If I were to point towards the most dissatisfying event in crypto for 2021, I'd definitely name Binance and its recent head bending attitude towards regulators. The largest crypto exchange in the world by trading volume is having lately all sort of legal issues and facing crackdown from regulators, especially in Europe.
I guess swimming in a small pond full of gators for too long is practically impossible. But throwing your loved one to the gators is a different story. That's what's happening lately with Binance and its crypto traders.
After stating yesterday that it will work by all means "to please regulators", that including clamping down on the daily withdrawals limit from 2 BTC a day to 0.06, now Binance is launching a Tax Reporting Tool to assist the exchange with compliance requirements.
“The fact is that in many countries around the world, crypto regulations are still evolving and we are all discovering the right path for this promising, young and exciting industry.
-Changpeng Zhao (“CZ”), Future Ex CEO of Binance source
That's exactly what we were missing in crypto, aside from the 0.06 BTC daily limit withdrawal that was just announced yesterday by Binance. A tool that would ensure the regulators and governments printing money out of thin air that we won't get away not even with an untaxed penny... Great job, Binance.
Why I have the feeling that in a couple of years these will become mandatory and that we won't be able to own and use any private wallets that could receive crypto from exchanges or be used to send crypto to any exchange... Is the good old times of crypto coming to an end?
I hope not, because crypto's not designed to be regulated or "incarcerated" by any sort of authority or set of laws. So far, as far as I am aware of, crypto hasn't eased any illegal activity that fiat money hasn't... thus we can no longer say that it's "criminals money". We can however notice that banksters are trying to get their hands around its neck as much as possible.
Binance is a disappointment with its latest policies and CZ has proved to be nothing more than a pussy. I know Chinese shop owners with heavier balls than he has, when it comes to standing against authorities. He's a liar to, for not sponsoring the chess team from Malta as he promised.
He used to brag about Binance being locationless, a few months ago, and now he's in a rush to please all the regulators in the world and to have headquarters wherever Binance is used... Lame. What is he trying to do, make Binance a bank?... Hope he fails, but he's definitely thrown crypto to the gators pond with his latest changes at Binance.
Disappointing... But life goes on and hope you're having a great day. See you to the next one.
Thanks for attention,
Adrian
