Binance is Becoming a Crypto Monopoly

[Punakawan]

To fight a large market, of course, it requires big capital, in my opinion, currently Binance has not been able to monopolize the market, in fact Binance's presence is good because it makes the market look better.

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[manfredmann]

No this is wrong of course. The market is not being controlled by any user's and let them.choose whatwver the exchanges they wanted to.

Though Binance is one of the crypto echanges in the world and hoping that Japan will be using bitcoin and so diacussing. Besides, Promoting a country ro use for bitcoin wi.be  a great belp for. those who personny ontributed or investment in bitoin

[Kaneki11]

I don't disagree with you on this point, but if you're trying to point out how CZ called for the delisting of bsv few days back and how other top exchanges followed his footstep.. i support cz for making such decision 100%

[starblocks]

Binance may currently be the market leader, but there is plenty of competition in the exchange and the launchpad space so there's unlikely to be an outright monopoly and some of this startups initiatives are helping develop the market further, however, the high entry requirement for IEOs may be prohibitive for ordinary investors and attract only larger "whales" which is unhealthy for the crowdfunding industry regardless of the quality of the offering

[bison]

I don't disagree with you on this point, but if you're trying to point out how CZ called for the delisting of bsv few days back and how other top exchanges followed his footstep.. i support cz for making such decision 100%

I think this has become a scandal from a binance exchange place and it has become very natural if a very large binary exchange place has a lot of slander circulating in various kinds of media.

[Bitfling]

No this is wrong of course. The market is not being controlled by any user's and let them.choose whatwver the exchanges they wanted to.

Though Binance is one of the crypto echanges in the world and hoping that Japan will be using bitcoin and so diacussing. Besides, Promoting a country ro use for bitcoin wi.be  a great belp for. those who personny ontributed or investment in bitoin

I am agree with you. People can make trade in others exchanges, its about choice. People choose binance because having big liquidity and binance always improve their security. I dont think binance becoming a crypto monopoly, its about how company give best service to their customer and to attract new member.

[H1N1]

Actually, there are other top exchanges in crypto sphere that can competing with Binance if they have more features.
Other exchanges may can offer investors something, for example burning their token to increase their value.
Or maybe holding many competitions to the traders around the world, to attract more traders and investors.

[fasdorcas]

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?

I think it is not easy for people to get part in IEOs conducted on Binance because of the huge number of people who are already registered on Binance and who are ready to invest in these tokens when the token sale is conducted on Binance.

Obviously, the competition is very tough when you have limited tokens and unlimited people ready to buy them so the sale gets finished in few seconds to minutes which is something not just possible for someone all the time to get lucky.

[wenwen]

Yes Binance is a very very good product of the company.  This is one of many projects that can monetize your project. The most important thing is that the BTC cryptocurrency has a good purchasing power and there is a place where you can spend these coins. ETH XRP EOS cannot boast of this. The problem of monopoly is very important and other projects need to reach Binance.

[hummer113]

Now only the very lazy don't follow CZ in twitter, each shilling coins gives +10 - 20% at least. The main thing is not to keep all assets on exchanges.

[Pamadar]

Yes Binance is a very very good product of the company.  This is one of many projects that can monetize your project. The most important thing is that the BTC cryptocurrency has a good purchasing power and there is a place where you can spend these coins. ETH XRP EOS cannot boast of this. The problem of monopoly is very important and other projects need to reach Binance.

They need to have more competition not only with those well known coins but also as a whole, other exchange site needs to follow what's binance done so they can also attract more investors and traders to use their platforms, competitive platforms will allow the traders to choose around and not just to concentrate with this exchange and project alone.

[leetcoiner]

I do not consider Binans a crypto monopoly.  Because there are a large number of exchanges on the market.  This suggests that Binans is the best and more people want to work with it.  This is a normal practice.

[wheelz1200]

Yes Binance is a very very good product of the company.  This is one of many projects that can monetize your project. The most important thing is that the BTC cryptocurrency has a good purchasing power and there is a place where you can spend these coins. ETH XRP EOS cannot boast of this. The problem of monopoly is very important and other projects need to reach Binance.

How is this even a response.  OP is talking about binance controlling a lot of the exchange volume and the power you get when things become more centralized.  Purcashing power of btc or other alts doesn't matter.  And I agree with the OP we need some more exchanges getting more of the exchange volume, but it's an open market people can choose where they want to trade.  You want things to change, dont trade there.

[CryptoKush]

I do not think that Binance can become a crypto manopoly. Yes, this exchange is very popular, but there are other major players on the market who will not be in a crypto monopoly with Binance.

[hiburak]

I think Binance is simply doing everything they can to increase the value of their token similar to big corporations like Apple doing the same. I don't see any problems with that.

The bigger problem is the other exchanges using BNB's valuation and fake volume on their exchanges to inflate the value of their tokens. All these exchange tokens are being dumped to the market slowly, and we should stop that.

[JuanPaulo]

I believe that Binance will soon begin to fall back on the position of conducting an IEO, this will cause negative consequences for him from the BNB.
And the new Binance exchange, it is not decentralized at all, which will also alienate a large number of potential users.

[cchub]

Binance is very big, and wants to have a monopoly. I don't blame them for that. It is up to us to accept it or to fight it. We are the most important thing: users. They are nothing without us. Even Binance!!

[mattadc]

Binance is very cool bi yeah.  It is not a monopoly, it is just so convenient that it is used by many, many people.  There are other exchanges but why they are less used.

[klaaas]

and you can always be sure that your funds will not be stolen

That is not true at all, since you dont own the private keys. there is always something that can go wrong on the backside of the exchange.
Sure they try to keep everything neat and tight but dont take it as a certainty.

[freedomno1]

I do feel Binance is doing an excellent job in a world where we have seen a significant amount of exchanges collapse, having a beacon of stability and a waypoint is needed, from a user perspective it makes sense why Binance is doing so well in it's present state.

That said I agree that the centralization of exchanges runs the inherent risk of collapse as these are places where hacks become extremely profitable even with the top end security measures put in place it only takes one effective zero day to lose significant sums of money.

For now I do not see them as a monopoly just as a powerhouse in the community, whether that changes will depend on if competitors can keep and develop their own markets and maintain attractive strong alternatives to Binance or upgrade their current platforms to the next level before Binance.

They do have weight and they can push it if their buttons get pushed dropping SV is a good example of that, other exchanges however do not need to follow what Binance does  and can take market share from them for these decisions as it is a stand.

It's just a bit harder to trade those coins unless they are liquid exchanges as users need to move to an exchange that supports that coin and can cause some chilling effects, a lot of good projects do exist on other trading platforms not listed on binance they just don't scale to the level where they are listed on Binance until they grow to a fairly large presence or have good advertising.

There are still places for other exchanges to take advantage of this gap whether in quality or safety compared to the established cryptocurrency players that emerge on binance.

In the long run from a shouting beacon.
I see binance evolving beyond an exchange towards a platform for many projects and to get very political on its stands in the future.
There is certainty of more debates come.