Binance: A Victim Of A Conspiracy?

The largest cryptocurrency exchange Binance, which fell under severe repression, one might say global, made a not happy decision to close it in Malaysia.

Despite this, many exchanges continue to be active, even Coinbase, despite its limitations, continues to work steadily and earn money. If the trend of hard pressure on the Binance exchange continues, then the threat of losing its leading positions may hang over the leading cryptocurrency platform.

Binance is by far the largest cryptocurrency exchange in the world in terms of trading volume. Large-scale restrictions from various regulators can lead to the loss of status as a leading crypto exchange.

In March 2018, due to non-compliance with the requirements of the Japan Financial Services Agency (FSA), Binance was forced to leave Japan. It was strange that after being expelled from Japan, the exchange rushed to Europe, where there are stricter and more stringent regulatory requirements.

In December 2020, Binance ceased operations in the most crypto-friendly of any country on the African continent, Uganda.

The Financial Conduct Authority (FCA), the UK financial services regulator, banned Binance in June this year, delighting Binance’s closest competitors such as Bitstamp, Kraken , Gemini and Coinbase, which have continued to flourish.

Recently, the Hong Kong Securities Futures and Regulatory Committee (SFC) accused Binance of not granting a license to trade tokens within its jurisdiction and banned the trading of tokens in Hong Kong.

A year after the company was warned and included in the list of “guilty”, the Malaysian authorities put forward a demand for the crypto exchange Binance to cease all activities. By including processing and disabling Telegram with Malaysian membership, remove the website and app from Malaysia and leave the country immediately.

You can endlessly list the list of countries that have certain claims to the Binance cryptocurrency exchange. For example, Canada, Thailand, Germany, Italy and Lithuania have issued warnings and restrictions or banned at least one or more of Binance’s services provided in these countries.

Yesterday, Binance announced on the official Binance website, announced the termination of service and trading in derivative products for residents of the Euro Union. After the announcement, futures trading was immediately terminated for citizens of Germany, Italy and the Netherlands.

Due to the “global attack” on Binance, users of the exchange, along with their deposits, began to leave it and go to competitors who are becoming more popular and maximizing profits.

For example, after Binance ceased operations in the UK jurisdiction, the number of clients of the famous Luxembourg-based cryptocurrency exchange Bitstamp, in Europe and the United States, increased dramatically. Literally a day later, only the UK gave a 138% increase in users, and joining the US market, which was new for it, increased the initial user growth by 570%.

Other exchanges, too, did not stand aside and experienced rapid growth. Since the closure of Binance in the UK, Kraken and Gemini have significantly increased the number of new customer registrations from that country. But most of all, Binance was upset by the success of its closest competitor, the Coinbase exchange, with a 302% increase in profits.

Binance is still the largest cryptocurrency exchange in terms of trading volume and income, but if the current repression around the world, which already looks like a conspiracy of the shadow financial elite, continues, then the exchange will face an unenviable fate.

Subscribe to our Telegram , Twitter and Facebook to be the first to know about cryptocurrency news!

Coin Shark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is informational, prepared on the basis of materials and information from open sources.

--

--

--

Bitcoin Info, Fintech News, Blockchain Technology and much more About Crypto World — CoinShark.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

What every trader should know about Firefly?

The Best ICOs in History

filecoin

Introduction

Zeta: and a near happy future.

My first investment in a startup

When will the sharp drops on cryptocurrencies end?

When will the sharp drops on cryptocurrencies end?

Bitcoin Culture Wars: What Doesn’t Kill You Only Makes you Stronger

Tezos Blockchain cycle 427 stats

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
CoinShark

CoinShark

Bitcoin Info, Fintech News, Blockchain Technology and much more About Crypto World — CoinShark.

More from Medium

What is the IDEAS💡 Project about ?

The Auction Hammer Comes Down Inside the RFOX VALT Retail & Entertainment Metaverse

Saudi crown prince visits Qatar for first time since dispute

1/30 BRACKETOLOGY