Binance has been denounced by the Cayman Islands, the standard for clandestine money movement and nebulous corporate structure. Some have called for the end of Binance because of these political attacks from the West.
I wouldn't be so sure. If Binance was just some company being called to task by its government overlord, I'd have a different opinion. But it's not.
Binance is a better version of Bitmex because the founders can't be called to heel by any jurisdiction. It has an economy denominated in its own fiat that corresponds with outside economies as an equal, not a subordinate. That makes Binance a country, not a company. Binance founders may choose to promote Binance as a company to the public and to physical nation-states, but that's not what it is fundamentally.
It's completely natural for countries to denounce other countries with policies that don't match. It's also important to know that Cayman is a vassal of the UK, created to hide the fortunes of UK royals and nobles. With most other financial issues, it benefits the UK to pretend Cayman is a separate entity. For Binance, an entity that undercuts the entire UK money system, UK/Cayman gets on the same page.
So this honestly isn't surprising once you look at the background politics. And by itself, I wouldn't take it as a sign that Binance is going down. Even as cases hang over the heads of Bitmex founders, the Bitmex exchange continues to create new perpetual swaps and leveraged trading opportunities (not that you should take them).
But if you're anything like me, you have a dilemma. Perhaps you've made some money in crypto, but not enough to blindly support a potential failing project. If you're heavy in on Binance and Binance loses its access to Western speculation, your portfolio would likely take a hit that would hurt. It's too much.
So there's a question of profit vs. morals. And I didn't get into crypto to continue having this dilemma in my life. I'm tired of it. I know that having a perspective costs money — that's primarily what I'm relying on crypto to buy me. Freedom of perspective. Fuck you money. And although crypto is getting me closer, I don't have it yet.
So unless I come up with some solution, the safe bet is to get out of Binance and off BSC. I'm not into supporting centralized chains anyway, and I've written ad infinitum that Binance is not a long term trade for me. It does not adhere to the philosophy of decentralization that I'm looking for. Like Solana and Matic, this is a stepping stone.
I actually think it's time to cycle back to Ethereum network. Gas fees are low, Richard Heart is promising a full-state fork of the chain, defi is bubbling, and updates soon to come give the network promise of better performance. So although I don't think this attack on Binance will kill it, it just seems like a great time to cycle away.
More specifically, I'm getting out of the BNB token. Binance being attacked doesn't mean BSC is going down. (Bitmex is still functioning; XRP is expanding even as the SEC attacks it.) So if you're in yield farms that don't contain BNB, you don't actually feel any negative effects from the political attack.
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