they are doing this legal work where we are here, but they are not actively supporting it. Cryptocurrency is actually a decentralized currencies and alternative to all currencies of states, and so far sometimes a government controls and also prohibits its circulation. for It is really unavoidable and must be fixed more thoroughly. and for that reason we need to protect our rights to choose a cryptocurrency over all of it.

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

Nice idea

But actually, there are some more realistic reasons why authorities ban crypto. The government are used to control people, especially finances. The government want to be the only issuer of money. They want to monitor movement of our money and ban transactions if they consider it to be dangerous. But crypto is unregulated so they can’t let it develop. Authorities can't put up with such a strong economic opponent, so they restrict crypto. .

Haunebu

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Firstly, you need to get your facts right op. India did initially ban cryptocurrencies completely, but they reversed their verdict sometime back and are now in the process of trying to regulate them in different ways.

Various governments have been ganging up on BTC and other cryptocurrencies from long back and some of them eventually gave up and decided to simply regulate it like India etc.

This pattern will most likely never change and it doesn't really matter since BTC and other popular cryptocurrencies will keep surging forward no matter what.

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Quote from: Leviathan.007 on June 28, 2021, 01:36:29 PM

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.

Governments and their banks will always be highly suspicious of decentralized cryptocurrencies, if not hostile. Because a decentralized cryptocurrency is the complete opposite of their currency. Governments can legalize the circulation of cryptocurrency, but support it, and they will not create the infrastructure for its operation. Citizens will need to do this on their own if they want to create an alternative to the existing payment system.

Rruchi man

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Alot of things will be clearer if we look at the objectively.

From my understanding of the news:

1) Although the Financial Conduct Authority (FCA) does not regulate cryptocurrencies, but requires exchanges to register with them.
Therefore, until Binance registers with the FCA, they are not allowed to operate an exchange in the UK.

2) Personally, I think the FCA is just playing one of it's role. We very well know that as much as cryptocurrency is symbol of good, it's is also being used by criminals gangs to distabilize some regions of the world. So they're giving folks a heads up.

4) The government should come clean and tell us what they actually want from cryptocurrencies exchange platforms. Also, these platforms should also come clean and tell the government what they really want. There's more to this than meets the eye 👀.

teosanru

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

Obviously regulations, Binance more or less is unregulated and I am sure a lot of black money revolves in Binance, Binance pretty much set straight the US regulations after making a separate exchange for US. But now other countries are starting to crack up on Binance too. I think slowly Binance will have to comply with every country's regulation.

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Quote from: arallmuus on July 04, 2021, 02:23:47 PM

Quote from: Silberman on July 04, 2021, 12:18:50 PM

the governments were completely blindsided by bitcoin, they thought they had perfect control and monopoly of fiat currencies and then bitcoin came and erased that notion, at first they thought this was never going to get big and it was just a form of money for nerds

Another option would be to choose to accept it as a legal tender but that would only happen to a small country like El Salvador that has used another foreign currency so it would be easier to use another currency as their legal tender

I doubt that we are going to see more countries accepting bitcoin at the moment, not because there are no other countries interested in bitcoin but because they are going to wait for a few years and see that if the experiment we are seeing at El Salvador is in fact successful, if it is and I think we all hope it will then those countries will begin to adopt bitcoin.

Quote from: arallmuus on July 04, 2021, 02:23:47 PM

Quote from: Silberman on July 04, 2021, 12:18:50 PM

but now they are realizing bitcoin is a real threat to them and yet despite doing the best they can there is no way for them to stop bitcoin.

Actually this only happened to some super power countries such as China and US because they have their own fiat which is used worldwide so bitcoin poses a thread to the whole economic system of their countries. Most countries so far are pretty neutral to bitcoin existence so there is a good chance that this might continue on the future

Those other countries may support bitcoin now because they want to weaken both the US and China, but you can be sure that if it happens and they are the ones that are at the top they will quickly change their tune.

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I doubt if government officials are bothered with a Bull or a Bear Bitcoin market, they are too busy printing toilet paper money. Roll Eyes

The governments will do anything to hold onto the control over people and the Covid pandemic has shown how far they are willing to go with that. (Lockdowns and rules and regulations)

The latest bans has more to do with governments wanting to regulate Crypto currencies to control the taxes that are the life blood of these politicians and the law enforcement that are backing them. (Armies and Law enforcement has to be paid to control them too) Roll Eyes

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Quote from: Silberman on July 04, 2021, 12:18:50 PM

the governments were completely blindsided by bitcoin, they thought they had perfect control and monopoly of fiat currencies and then bitcoin came and erased that notion, at first they thought this was never going to get big and it was just a form of money for nerds

Another option would be to choose to accept it as a legal tender but that would only happen to a small country like El Salvador that has used another foreign currency so it would be easier to use another currency as their legal tender

Quote from: Silberman on July 04, 2021, 12:18:50 PM

but now they are realizing bitcoin is a real threat to them and yet despite doing the best they can there is no way for them to stop bitcoin.

Actually this only happened to some super power countries such as China and US because they have their own fiat which is used worldwide so bitcoin poses a thread to the whole economic system of their countries. Most countries so far are pretty neutral to bitcoin existence so there is a good chance that this might continue on the future

Silberman

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Quote from: Shasha80 on July 01, 2021, 06:43:46 PM

Quote from: Silberman on July 01, 2021, 12:10:01 PM

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

It is true that the government will never like cryptocurrencies, because crypto is indeed against the banking system that they can control.
But because many people trust crypto, finally the government can't do much and many countries have finally chosen to accept crypto.
And governments will not give up trying to regulate crypto, which will always fail. Because crypto was created to give freedom to its users,
so it can't control crypto. That's why crypto is growing so fast and starting to be accepted by many people.

In a way it is completely natural what is happening, the governments were completely blindsided by bitcoin, they thought they had perfect control and monopoly of fiat currencies and then bitcoin came and erased that notion, at first they thought this was never going to get big and it was just a form of money for nerds, but now they are realizing bitcoin is a real threat to them and yet despite doing the best they can there is no way for them to stop bitcoin.

AicecreaME

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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 just the usual news regarding the cryptocurrency community. Government has all the right to decide whether to make cryptocurrency legal or illegal in their country. Limiting or even prohibiting the usage of cryptocurrency is their way of regulating. Restricting the people to excessive use of crypto is one of the way they can think of so that the citizens will switch back to their usual activities and work that could benefit their nation. In addition, I think this is also their way to prevent cryptocurrency from over shadowing their local currency. Because as we all know, bitcoin and other coins are really in demand nowadays and are mostly used by the people as their source of income and investment.

Politics indeed play a great role on the status of cryptocurrency on one's country. It can be placed on a favorable side or the other way around.

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Quote from: Silberman on July 01, 2021, 12:10:01 PM

Quote from: Princejebs on June 28, 2021, 01:24:50 PM

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.

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

It is true that the government will never like cryptocurrencies, because crypto is indeed against the banking system that they can control.
But because many people trust crypto, finally the government can't do much and many countries have finally chosen to accept crypto.
And governments will not give up trying to regulate crypto, which will always fail. Because crypto was created to give freedom to its users,
so it can't control crypto. That's why crypto is growing so fast and starting to be accepted by many people.

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Quote from: ILuckyGuyI on July 01, 2021, 04:18:12 PM

As far as I know, those governments do that because Binance doesn't want to be controlled by regulators. .Binance had the similar problems in Canada, the USA nceJapan and Germany also. This news didn't affect the market badly. But I hope that Binance doesn't get hurt much from these actions.

Well if Binance does not want to be regulated, then probably UK won't allow Binance to be a part of it because if they do, then they should comply with the rules. I don't think the government is against with Binance. It's the Binance itself that does not want to be controlled.

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

No, that is not true. UK has not banned binance.com just a subsidiary. There are at least three threads about it with the right information. No, this is not against crypto at all, it is about companies that do not bother to have an adequate control of their clients and the money flows. It is as simple as this and not related to crypto itself. Crackdowns on crypto properly said are related to those countries and regimes that try to hold their people from having freedom to move and spend their money or to use other currencies than the official.

ILuckyGuyI

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As far as I know, those governments do that because Binance doesn't want to be controlled by regulators. Binance had the similar problems in Canada, the USA, Japan and Germany also. This news didn't affect the market badly. But I hope that Binance doesn't get hurt much from these actions.

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

Let the regulations be regulations guys, they are not bad, the problem is the fact that politicians building infrastructure that could help them. How? They are getting partnering agreements with exchanges, they are buying a ton of it, they are making legislature that would benefit them, they are basically getting ready for the crypto world to grow huge and they do not make any decision before they are fully ready. After they are fully ready then they start making regulations and so forth because they will be the ones that will benefit from it.

This is risky because they are basically trying to control bitcoin, which is not like centralization because bitcoin is still can't be changed by anyone, but they are basically centralizing the way you can use bitcoin and force you to use it one way or another the way they want in order to allow it to be legal.

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Quote from: Princejebs on June 28, 2021, 01:24:50 PM

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.

It is always the same story, governments are not liking at all the fast development that we have seen in the market of cryptocurrencies but they know they cannot stop it, and in fact it can be argued that if they could even do it this is going to be bad for the economy now as so many people are invested in it, so they have no option but to accept it, but they still want to regulate it instead but this is something in which they will fail as well as this market was created in order to be able to resist those regulations.

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

Although I don’t really know much about how all these regulations stuff works, but I think for a government to be able to regulate cryptocurrency, they will have to do it through centralized exchanges. So that means the government don’t need to ban centralized exchanges, because they can actually take control of these exchanges by laying down rules that they would have to follow, which would help the government have a better understanding of what’s happening in the cryptocurrency market.

But by banning centralized exchanges, the government lose this chance. And with that, they leave citizens to making use of P2P exchanges which are completely decentralized and government can’t even control what goes on there.

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

India has been confused about crypto currencies for a very long time. I don't think they even understand what crypto currencies are and how they work. Or they are probably too lazy to figure out a way to allow their people to use crypto currencies within the law. On other hand, Nigeria didn't ban crypto currencies. Like you said, they only restricted their users. As for the ban of binanace in the UK, its probably going to be temporary. So no, governments aren't ganging up against crypto currencies.

Shenzou

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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.

Haunebu

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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.

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Quote from: qwertyup23 on June 30, 2021, 08:49:38 AM

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.

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.

semobo

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

qwertyup23

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Quote from: NeuroticFish on June 28, 2021, 08:36:00 AM

Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

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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.

swiftbits

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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.

redsun114

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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.

just_Alice

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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.

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.

The Sceptical Chymist

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Regarding the UK news, I found this snippet from the article of particular interest:

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.

cabron

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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.

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Quote from: dezoel on June 28, 2021, 05:34:31 PM

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.

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.

dezoel

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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.

suzanne5223

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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.

livingfree

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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.

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

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.

iv4n

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Quote from: NeuroticFish on June 28, 2021, 08:36:00 AM

Quote from: palle11 on June 28, 2021, 07:57:49 AM

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!

Leviathan.007

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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.

Princejebs

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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.

Silberman

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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.

Wexnident

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It's nothing new tbh. Most of the countries' governments have always been hostile towards cryptocurrency since they had absolutely no idea on how to completely get it under control. The most they could do was to prevent their citizens from accessing exchanges and whatnot, but that can be bypassed quite easily since crypto is something that can be accessed with the internet. As long as one really wants to, one can easily bypass most restrictions that the government has set. Regulate they might try but honestly, it's just them about to give up on actually doing something.

Bitcoin (or crypto in general) just isn't something that can stay under control or bound by rules or laws since it already has inherent rules that its system follows. It runs perfectly fine and almost cannot be abused (if not totally) with the rules it has on its own.

Smartvirus

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You know, its really somehow. How the trend just keeps going and one could begin to wonder the same thing or what do they stand to get from trying to stop what can't be stopped. What is promoted by the will of the people!

While other governments are busy approving it for a legal tender with El-Salvador being the first and I heard news lately of Iraq looking at it on approval too. Mean while, the nations with large economies like China and UK keep being a plague to the system. Purging it at every chance they get, focusing in the institutions and exchanges that makes this happen. Cryptos being decentralized is the best thing that ever happened to it. Imagine if it were centralized and what damage the government might have done to people's investment. Just about the time we had hoped on enjoying ROI and then they step in.

Well, it has always been we and our sentiments about the market that determines what shape the market would take. No doubt the institutions have there part in this but, our collectivedecision is the most important. See it as a FUDthat it is and then, we head on.

Mistafreeze

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Stopping activities of cryptocurrency users in a country can have minimal effect on the entire market activities especially if the participants have higher contributions to the entire market. This is a way to limit the number of persons that into the crypto market. Like we all know that the government are always looking for ways to control the crypto market in order to suite their economy since a lot of people have stated dumping Fiats for digital currencies which has good privacy coverage.

Slow death

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this is somewhat comical, i remember that since years i have seen so many hyip sites saying they have company registered in the united kingdom, it made me think that in the united kingdom they didn't check the sites when they acquire such records online and now they know binance and too are forbidding binance? is it because binance moves a lot of money? furthermore i heard that binance has no corporate headquarters, so what exactly is UK banning? binance is not in the united kingdom, people from the united kingdom can use binance however they want and whenever they want

Ucy

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Compare rates on different exchanges & swap.

lf you truly understand the purpose of cryptocurrency like Bitcoin, you wouldn't be worried too much when governments ask centralized platforms to stop operating in their countries. A responsible person shouldn't be too reliant on such platform once they understand the risk involved, and anticipate possible clash with governments who most likely have rules governing financial sectors especially on the issues of holding customer funds , acting as Bank or resolution of issues between customers and banks.

Business should be building decentralized platforms that enable users control their funds/assets and take part in regulation/governance/consensus that's according to Just laws or any country/person on Earth would find Fair, Just and Satisfactory

Unfortunately,we have people building the wrong platforms based on wrong principles.

Sterbens

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Look at the government regulations of the world that anchored bitcoin prohibiting, and this year has been the craziest year in which they have almost united to attack bitcoin mining colonies everywhere. stop operations, create policies, and restrict crypto exchanges. Binance, as the largest exchange, has begun to be targeted by the market blindly so that all crypto owners give up and cannot sell their bitcoin holdings.
what's behind this crazy policy, we see someone is trying to control it remotely and that person is playing behind the scenes.

Nhazwrath

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couple things.

Number 1 The way media presents something is almost invariably in a fashion to invoke an emotional response. The purpose in doing so is to gain clicks. Reality of the actual situation is Ignored a lot in this process.

Number 2 Countries are protective of their money due to the fact that 2 main components of Sovereignty is Control of the money supply and control of the courts/justice/laws. Crypto is a threat to the money supply. But Smart countries don't ban it they make sure they can Track the flow of money for TAXATION. <<< that's the big thing.

So the smarter countries require that the gov has access to all transaction so taxes can be determined and the gov gets their cut. Exchanges that are not complying with these quite reasonable demands from the countries perspective will not be allowed to operate.

Medias take is: "Country BANS CRYPTO" Reality "Country demands their tax!"

see the diff in the headlines and how is would change how you perceived the story?

NeuroticFish

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Quote from: palle11 on June 28, 2021, 07:57:49 AM

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...

Argoo

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You need to get used to the idea that a decentralized cryptocurrency is not needed by states. Although they legalize it, they will not actively support it. Cryptocurrency is indeed a competitor and alternative to the national money of states, and therefore, from time to time, governments will regulate and restrict its circulation. This is inevitable and should be treated more calmly. We will need to defend our rights to use cryptocurrency at the legislative level.

palle11

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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.

Topic: Is this a gang up against cryptocurrency? Or ways to regulation? (Read 411 times)