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June 15, 2019, 04:28:43 AM |
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Fellow US traders -
Binance restricting American users to a separate exchange is a pain in the ass, and while I’m not surprised I am a bit peeved.
Honestly as a day trader most of my stack is in BTC so I didn’t really get caught by the alts dumping, but my precious BNB took a big hit…
What’s going on in the background that made Binance do that?😱
The US government “alphabet soup” agencies (SEC, FSB, etc) have drawn a line in the sand and told crypto exchanges that their American customers had better comply with American laws. 👮♂️
This is causing Binance to split into an American exchange and an “Everywhere else” exchange, Bittrex to restrict access to some coins for Americans, Polinex to delist some alts, and so on.
For American traders, what does this mean?
Unfortunately we’re going to have a different set of rules, and it’s going to have a big impact on crypto.
Expect to have to provide more identification, especially for withdraws.📋
The SEC won’t let Americans freely trade any coins that it thinks are securities.
A lot of alt coins will take a beating during this time, but that’s actually the good news! 🔨
See, all through the bear market of 2018 very few bad projects actually ran out of money and shut down or gave up. That’s the point of bear markets, to shake out the crap. 🐻
I’m not happy that the SEC is deciding which coins get beat down and which don’t, but at least some of the worst projects will finally die.
It means that we’ll finally get rid of a bunch of shitcoins and even outright scamcoins! 👌
In the short term it might cause pain, but in the end this is good for crypto.
Cull the herd. 🐮
Let the strongest survive! 🏆
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