Quote from: batang_bitcoin on December 11, 2023, 09:32:07 PM

Quote from: vv181 on December 11, 2023, 06:10:26 AM

Quote from: batang_bitcoin on December 05, 2023, 10:47:33 PM

It seems that we're going to see Binance everywhere to have issues, they're targeted by the regulators and it all means that they need to register for each of those jurisdictions one by one. Although they are an international brand and their operations are globally, that makes sense for them to be followed everywhere because of the revenue that they're getting for each of the customers where they are not registered. Name their services, visa debit cards, the exchange itself, anything.

If regulatory pressures are mandated and become more strict, the issue won't be experienced specifically for Binance, but also for other services that still don't comply with regulatory needs. Each government surely will attempt to make policies to govern and control borderless things like cryptocurrency, as soon they get rigid regulation, they will try to limit and request compliance for any centralized services that serve their own users.

Time will tells, and they would simply just wait before their turns come to follow any applicable and required policy and regulation concerning the matter.

That's right but for now, they're the center of attraction and I think that will serve as a warning for the other known and big exchanges that has a lot of customers from those countries that have issues with them. It's like that they're giving a sample through Binance and if the others won't comply immediately or they will turn themselves blind from this, maybe they will be the next ones that will be put into hot seat by the SEC. Yeah, only time will tell when.

Looking at the current Binance position on the market, surely the urgency or priority from the regulator is more concerning to them compared to others. But that doesn't exclude others to comply with the applicable regulation in the meantime, at some point in time, the authority will look back and demand clarity of how the business operates. If turns out they were not compliant in the past, I believe the SEC will take the matter into account.

As of now, I agree this is a wake-up call specifically for businesses in the cryptocurrency ecosystem to carefully and thoroughly reflect whether they meet the applicable regulator or policy, or not.