Ninjastic
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Board Altcoin Discussion
Re: Why the hate on binance exchange
by
wxa7115
on 01/08/2021, 20:02:03 UTC
Quote from: no-ice-please on July 26, 2021, 08:35:35 PM
Quote from: Henrobakkara on July 25, 2021, 09:43:07 AM
Quote from: TheMimic1 on July 19, 2021, 05:44:53 PM
Is there any tangible reason why binance exchange is been hunted? It seems they just hate success or what? Anyways no matter what they try CZ is a determined fellow, that's why binance made it this far, it's my best exchange and won't be changing any time soon
That is what success feels like. You will always get bashed from different angles by different people including the very ones using the same good services provided by the same person they are hating on. CZ/Binance has done well in the crypto exchange system and continues to provide good service to its users. Years ago, I remember when Bittrex was the exchange, so what happened?
Binance honestly is giving me what I want in an exchange and also some other exchange too and will continue to use it regardless.  

CZ has enemies because he expanded extremely aggressively and successfully and as far as I know he was also grinding quite on the legal and regulatory edge. He did comply with everything he was requested and required to, but he didn't go one step further. Institutional investors haven't been his goal and he also didn't target them. That is why he could get away with less regulation than, for example, Coinbase. They had institutional investors as their target group and had therefore to fulfill a lot of regulatory requirements. CZ bet on the right horse: the retail investors.
This is an interesting observation but it seems that governments are not going to tolerate this any longer, they understand very clearly the power of bitcoin and they also understand that slowly but surely they are losing control of their economies due to all the money that they have printed in order to take care of the pandemic.

So they are trying to find new sources of revenue and the market of cryptocurrencies seems like the perfect spot to try to get some profits and with that in mind it makes perfect sense to begin with the biggest exchange that this industry has, however they don't seem to understand that many people are not going to be happy to comply and will move to other exchanges or even begin to use decentralized exchanges.