Binance and the regulators

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Avatar for Clemnms51
2 years ago

You've probably heard about it, Binance is "in the sauce" with many regulators. Let's review the reasons of it and the main points of the story.

The US against Binance

Binance is under investigation in the United States of America. Indeed, the Commodity Futures Trading Commission  has started his investigation about the American customers who are trading on the crypto derivative products.

Binance is the biggest cryptocurrency exchange in the world and was not accused of wrongdoing. To be clear, Binance is blocking the US citizens from its website and let them access to their company through Binance.US in order to be "compliant friendly".

However, other regulators seem to be interested in investigating on CZ and his company. The CEO will probably try to counter attack and make anything possible to comply with the rules.

https://twitter.com/cz_binance/status/1414513023578820612?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1414513023578820612%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.publish0x.com%2Fembed%2Ftwitter%2Ftweet%3Fid%3D1414513023578820612

CZ joking about it on his social media

Other countries joining the investigation

And the problems for Binance are not finished. Indeed, it seems like every regulators are searching for illegal activities from Binance. Belgium, Italy, Hong Kong, United Kingdom and many other countries are affirming that Binance products are only "tolerated" at the moment but their national regulators are looking at the issue. This "regulation" step is required if we want a massive adoption by most of the population, even if some actors of the ecosystem may be sanctioned or punished.

What is your opinion about this story and how do you think it will finish ?

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