Binance is Becoming a Crypto Monopoly

[usekevin]

It's quite dangerous for a centralized exchange to monopolize crypto, from owning bandges to bullets; they want everything to come in contact with their ecosystem before crypto's actually see true success. But, Binance's recent movements is having the inverse effect, they are becoming a truly a dangerous threat to crypto entirely, this is in my opinion and sentiments.

Imagine Binance dictating which cryptos see success and which others fail, that's the direction we're headed in, or how they want us to perceive what Binance actually means. They've done a lot of good for crypto as a whole since they were founded, but CZ is trying to expand and monopolize everything, for: power, money and what's probably most important to him, his fame.

I suggest the community start being critical about these power-house exchanges, especially Bianance since they are the largest by a mile (discounting all fake-exchanges). IEOs are a small indicator towards the centralization of power, giving the big guys the authority to dictate which coins you should be investing in. Crypto was not founded by someone telling you which coins you should invest or not invest in, it's always been a cycle of growth and maturing.

There are ultimately many repercussions that will be seen, for what's occurring right now. They will not been seen in the short-term, but will have lasting implications for crypto as a whole.


Binance is beginning to look a lot like MT. Gox, but for a whole new era.

It's cryptosystem. So nothing is permanent. Binance had a huge customers now.The drawback in binance is the withdrawal fee.If you had used binance, even you may experienced this.Many new exchange are emerging with some good features.So their is change for anyexchange to replace the place of binance. Monopoly is not at all permanent in the cryptofield. Due to some attractive features,  some exchange may be in top for certain period.

[1714191539]

1714191539

[1714191539]

1714191539

[creeps]

We have so many options and monopoly will never happen in cryptomarket. Binance is not the only exchange who implement IEO, and not the only exchange who will delist BNB. The current growth of BNB is just an indication that the competition in cryptomarket is high and some other exchanges should also improve their system or else BNB will take control of the market, but i doubt on this since BTC is still there to control us.

[alexsandria]

But honestly, I did like the move of the CEO when he delisted BSV. Tweeted a straightforward message, no fuss. I don't know if he was thinking at that time that with that such action, other exchanges will follow thru. I believe, it is his inner desire to do that not considering anybody else's opinion.

Let us see how things unfold for Binance. But right now, they are one of the reputable exchanges out there.

I see, as one of the best exchange in the market for now, binance actually can encourage other exchanges to delist and list a particular cryptocurrency. One thing is when kraken has just delisted Bitcoin SV. We can further see its market implication to make a move and be followed by small exchanges.

[incomefromcoins]

Even though Binance holds most of the share in crypto i still believe binance is growing organically with all features of developments like fiat exchange and new blockchain and strict rules in listing binance is having a positive growth in the market

[Caladonian]

We have so many options and monopoly will never happen in cryptomarket. Binance is not the only exchange who implement IEO, and not the only exchange who will delist BNB. The current growth of BNB is just an indication that the competition in cryptomarket is high and some other exchanges should also improve their system or else BNB will take control of the market, but i doubt on this since BTC is still there to control us.

The dominance can influence most small exchange with the act of delisting coins and adding coins from the list, so far binance is really succeeding from how they handle the business, but monopoly can't be done inside this industry as there's lots of whales who can immediately interfere in such act, binance can move forward and continue to succeed from how they play the game.

In time, we will see how this issue will be concluded, if binance take this action or stay as what they are now, enjoying the success of their business.

[niisarearning]

Even though Binance holds most of the share in crypto i still believe binance is growing organically with all features of developments like fiat exchange and new blockchain and strict rules in listing binance is having a positive growth in the market

Even I think the same binance is much reputed exchange also they released their mainnet . One point you missed out there is bnb trading pair also available in exchange . Even I think binance growing organically . Lots of coin without any usecase still overvalued.

[taratorly]

It's quite dangerous for a centralized exchange to monopolize crypto, from owning bandges to bullets; they want everything to come in contact with their ecosystem before crypto's actually see true success. But, Binance's recent movements is having the inverse effect, they are becoming a truly a dangerous threat to crypto entirely, this is in my opinion and sentiments.

I've been watching in the same thought for a while now. People started to shape their investments according to Binance. Many coins' pricing (Negative or Positive) first begins at Binance. Everyone actually follows Binance. Even projects that are useless can be valued and listed in Binance.

And in the current order, there's nothing to do ...

[Sacramentus]

It's quite dangerous for a centralized exchange to monopolize crypto, from owning bandges to bullets; they want everything to come in contact with their ecosystem before crypto's actually see true success. But, Binance's recent movements is having the inverse effect, they are becoming a truly a dangerous threat to crypto entirely, this is in my opinion and sentiments.

Imagine Binance dictating which cryptos see success and which others fail, that's the direction we're headed in, or how they want us to perceive what Binance actually means. They've done a lot of good for crypto as a whole since they were founded, but CZ is trying to expand and monopolize everything, for: power, money and what's probably most important to him, his fame.

I suggest the community start being critical about these power-house exchanges, especially Bianance since they are the largest by a mile (discounting all fake-exchanges). IEOs are a small indicator towards the centralization of power, giving the big guys the authority to dictate which coins you should be investing in. Crypto was not founded by someone telling you which coins you should invest or not invest in, it's always been a cycle of growth and maturing.

There are ultimately many repercussions that will be seen, for what's occurring right now. They will not been seen in the short-term, but will have lasting implications for crypto as a whole.


Binance is beginning to look a lot like MT. Gox, but for a whole new era.

binance starting to monopolize crypto is quite really bad both for them as a company and to the crypto. One thing I know is that if they continue like this, it will lead to their fall if they think they can or will will control everything that they want

[mindrust]

Nobody's forcing you to use binance. They take their power from their users. If you don't use binance, they'll lose their influence on the markets.

People however like binance. That means binance is doing it right.

Exchanges come and go all the time. I remember the same thing used to be said for poloniex in the past. Where are they now?

[andika2018]

Even though Binance holds most of the share in crypto i still believe binance is growing organically with all features of developments like fiat exchange and new blockchain and strict rules in listing binance is having a positive growth in the market

I am agree. Binance always upgrade their service and right now binance is biggest exchanger. I think every project have a dream listed in binance because binance offering big daily volume.

[xenomorphe1]

I don't really think that they are all powerful. As the listing of coins is very expensive, other exchanges are going to list more coins more easily.
The bull run of BNB was just because of the announcement of the DEX exchange. But now, people are really going to see who is going to use it and if it was worth the wait or not.
What i see is the BNB coin looks like a pump and dump scheme.

[muratsink]

binance is extraordinary, it is not easy to arrange exchange and coins in one destination. but Binance always makes new innovations. a few days ago Binance made the Binance chain. Binance Chain only focuses on the transfer and trading of blockchain assets. The network will focus on performance, ease of use and liquidity. Coin Binance Coin (BNB) will be upgraded to have a blockchain network and the Binance company will be converted into a community. Binance also created Binance Dex. for sure the innovations made by the binance team aim to attract the attention of investors and traders.

[Lawrenzoo]

What exactly is the issue here, do you know how many exchanges we have out there for you to pick from, you do not have to belong to Binance community, you can just look for one that is perfect and would not have the lapses of this company.

[take_off]

I think Binance sees that only exchange is not enough, with its finance and popularity in this market. They can do anything from the best chain development to exchange DEX best. All of this will help Binance maintain its unique position in the crypto market

[toast]

The most important thing for Binance is being able to maintain its integrity and also the trust of every investor who has made a trade or investment in the exchange because we know that binance has a considerable appeal. if indeed it is a problem, it will be a big problem for binance. a big challenge

[puertorikosena]

Yes it's true. Binance in a very short time has become the number one exchange and is now expanding its influence, becoming a monopolist. This is both good and bad. Monopoly is bad. Trusted service is good.

[TheWolf666]

The main issue with Binance is that they have a coin BNB. There is an obvious conflict of interest here. Everyone knows that most volume is faked, so that they can push their own coin and manipulate it.
It is just a matter of time until Binance goes under the radar of some government and its CEO end up in jail.
They are making too much money, they are shady, sure they will get in trouble.

[Vaskiy]

Yes it's true. Binance in a very short time has become the number one exchange and is now expanding its influence, becoming a monopolist. This is both good and bad. Monopoly is bad. Trusted service is good.

Just with the trusted service it has been standing high in the market. This at times give a outlook of a monopoly which to my view is not real, because every exchange seems to function in the same way while it is the one that clearly identifies the need of the investors, traders, developers and making updates accordingly.

[nightl]

The main thing is not to repeat the situation with MT.GOX - that been one time biggest trading center on cryptocurrency
Any centralization in a less decentralized network is not good.
I understand that the market dictates its own and  Binance product itself is usefull...

[Iykecollins]

Binance exchange gained momentum over a short time and with the introduction of their exchange coin made it more attractive and gave birth to what other exchanges have copied. One should give it to them for bringing the idea that made it grow so fast and topping in the exchange charts. Currently bnb goes a long way to determine what happens in the crypto space and I could recall how price fell when it was rumored that Binance was hacked.