No More Old Supports in Crypto
Both Justin and CZ are in trouble with regulators. Until recently, these two actors were among the top crypto influencers that have power to divert crypto with their moves. However, the time is changing rapidly. Now, they are only some of the early adopter guys that have built something in crypto.
The story of Justin is based on the fraudal actions he has been involved in so far. As he is one of a kind in terms of creating fake hype about himself and his own project, there are more complex claims about him. The SEC charged him with fraud and law violation. Moreover, rumor says his strong ties with the government in China make the situation more complicated than normal cases.
When it comes to CZ, there are crazy claims about him regarding market manipulation via multi-accounts and frauds. CZ of Binance is still one of the most influential figures of crypto as of writing. However, we should accept the fact that the decreasing reputation of CZ may hit the Crypto ecosystem during the paradigm shift.
New CEXs & Less Politics
I have never experienced any unsolved problems with Binance but there is no way to forget its stance on point of the takeover by Justin.
BUSD has lost its locked liquidity and the CEX may face several regulation-friendly centalized rivals which may comply with the rules in the U.S or Europe. The ongoing trend has too much exposure to what Binance offers for the ecosystem. Yet, the growing Ethereum Layer 2 area, conversions and more incentivized service providers will drain the liquidity that Binance had before.
Binance is not happy with being discriminated from the other service provider due to the ethnicity of CZ. Similarly, I do not think the regulation friendly service providers in the world are perfectly happy with their situation, either.
We are likely to see the way two (?) countries target some influential actors in our ecosystem. Justin and CZ do their best to keep their money in safe wallets but a possible issue with the blockchains, this would be a disaster. Huobi might be the first CEX that might be left behind. On the other hand, during the cold war in crypto, the market might be pretty volatile especially when the fundamentals are in line with technical analysis.
Thanks to the growth of De-Fi, I hardly use centralized exchanges for daily transactions. Even if Binance does not lose its position for a couple of years, its reputation will not recover if the global tension stays as high as that much.
Stay safe in your investments and be watchful about the lawsuit claims.
Hive on ✌🏼
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It's going to be a tough time for crypto as the governments want to crack down and the largest players were obviously the biggest targets. Crypto itself is on the borderline of legal and not legal because there are no clear guidelines either. So anyone can get hit.
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