Hello people of Bitcoin and Crypto!
Congratulations everyone who has hodl'd their ways through $30k USD Bitcoin!
These are exciting new times for Bitcoin that were inevitable.
But today we are going to take a look at something else brewing that is likely going to happen.
Sadly, that something else is the infamous BINANCE Exchange...
Yes, unfortunately it looks like despite how successful Binance has remained.
A downhill spiral has been going on at Binance for quite some time as regulations start to tighten things up for them.
While regulations are not necessarily a bad thing!
It does come with a lot of consequences for companies that don't know how to properly navigate their ways through changes.
What we are currently witnessing is what many would like to refer to as Bretton Woods!
This time however, it is in the form of Digital Assets.
I actually just wrote an article about Bretton Woods recently that you should check out if you have time.
https://www.publish0x.com/trevor-balthrop/bretton-woods-xyvrdgl
So while Bretton Woods ultimately a good thing!
The true colors of shady companies will start to shine through and only those that adapt will survive the boom.
Many of us may have already heard of Binance's recent move to kick US residents off of their Exchange.
While there were people that were waiting for this day to come sooner or later.
It actually effects non-US customers equally, if not, more than their brand new US customer base.
After all, people still using non-US services illegally through Binance are probably already fully verified using fake information.
This actually deeply affected how a lot of people I know work with Binance!
Binance has improperly labeled thousands of accounts as being US only when they are actually non-US residents.
This completely disservices and illegally disowns rightful account owners still within legal jurisdiction!
How is this illegal you say?
Well it depends on who you ask!
For example, let's pretend you are a German resident staying in the US in 2020.
It is now 2021 and Binance sees that your account has had log ins from your stay in the US in 2020.
Binance uses your location information to determine where they "think" you are located versus where you are legally a resident.
They also break their own Terms of Service stating customers can provide information to prove non-US Citizenship.
After a little bit of research and contacting support a few times I had confirmed much of this.
They are flat out refusing to allow anyone to prove non-US Citizenship and they are basically holding funds ransom.
So if you're not quick enough to find out about your account being locked you could (and people already have) become locked out of their accounts!
With the hundreds of coins and staking options listed in binance.com for people from all over the world.
This has already caused a huge disappointment across the already disappointed Binance community.
They have made claims to customers stating that this is the only decision they could make at this time.
They even went as far as to ask me to create a new account instead.
What good will a new account do if when at any moment someone from Binance can decide where you live and hold citizenship?
Immediately locking you out of hard earned and saved money that went through their services is not cool!
Binance may have made a good move opening up a US exchange but their handling of the situation is not helping their recently soured reputation.
They might as well be COINBASE but worse since they continue to list crappy pump and dump schemes weekly.
So is this just further proof the people like CZ and the boys at Binance are really just scam artists?
Could be!
Like with anything though it doesn't last for long.
So while Binance may have many more days ahead of it still.
Its inevitable downfall is becoming more and more clear every single day they don't so something.
Will they get back up like Coinbase is attempting to do or will they face their doom?
Let me know in the comments below your thoughts and thank you so much for reading!
Thank you for reading!
https://www.trevorbalthrop.com
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