Binance is currently involved in several legal battles, getting singled out by governments around the world to abide by all sorts of regulations and laws https://www.publish0x.com/geo-political-economical-developments/well-there-it-is-dnb-concludes-binance-is-illegally-operatin-xnxnjrx
and has therefore recently hired former US treasury criminal investor Greg Monahan and now former Abu Dhabi Global Market CEO of Financial Services Regulatory Authority Richard Teng, to help them get their internal affairs in order and start fighting back. https://www.finextra.com/newsarticle/38692/binance-hires-new-singapore-ceo-amid-ongoing-legal-battles
But what does this mean for the Crypto world? Not every exchange can go out hiring experts from around the world to clean up their act and appease every single country's domestic regulations and laws. https://www.publish0x.com/geo-political-economical-developments/netherlands-is-so-free-they-are-the-only-nation-in-all-of-eu-xmklrdk
Will this make Binance the absolute number 1, or are they accelerating their demise by first going too big and now overspending?
Whether Binance succeeds and manages to stop tax dodgers and money launderers or fails and gets fined and banned from numerous countries, the outcome is still the same; Their former clients will simply just move to the next exchange, which will start making them grow significantly and attract the same attention from regulators and financial officials, thus repeating the cycle. Meaning that sooner or later, other exchanges will have to deal with this issue or reject citizens from a very, very long list of countries.
The legal developments and statements from central banks and officials is something to be watched to very closely the coming months, it may very well be the beginning of a new world for centralized exchanges.
