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RE: Binance Moving to Malta - Island Nation Known for Tax Evasion and Money Laundering

in #malta4 years ago

I addressed this exact same topic in my most recent post.
See it:

Money laundering and "state backed" coins like Venezuela's Petro could be partially responsible for crypto bear market.

This welcoming of money laundering and corruption in my opinion is very bad marketing at the very least and dangerous at the worst. Why would Binance make such a damning move during a time when the Petro (state backed token) is being launched and crypto ads are being banned on Twitter?

If anything the push should be toward increasing legitimacy for crypto exchanges not for this. Money laundering is what is keeping institutional investment out. It could be single handedly the cause of the current crash because if all the institutional capital pulled out then it would explain at least some of the drop. The fact that the SEC doesn't want to approve certain things due to the unregulated nature, the fact that the IRS is embracing ambiguity, Binance doing that only adds more fuel to the fire.

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Thanks for your comments, much appreciated. I can see why Binance would want to move somewhere more supportive of crypto that offers some measure of stability but Malta is very very corrupt. Actually, the extent of the corruption is mind numbing, I just pointed to a few examples here.
From what I hear, Binance is very open and transparent about their operations but the power of organized crime in that part of the world should not be underestimated as I'm sure their keen to find ways to exploit crypto in the same ways as they did with online gaming.

I agree that from a marketing perspective, it would be wise to try to stay clear of any association with money laundering of course, as we know that it's often used in the fear-mongering around cryptos.

I did also read that Binance is looking to transform their business into a 'decentralize exchange', and I thought that was a least some positive news.

A decentralized exchange is good but has pros and cons. One of the cons is you will not get institutional money to flow into it. So liquidity could be a problem.

The fact that the SEC doesn't want to approve certain things due to the unregulated nature, the fact that the IRS is embracing ambiguity, Binance doing that only adds more fuel to the fire.




I'm confused a little bit. Is not the goal of the Crypto Community to have the currency be a solution or complete work around to the already manipulated and very controlled financial and govt system? Effectively removing consent from the system of enslavement they have installed? If so why then would anyone either expect, OR desire to have the approval of these entities? If they approve of Crypto it would seem to me that implies it is something that is helping them to retain control of the world. I'm pretty new as far as involvement with this because I assumed (perhaps like a dummy, lol) when bitcoin launched years ago that they were going to figure out a way to shut it down quickly unless they were behind it in some way.

The crypto community is not static. In order for it to grow it has to embrace the values of the world it is in. The SEC is not the only possible provider of safety. Self regulation is possible and preferred.

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