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.
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