Binance is Becoming a Crypto Monopoly

[darewaller]

it should be a good thing for all of us, because it will make it easier for us to choose a good investment, they are a large community so it will be very profitable to see and follow their steps because as we know that large communities can change many things , so when we invest according to what they say, then we will most likely benefit and isn't that what we are looking for?

Such thinking does make sense because Binance is exchanging crypto which has a large market share, after which it creates crypto to be traded. The result is quite good because the sales are large and the price is high. Today Binance Coin costs US $ 32.
The achievement of this price is very good compared to other coins that have already circulated. Maybe investors believe in the work of the professional Binance team and master crypto technology so that coin sales reach high prices. It's not as high as Bitcoin or Ethereum, but it's already very good.

It doesn’t make sense to me also, binance is strictly just using its strategy to win the market and they are having beef for it. One question they would have asked is how they are monopolizing the crypto market. When the exchange platform was hacked, did they force anyone to stay with them? NO.

People stood by them because the saw the potential in them and having believed in the best their technology is capable of bringing to the real world. I have been with binance for a long time now and I have remained with them because of the benefits I am enjoying through them that other exchanges does not have.

[1715032546]

1715032546

[Dpat]

According to the daily traded value Binance is not the top1 but the OkEx is number one. BNB coin is most traded but still it is in the rank below 5. So, you can't say Binance is the crypto monopoly.

[zgrdyg]

They are getting stronger and stronger every day.

It is harmful to decentralization but at least they did pay from their pocket when the hack happened.

[tk808]

They are getting stronger and stronger every day.

It is harmful to decentralization but at least they did pay from their pocket when the hack happened.

I agree, again I'm not the only one who shares this view. One just has to look at the history of crypto and other notable figures (Vitalik notably) who are expressing various of concerns.

[MedvedevVasilyS]

They are getting stronger and stronger every day.

It is harmful to decentralization but at least they did pay from their pocket when the hack happened.

I think that very soon, many people will understand that this is not correct. I do not believe that Binance can create a monopoly - someone will stop them

[royalfestus]

What binance is doing can be replicated but it demands a lot of money and good leader. Now they have lot of trust from traders that they keep increasing. now they are building their own blockchain and producing the most profitable IEO, its just a way to overtake ethereum by getting into the market directly. Imagine an exchange that handled hack so well that traders didnt lose anything, who wont want to get on this exchange. if any other exchange can do this let them give binance the competition

[Genrix]

The only thing what I don't like about Binance is that they restrict some users to participate in IEOs+ not allowing to use DEX for some countries looks weird and controversial to DEX ideology

[Msworld83]

You actually nail it all cause I have also been thinking of this for a while that binance has now become an exchange that dictate the success of any project which is not suppose to be so as crypto ecosystems is concern .

The monopoly has generate to swapping ETH token to its own chain which is another way to get rid of ETH in the smart contract chain.

Binance has become more powerful that if it badmouth any project then fail is the project and if it list shit coin then the moon it goes which is a dictatorship to the decentralized ecosystem and it need to be checkmate in other not to have control over the crypto space.

[bitkanu]

The only thing what I don't like about Binance is that they restrict some users to participate in IEOs+ not allowing to use DEX for some countries looks weird and controversial to DEX ideology

The reason they do that is the fact that each of countries has their own regulation, if the intend to not comply with the regulation they could just make it available across the world because they are trying to gain as much customers as they can but NO the reason is regulation, some country doesn't like to accept such thing and some or I'd say the rest really have a strict regulation and it takes too much from a company to just get approved, that needs to be taken into account aswell.

[Little_king]

They can play it whatever they want. In the end, they are still a centralized entity in a decentralized community. If ever we see them too powerful, they cannot stop the community from abandoning them. The community still have the real power. If we stop using their service, they are done.

Yes community is much powerful than them but every one seems save using them and also have this kind of volume generating opportunity for any coin you buy there which makes you believe that your coin or token will eventually gain some profit rather than other exchange that I will hardly see tones of volume which actually cos inactive.

[joshy23]

They can play it whatever they want. In the end, they are still a centralized entity in a decentralized community. If ever we see them too powerful, they cannot stop the community from abandoning them. The community still have the real power. If we stop using their service, they are done.

Yes community is much powerful than them but every one seems save using them and also have this kind of volume generating opportunity for any coin you buy there which makes you believe that your coin or token will eventually gain some profit rather than other exchange that I will hardly see tones of volume which actually cos inactive.

And that's where Binance really play well, attracting more investors to use the platform/exchange and invite investors to buy their tokens for some benefits
and be allowed to invest with the launchpad where they also caters the sale periods of IEO's, very good marketing and business planning.

[swivel1983@gmail.com]

I am also concerned about the hegemony of Binance in the crypto market, but while the situation does not look serious, there are many competitors who are able to impose competition. But Binance looks even today like Apple or Google in the early stages of its development.

[CryptoLing]

Exactly what I have in mind, I see Binance is very popular and many volume goes there. Many projects begging to get listed there, I heard a coin already apply for 1 year and don't even get a reply. To be fair, is not Binance fault, their services from the beginning make them the "best" crypto exchange out there. I just hope there will be another good exchange that can compete with Binance.

[spike420211]

Yes, Binans is becoming a more and more monopolized system attracting more and more projects to its network, given that the coin itself is centralized, which can create quite a few problems with the development of the blockchain in the future.

[Iykecollinz]

I have once held this view, of course Binance is wielding too much and determining a lot in this space, they have worked hard for it and holding unto the powers they have, of course they are not careful with they may lose it. A lot of attentions now on Binance projects, Mainnet, new Binance stablecoin and a lot of successful IEO's. But the fact that Bchsv that was delisted from Binance some weeks ago still pumped reasonable recently means Binance doesn't determine it all.

[nightl]

unfortunately, there is indeed a monopoly, and in current situation one cannot get away from it. We need worthy competitors to binance, but there are not very many of them now.
The monopoly on crypto market is very bad for everyone, they can noticeably manipulate market.

[ACheair]

I don't think that Binance will ever become a true monopolist, due to the simple fact that other exchanges are also constantly evolving (like for example coindeal is expanding by being available in US soon). If something will happen to Binance again (better not) in some nearest future, they will lose much more than just money, but a huge part of their credibility. Being a number one is great, but it also makes you the main target.

But we can't blame Binance for this, their services are great, it's amazing platform. I hope that they won't outgrow the rest of the players to be honest.

[Dacosta Osei-Tutu]

You have really made a very good point. Now most crypto investors see listing on binance as the main indicator of a success of an ICO. People are influenced to invest more during ICO once they are being promised that the coin will be listed on Binance. This is really becoming a threat to crypto

[GREENch]

Changpeng Zhao is not so scary, I'm more worried about the "whales" who at one point can bring down the price of any cryptocurrency for the sake of their machinations.

[zulfi125]

As you know most of crypto market volume in Bianance and most of investors also investing in Bianance projects so in future may be Bianance will be single manipulator in crypto industry .