Binance is Becoming a Crypto Monopoly

[baigreen]

I don’t think it is possible to say that the IEO will change the market? I am begging you. Many will not agree with the terms of this monopolist. Yes, and a couple of unsuccessful projects can undermine this reputation. Of course, when you exchange number one in the world, you have a lot of opportunities to dictate rules to the market. But there will always be those who bypass these rules.

[Kasabus]

I don’t think it is possible to say that the IEO will change the market? I

It will not change but it's helping for a change, anyway it's a great platform and people trust it.
There are still investing in ICO but big investors are making sure they will invest in a secure platform and Binance provided that, that's why their coin is in demand right now and they have lots of potential investors to come.

[bitgolden]

binance coins can really damage the dominance of other coins even I believe that one day at least the BNB will be able to be in the top 5 coins because the BNB movement is really good, they have strong weapons namely binance exchangers and they use that weapon to attack other coins when conditions are weak and that's what makes it dominate the market and will continue to dominate the market

One thing I love the most about binance coin is the commitment of the CEO and the team to make sure they remain relevant in this time due to the competition we have in the crypto space, I really admire their passion and would love to raise a team that have such passion towards projects this way, I know that binance will soon become one of the top 5 coin in the crypto space, not because they have something so big to offer, but because they have their investors in heart and always create a user friendly platform.

[rjp55]

They are already leader of the market but they won't be monopoly.
Because there will always be other coins which won't get listed on binance.

[andreibi]

I don't see Binance as a monopoly. Everybody or anybody can challenge them. I only see them as the leader in every venture they sought. Back in the early days, Mintpal and Cryptsy took the lion share of the market. And then there was Poloniex and Bittrex.

[10BTCaDay]

I don't see Binance as a monopoly. Everybody or anybody can challenge them. I only see them as the leader in every venture they sought. Back in the early days, Mintpal and Cryptsy took the lion share of the market. And then there was Poloniex and Bittrex.

in a market like this, nobody can make a challenge to Binance. they just have too big assets. new projects and new exchanges will not be able to resist them

[anthon.stephens]

I agree with you, a little more and it will be a monopoly. I believe that in the near future, the top 5 exchanges will control 98% of all trades and do nothing with it. Nobody canceled the rule of Poreto. The remaining platforms will not survive at a distance of 1-3 years. Soon the wave of acquisitions will begin.

[lobat999]

It is not good for an exchange to dominate the market. But this happens in a free market. If an exchange dominates the market, competition in the market would take a back seat. But I do not understand why an exchange delists a coin based on just its low trading volume. This is bad trend. A coin should not be delisted unless it commits a grave violations of norms of cryptocurrency. Sometimes a project may fail to perform well.

I am reminded of previously popular exchanges like Cryptsy and Bittrex that once dominated market volumes but has diminished over time which only proved that nothing is permanent in cryptoverse and the idea that Binance could monopolize the market is too far in my mind. But what I can say is that I admire Binance for doing their best and has evolved to become more competitive and premiere exchange that is able to adapt to user needs and face challenges and has also become a trailblazer among top exchanges. Imho.

[beerlover]

Every company have their policy and how they operate, like you admit that Binance has done so well in the crypto industry, and their perfection is what is drawing people closer to them, they might be a centralized exchange, but they have never imposed themselves on anyone or compel anyone to use their services.

We have so many exchanges out there to choose from, if one is not completely satisfied with the level of operation, then we walk away and head for another exchange, monopoly has nothing to do here, because there is no law compelling people to use their services alone, they are simply doing their job and their job is speaking well of them.

[[btc]YSG]

I don't see Binance as a monopoly. Everybody or anybody can challenge them. I only see them as the leader in every venture they sought. Back in the early days, Mintpal and Cryptsy took the lion share of the market. And then there was Poloniex and Bittrex.

in a market like this, nobody can make a challenge to Binance. they just have too big assets. new projects and new exchanges will not be able to resist them

The big problem is that not all new start up project can afford to have their token listed on Binance due to the huge sum requirement as listing fee.

[nicecrypto]

The only thing i notice about binance is they are very smart and they know how to take advantage of situations, before now the dream of every crypto is be lunch on Bittrex but some how bittrex loss is status as one of most sort out exchange and gradually binance came and out shine all of them, can't say i blame them, they try to fill the yearnings of the people and they plan to keep moving ahead with new innovation and ideas.

[Milamol]

As long as it is possible to make money (in whatever form they may be), decentralization is hardly possible. There is always one who has a lot of money and wants more. Thus, the money will accumulate from a limited number of owners, and centralization will occur.
Apparently, in Binance an ambitious team. This is a lot of praise, but it will lead to inevitable centralization.

[valek.bruno]

I also believe that this exchange has become one of the most used today, it kills the competition and today it is probably one of the most used exchanges. You understand that this is a monopoly and today there is simply no other choice, despite all possible exchanges.

[bttmember]

You are right but at the same time i would say that they also deserved to grow big and sadly their seems to be no real competitor that can threat or give tough time to binance as a project and i think if it continues like this binance will grow into one massive platform representing most of the crypto market.

[justspare]

I tried to get in Binance IEO and failed for whatever reason and  I was a little angry but it was okay but what really got to my nerve and made I started to think similar to what you wrote in this thread in the new requirement they added for people to be able to join their so-called IEO, they are trying hard to pump BNB which I think is a very dangerous and bad move because they are giving BNB tokens a value that is totally fake and build only on the desire of joining the upcoming BNB, well I love Binance but I do not like their latest moves which made me withdraw my money from there ( Binance was the only exchange that I was feeling safe holding my money on it).

100% Agree having all this control in a field that built on Decentralization is hmm.. I can't really come with proper words to describe it.

You should understand why it is a little difficult for people to get to participate in IEO project on Binance, you are not the only one that has not been able to successfully participate, I have not also, and I hold no grudges against them, I know that it is a phase that will soon pass.

You and I know how we have many investors that are desperately interested in investing, but has been discouraged because of the ICO scam, now that they have a chance already, we have thousands of investors always lined up to invest in an IEO project once they see one, so it becomes a matter of first come and first serve which all depends on our speed and the speed of our internet/system.

Binance do not just take any project, they screen it thoroughly to see that such project is really worth it and that is why they have few of them, if they really wanted to pump BNB, they can do it easily by just simply allowing all manner of projects to come on platform which will be more than enough for everyone to participate, and then we end up getting scammed. Is that what we want again?

[warrior.coins22]

I disagree with you, in my opinion Binance has a goal that makes users feel comfortable. And everyone has a way of thinking to get to know more closely, and has nothing to do with other crypto. Confusing.

[Lexurdania]

You are right but at the same time i would say that they also deserved to grow big and sadly their seems to be no real competitor that can threat or give tough time to binance as a project and i think if it continues like this binance will grow into one massive platform representing most of the crypto market.

Binance is a company and i am believe they want to make profits from every their activity. Binance can grow because they always improve their service and customer like it, thats why binance growing faster than others. Its not a fault if company want make profits or dominate crypto transaction because its about competition

[JCviggen]

I also believe that this exchange has become one of the most used today, it kills the competition and today it is probably one of the most used exchanges. You understand that this is a monopoly and today there is simply no other choice, despite all possible exchanges.

There is always a choice, but simply trading at Binance is the most convenient way to date and you can always be sure that your funds will not be stolen

[babicena14]

I'm afraid you're right, Binance makes the cryptocurrency market more centralized and manipulative. We all want the cryptocurrency market to develop, but we do not want to have all the power in the hands of one company. It is possible that this is not a problem Binance, and the problem of competitors who can not fully oppose something. But this is admired by the management of Binance, there are people who know how to manage the company.

[Pet240]

I also believe that this exchange has become one of the most used today, it kills the competition and today it is probably one of the most used exchanges. You understand that this is a monopoly and today there is simply no other choice, despite all possible exchanges.

There is always a choice, but simply trading at Binance is the most convenient way to date and you can always be sure that your funds will not be stolen

The exchange has favoured those who are skillful in trading, which is why they will always give good testimonials about it. If care is not taken, as a newbie, one might lose fund while trading on it. This is made evident in the recent IEOs that have been conducted on the exchange. Binance is gradually becoming a central power of all exchanges and if care is not taken, it might come to reality.