Binance Vs Everybody: 3 possible reasons for the repression.
Hello everyone...
Binance is not going through its best time, as countries all over the world are discrediting it at an alarming rate and putting it in the eye of the hurricane by making statements about Binance not following laws or regulations and that it has no legality to operate in those countries. And countries like UK, USA, Japan, Canada, Singapore, and now Thailand and the Cayman Islands have Binance on the ropes.
The Securities and Exchange Commission of Thailand (SEC) admitted that a criminal complaint had been filed against Binance for trading digital assets without a proper license, as they invited people to invest using social media and when the Thai SEC issued a written warning to Binance to submit a written proposal to acquire a license within a stipulated timeframe, they failed to do so and now face the consequences.
Since their operations in Thai territory are illegal, as mentioned by the SEC Only providers that have obtained the relevant licenses under the law can provide services related to trading, exchange, deposit, transfer, withdrawal, or any transaction related to digital assets. Violators may be subject to penalties under the law.
Also, the Cayman Islands Monetary Authority (CIMA) adds to the regulations against Binance by announcing that Binance, Binance Group, and Binance Holdings are not registered, licensed, regulated, or authorized" to operate a cryptocurrency exchange "from or within the Cayman Islands, furthermore also mentioned about the legal status of companies offering crypto-asset services that any cryptocurrency-related company incorporated under the Cayman Islands Companies Law 2020 or otherwise established in the Cayman Islands must be registered under the country's digital asset service providers law.
Simple regulatory measures or something more?
Seeing all this news only comes to my mind that these government entities are obviously up to something, maybe they want to be taxed for everything they do, which if we take into account the movements in Binance every day add up to billions, and they see all this torrent of money going through an exchange that is not accountable to any government, they put regulations on something that is unlicensed or illegal to agree to millions of dollars in taxes.
Another real reason why governments are cracking down so much is that they want to control or have more power over transactions because so many people use Binance every day and this leaves hosted or traceable data, and since this data is necessary for a digital economy, they also want to have control.
And a final reason why governments are making these moves is that they are desperate to try to stop people from buying cryptocurrencies, as this weakens their economies. And since they believe that the new technologies are to blame for all the ills that humanity is suffering, they take such absurd measures to prevent their economies from collapsing.
In conclusion, no matter what desperate measures governments continue to take to try to save a moribund and collapsing economic system, sooner or later people will stop believing in it and will look for ways to continue using decentralized finance.
This is very similar to the case of cryptocurrencies in Nigeria, when the government banned them people did not give a damn and continued to use cryptocurrencies on a larger scale than the government had to admit their mistake and now they are looking for measures to implement that in their economy.
Big changes are coming but not before going through the worst of the storms, so stay safe.
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https://twitter.com/Fabian929183259/status/1411084904096485380
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As I can see, Binance is having more a more problems. Also it's DeFi is going to fall down as soon as Ethereum gets the Optimism roll-ups and, more importantly, when Ethereum 2.0 is roll out, which it seems will happen in late 2022 or beginning 2023. Anyway, a more important event is the roll out of Cardano's smart contracts probably on September (they are on testnet at the moment), which without any doubt will position this blockchain on third position by market cap just behind Ethereum. Then they will deploy DeFi and that's where the fun will begin. On the other hand, I see the LeoFinance team doing a great job on BSC with CubFinance and the bridges, plus on Polygon, which I think is a good move, but as I said before BSC has its days numbered and it's a shame that they are spending so much time and effort on something that is just temporary. However, the future definitely lies on Cardano, so I think it would be a good idea to start looking at how to implement LeoDefi on this blockchain. Just a humble opinion from somebody who don't understand anything about DeFi but is following Cardano's trajectory and Charles Hoskinson's ideas for the future and new deals and partnerships coming up everyday on this blockchain, which is going to be at some point not only at the top of DeFi, but in the next years at the top of the whole cryptosphere, even ahead of Bitcoin.
You are right, Binance may not be going through its best moment, but it would be too hasty to say that they are finished, although they have problems they still have the highest volume of money every day.
So a golden goose as big as that is unlikely to be allowed to die, maybe what will happen to binance is that it will be put on the back burner and other smart chains will take its place like polygon.
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