Binance: The Right and The Not So Right
April 10 2019 - 1:14PM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
April 10, 2019 -- ADVFN Crypto NewsWire -- Has Binance truly
set the precedent for growing a crypto company that all others
should follow? Pete Rizzo and CoinDesk seem to think so. In an
article today, Rizzo even went so far as to suggest that Binance
could be the top case study for all other future crypto companies
to follow in this regard.
While it is true that Binance seems
to be continuously growing, especially through the examples of BNB
and Binance Launchpad, issues do exist with the company. Rising
above all other problems is the question of Binance’s regulatory
status, especially in the United States.
Yes, they appear to have been fully
accepted in Malta and many other countries. In the United States,
however, matters are a lot hazier.
As The Block points out, Binance
basically operates outside of the USA on purpose to avoid having to
answer many of the questions that its’ regulators would have. As of
now, this strategy extends to just about anywhere in the world.
From leaving China to settling in Malta, everything Binance does
seems to be with the deliberate aim of maintaining its’ nearly
non-existent know-your-customer policies.
Reportedly, Changpeng Zhao has even
gone so far as to validate this by adding that the company is
consistently registered in enough countries at once that they do
not have to answer to one regulatory body. Not only does this go
against the popular idea that they are headquartered in Malta, it
raises two more important questions.
What, if anything, can regulators
do when a company practices this sort of deliberate avoidance while
not overtly breaking any laws? Will Binance’s
success cause others to adopt a
similar approach or will they eventually slip up in a major
way?
By: BGN Editorial Staff
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