ㅤ

[stompix]

Wow!

As Binance constantly evaluates its product and service offerings to proactively comply with local regulations, we will discontinue the following offerings in Korea, effective immediately.

KRW trading pairs
KRW payment options
P2P merchant applications
Korean language website support

Leaving the "evaluate", aside, this one is one of the most serious moves, even removing the language support? What about north Koreans  and the Korean diaspora? This makes me think they are desperate to just give in any demand from every country just to stay out of trouble.

Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators

This is just pathetic, you cut 70 million poeple from your platform and you still bow down and say thank you, we welcome your regulation!!!
I still have their debit card and a few mbits there, I think it's about time to empty it rather than wake up one week later and see I can't access it anymore, by the end of the year Binance will only operate in Nauru and Tuvalu at this pace.

If Binance needs an executive with tons of experience with regulators, they could just hire someone for that purpose in a position other than CEO, perhaps chief regulatory officer or something of the sort.  And no doubt they need someone like that, because I don't think the pressure to conform to the regulations of the various governments of the countries in which Binance operates is going to lighten up; I think the pressure is only going to increase.

They can hire whoever they want, there is no hero that will suddenly manage to make all counties forget about all their regulation and make an exception for cryptos and Binance. The authorities move slowly, they do years and years of paperwork but once that is done nothing can stop them, Binance thought that because nobody is targeting them right now nobody is going to bother them ever. They chose the way of dealing with trouble when trouble comes, Coinbase had a different approach, they started with the bootlicking from the strat, they cared less about the customers and more about their relations with the regulators, obeying every step, and from the outcome, it's pretty easy to see who has picked the better way.

[mindrust]

It's an eventuality. Binance will likely follow the paths of Bittrex and Poloniex that went before it.

There is absolutely nothing that CEX's can do when it comes to regulatory pressures. The best that they can do in response is to prolong their existence - but eventually they will come under the regulated exchange bracket. Nothing you can do about it.

The whole centralised exchange industry is sort of subject to this invisible diseconomies of scale - the more you expand, the more regulations you receive, and hence the worse off you are.

Makes sense. From that perstective, it is safe to say if you are the owner of a centralized crypto exchange, staying small is better for your company's future and I am not sure if that's a choice because there are so many frauds in the space, these people will use whatever exchange they can and grow them bigger over time. The CEO/owner won't understand what is happening right away, he will think the volume is genuine but in reality, the scammers are laundering their money by using a "clean" exchange till it gets "unclean". That's why exchanges go down 1 by 1 after getting "too" big.

[DavideBaldini]

@mindrust

I believe money laundering also spontaneously happens when all of these apply:

1) the user of an exchange has not verified his ID
2) he occasionally trades on the exchange
3) he never pays capital gains tax on his profits, and doesn't declare his investments when required by law

AFAIK that is enough to be charged of money laundering. Its illegality doesn't necessarily imply an obnoxious behavior.