I won't lie I am a walking conundrum when it comes to Binance. The reasons for this are numerous but for the most part, it boils down to the lack of accessibility for United States users face when it comes to using it. While Binance.US exists everyone knows that it really is not the same and actually I am not able to use it because I grew up in Texas. Even though I now live in Washington, DC when I contacted support they more or less told me that Binance.US will not allow me to have an account due to being born in Texas.
These issues alone are a huge issue for any crypto business like Binance but it is something else entirely that has severely impacted them and their position going forward. Binance failure to get BNB listed on major US exchanges creates a huge flag for investors both within the US and abroad as the US is still the center of the investment world. Companies fight and angle their way to get US stock listings because of the cash that can flow to their businesses and the same principle exists for the crypto industry. Failure to get this listing on a variety of exchanges is an issue for investors who could pour vast amounts of money into the space.
The issues with BNB getting listed and being able to unitlize the chain initially has caused Binance a ton of issues within the US financial sector and more importantly did not gain them any allies in the US. With regulations coming having allies in the US is going to be key and since that has not happened Binance has been looked at with extreme suspicion in the US and its regulators. For Binance the time to attract allies to really influence policy have passed. You could argue that the Twitter investment would qualify but Binance's allying with Elon might not pay off at all what so ever.
A lot of this could have been avoided if one thing had happened and that is BNB getting listed on major US exchanges. However, since it was not the case Binance itself is going to face issues both now and in the future. Regulators and governments are going to be all over them now that FTX has fallen and Binance for better or worse played a part in it. TImes will tell how sever the damage is but for now I think CZ and the rest of the Binance team know that challenges are coming.
As is my daily tradition I continue to stack my free sats daily in the meantime. If you have not signed up for the Fold App's debit card yet and would like to earn 20,000 sats just for doing so use my referral link here! FYI if you do not use a referral link when signing up you will not receive the 20,000 sats for signing up for the debit card!
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
Fold App
Offers daily wheel spins to win free sats daily! If you sign up for Fold with my link here you will get 20,000 sats for free!
Robinhood
Robinhood is offering an excellent signup deal if you use my link here where we will both be awarded free stock. All that you have to do is sign up and connect your bank account for the award! With commission-free crypto trading and the ability to set limit orders, it is a great hybrid offering in my opinion! Not to forget the addition of wallets and the ability to send and receive crypto!
Unstoppable Domains
Sign up using my link here and get a free $10 credit towards your first $40+ purchase!
