Binance is slowly taking over crypto.

By MadMaxx | Psycho Crypto | 24 Apr 2021

While that might be a weird title, it definitely is true.

You see, Binance has been trying to control every single aspect of the crypto market. But they've been doing it in the shadows. You only need to look a bit deeper to see what they're doing.

In crypto, there are a few major aspects:

  • Centralised exchanges
  • Decentralised exchanges
  • Blockchains
  • Mining
  • Staking
  • Farming
  • Cards and fiat services
  • Wallets
  • Indexing (Coinmarketcap, Coingecko, blockfolio)

I might have missed a few, but I hope you get the idea.

Now, look at that list carefully. Binance has an option for EVERY single thing on that list.

Binance is the world's leading centralised exchange, with millions of users worldwide. People actually risk being banned just to use Binance, because it isn't supported in their country. That's a level of dedication I have never seen before.

As if that wasn't enough, they needed to have their own DEX. Enter Binance DEX, the DEX on Binance chain. It wasn't enough either, so they built pancakeswap.

Now these two services might seem decentralised and all, but that's not the true story 

You see, the chain they're built on, the Binance Smart Chain is not a decentralised blockchain at all. In fact, CZ has boasted about the ability to roll back transactions on BSC, which means it's 100% centralised and then some.

This essentially gives Binance control over all DEXs built on BSC. 

Then Binance started mining pools for BTC, and in a few weeks was the number 10 mining pool worldwide for BTC. This is because thousands of people pooled their computer resources together, but they routed through Binance, who controls it by extension.

Then there's wallets. Binance bought the infamous Trust wallet for quite a lot of money and now basically controls it. The trust wallet team is registered as an extension of the Binance team. Control.

Then there's indexing. Coinmarketcap, the famous free minded indexing platform was purchased by Binance for a few million dollars. Within a few hours, the ranking method was changed to make Binance the first exchange on the list, and BNB the first coin on the list.

I don't think I need to go further, but I'm sure you get the idea.

Binance is everywhere. They WANT to be everywhere.

While this might be a good thing (if their services are connected seamlessly), there's a chance that having one company presiding over ALL the matters in crypto could essentially centralise crypto. It's not something I want to think of.

What do you think of this? Have you seen it in this light before? Is it just becoming obvious to you?

Let me know down below! 

If you enjoyed the article, a like and tip would be amazing. Thanks for reading, and see you next time!

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In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.

Psycho Crypto
Psycho Crypto

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