Why we have slow steps about convincing governments to accept bitcoin?

[Slow death]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

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[squatter]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

According to the statement, this isn't the first time the MFSA has said they don't regulate Binance. They are apparently "reiterating" it, although I can't say I remember that.

Something tells me that EU regulators are questioning the MFSA in regards to AMLD5 requirements as they relate to Binance. Malta is either washing their hands of the situation, or Binance wasn't being entirely truthful about "moving" to Malta in the first place.

[eaLiTy]

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

Considering it as the biggest exchange in the market it is interesting how they are going to deal these situations, these resembles the Liberty reserve situation when Costa Rica denied their license and then the shit storm started and ended up getting confiscated. CZ been the loud mouth he is i am waiting to see his response.

[squatter]

Considering it as the biggest exchange in the market it is interesting how they are going to deal these situations, these resembles the Liberty reserve situation when Costa Rica denied their license and then the shit storm started and ended up getting confiscated. CZ been the loud mouth he is i am waiting to see his response.

CZ just put out a statement:

“There is a mix of truth, FUD & misconception. http://Binance.com is not headquartered or operated in Malta. This is old news & has always been the case, hence there is quite a bit of FUD turning this into a breaking story. The community’s comments show that understanding.”

That's kind of shady. The entire ecosystem has been repeating that Binance is based in Malta for the last couple years. They never thought to correct that apparent misinformation?

Examples:
Malta Today: Why world leader crypto exchange Binance moved to Malta
Bloomberg: World's Biggest Cryptocurrency Exchange Is Heading to Malta
Fortune Magazine: Cryptocurrency Exchange Binance Moves to Malta, Where the Prime Minister Is Welcoming It With Open Arms

I was wondering why Binance wasn't responding to AMLD5 requirements. There's the answer -- they aren't operating from the EU at all.

[alani123]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

Malta in specific has a history of having corrupt officials. They are indeed very crypto friendly, hell, they even outright sell passports. They get fines from EU for being too liberal with selling EU rights to the highest bidders, but obviously their profits are higher. I bet that this time around they say so about Binance because of some schematics that would require the exchange to pay more directly to the government.

Bitcoin doesn't need to be accepted by governments for it to function. That's among its core values.

[bittraffic]

There must be some changes to their stand to crypto business after all exchanges are making money and if more exchanges are choosing Malta due to their lose-tight regulation, it could be a reason Polo and others come to set up an office as well. It really look like every time they go elsewhere the government will be after them. Looks like a political issue. So where will binance go now if they are to go where crypto isn't heavily opposed?

[Kelvinid]

This is not just a political related issue but more about money IMO. There is no such related issue before and I think crypto projects are welcome in Malta and quite it looks different by now. This regulatory board may have to chase something for crypto owners and giving no option for them to follow the rules or have money under the table to play. Maybe I was wrong but in the current situation, I think they are looking it to happen since knowing that crypto is a growing market and these people would like to get some share also.

[Yatsan]

Are we really slowing down? No, the adoption process do really takes time before making it to the real world, it is not instantaneous just because the time is good. It is clear to us now that we are going to use a digital currency in the future, as fiat currency or bank notes will be a threat to our health security. What government is doing is testing its job to fully put it under the law and regulate it under their hand.

This is not just a political related issue but more about money IMO. There is no such related issue before and I think crypto projects are welcome in Malta and quite it looks different by now. This regulatory board may have to chase something for crypto owners and giving no option for them to follow the rules or have money under the table to play. Maybe I was wrong but in the current situation, I think they are looking it to happen since knowing that crypto is a growing market and these people would like to get some share also.

Politics, this is maybe the very reason why such thing is happening in Malta. I don't know that much with Malta but it seems like they already lost their patience or lost something huge with crypto like projects or investment. Money talks figuratively, maybe there are businessmen who already commit mistake with running crypto and does not want it to be a thing in Malta. I'm trying to conclude what is happening in Malta because this might be the regretful part in the future when we are all using crypto by any means coz major countries like Russia is already testing some platform and creatimg laws for cryptocurrency.

[Darker45]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

I don't think this is everything to do with Malta becoming unfriendly toward crypto or has been misleadingly appearing to be friendly toward crypto all this time. It may be possible that the replacement of PM Muscat will have an effect to its crypto-friendly environment if the new sets of officials are really apprehensive about being too open and friendly to crypto. But for as long as the crypto-friendly laws of the territory are there not at all repealed, Malta remains to be a haven for crypto companies.

The way I see things, it is on the part of Binance that everything falls short. I guess Binance is not really interested to comply with everything that the government is asking. Not to mention that they seem to be maintaining a mysterious existence, and they very much prefer it. They seem to be content with the status quo until they are called out for noncompliance or that they are operating illegally. It is only when things like this happen that they come out either defending themselves, brushing aside the news as FUD or misleading, or making another way out.

[sunsilk]

There must be some changes to their stand to crypto business after all exchanges are making money and if more exchanges are choosing Malta due to their lose-tight regulation, it could be a reason Polo and others come to set up an office as well. It really look like every time they go elsewhere the government will be after them. Looks like a political issue. So where will binance go now if they are to go where crypto isn't heavily opposed?

Looks it was actually like that. They probably don't thought of it that crypto business is going to be big or as it is right now and they were open before with such business like Binance until they've noticed that they should tighten or at least revise some of their regulations regarding establishing business on their jurisdiction.

Binance's statement must be clear as well, I don't know who's telling the truth and we will see where this is going.

[Youghoor]

Considering it as the biggest exchange in the market it is interesting how they are going to deal these situations, these resembles the Liberty reserve situation when Costa Rica denied their license and then the shit storm started and ended up getting confiscated. CZ been the loud mouth he is i am waiting to see his response.

CZ just put out a statement:

“There is a mix of truth, FUD & misconception. http://Binance.com is not headquartered or operated in Malta. This is old news & has always been the case, hence there is quite a bit of FUD turning this into a breaking story. The community’s comments show that understanding.”

That's kind of shady. The entire ecosystem has been repeating that Binance is based in Malta for the last couple years. They never thought to correct that apparent misinformation?

Examples:
Malta Today: Why world leader crypto exchange Binance moved to Malta
Bloomberg: World's Biggest Cryptocurrency Exchange Is Heading to Malta
Fortune Magazine: Cryptocurrency Exchange Binance Moves to Malta, Where the Prime Minister Is Welcoming It With Open Arms

I was wondering why Binance wasn't responding to AMLD5 requirements. There's the answer -- they aren't operating from the EU at all.

Wow, i am surprised as well, all along i thought Binance had acquired some form of regulatory documents from Malta hence making it a bit safer to trade on its exchange platform other than the others. I think CZ has to really clear this out with his entire Binance Community because this is not good and could bring up a whole lot of speculations against the entire Binance Ecosystem.

[fiulpro]

The problem is :-
*In many countries like China , people can barely speak up
*Even if you hire people to file a case against Government , the lawyer won't know on what basis are you supposed to handle the case ! Because there are barely any laws governing them.
*The government always makes hype about the negative things regarding the cryptocurrencies but no one cares to even speak about the positive one's.
*The hackers and scammers might not realize it now but they , are indirectly decreasing the price of bitcoins and other cryptocurrencies , these scams and negative news makes people more wary and Government more negative.

[Lucius]

I was wondering why Binance wasn't responding to AMLD5 requirements. There's the answer -- they aren't operating from the EU at all.

I must admit that I am also quite surprised that the truth they have presented to us over the years is actually a very well packed lie. Binance never actually had headquarters on Malta, but it was "spiritual headquarters." by Ted Lin, Binance’s Chief Growth Officer, whatever that means.

I’m not sure it’s a positive business practice, but why would anyone hide his headquarters for years, and why they refuses to say it today? I wouldn't be surprised if their headquarters are actually in China, considering that they announced their return there and cooperation with the Chinese government in launching that new China cryptocurrency.

It seems that after Malta is got a new government, things started to change to the detriment of the liberalization proclaimed by Malta as a crypto paradise. This is no surprise to anyone, Malta is an EU member state and has received more warnings that it cannot put things contrary to EU law/s.

[palle11]

This is not just a political related issue but more about money IMO. There is no such related issue before and I think crypto projects are welcome in Malta and quite it looks different by now. This regulatory board may have to chase something for crypto owners and giving no option for them to follow the rules or have money under the table to play. Maybe I was wrong but in the current situation, I think they are looking it to happen since knowing that crypto is a growing market and these people would like to get some share also.

What I think here is the government is trying to buy careful about making haste to accept in totality with bitcoin. They feel the right to protect the citizen and this is why it looks like it is difficult to convince the government. Before we have a genuine legal backing from government, it will take more time.

[Assface16678]

I was wondering why Binance wasn't responding to AMLD5 requirements. There's the answer -- they aren't operating from the EU at all.

I must admit that I am also quite surprised that the truth they have presented to us over the years is actually a very well packed lie. Binance never actually had headquarters on Malta, but it was "spiritual headquarters." by Ted Lin, Binance’s Chief Growth Officer, whatever that means.

I’m not sure it’s a positive business practice, but why would anyone hide his headquarters for years, and why they refuses to say it today? I wouldn't be surprised if their headquarters are actually in China, considering that they announced their return there and cooperation with the Chinese government in launching that new China cryptocurrency.

It seems that after Malta is got a new government, things started to change to the detriment of the liberalization proclaimed by Malta as a crypto paradise. This is no surprise to anyone, Malta is an EU member state and has received more warnings that it cannot put things contrary to EU law/s.

Cryptocurrency is one of the fastest-growing transaction for over the world, and we want to make some adaptation into the environment in the world. Today some people would like to make some investment with the use of crypto, and that was a piece of good news because there are now many people who appreciate the use of crypto. We all know that this kind of process makes a more straightforward transaction and also secured it is lessen having too much queue management still we want this and made a payment to our country. However, there is a problem; yet there are few countries that do not wish to accept the use of crypto, and their officials restrict some of those. Still, there is a lot of processes before a system will allow into a particular country because they need to check the security, ability, reliability and stability to make sure there are no future errors. Hoping they will now accept the use of it and see the potential to make more money and also make a smoother transac

[davis196]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

What makes the news shocking?Are you a Binance user?
The authorities in Malta can deny authorization to Binance and yet Malta can still be considered a crypto friendly country.If Binance isn't meeting certain requirements,it's perfectly normal for the authorities to refuse to give them a license.I'm not familiar with the crypto regulations in Malta,but they don't just allow any company to operate there.
We will NEVER convince any government in the world to accept cryptocurrencies.All governments will stick with fiat money until the end of the current financial system.

[adzino]

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

A country being crypto friendly does not mean that anyone can do anything with crypto currencies. I don't know whats going on with Binance and Malta or the insides stories, but knowing about the stance of Malta on crypto currencies, I am pretty much sure that Binance is probably not meeting some sort of criteria for which the financial regulator of Malta isn't allowing them to operate on their country (though I thought Binance already operates from Malta. So are they operating illegally now?). And didn't they sign off a memorandum with Malta or something?

[DooMAD]

I'm certainly not shocked about an exchange being evasive about the region in which they are based.  That seems to be par for the course.  Try to keep your involvement with them to an absolute minimum if possible.

Nor am I at all surprised that certain parts of a regulatory framework in any given country can give conflicting statements to other parts of the regulatory framework in that same country.

Personally, I see it as more of a "them" problem than an "us" problem.  I suspect crypto will generally continue to operate in a legal grey area (and often moral grey area as well) in most countries for many years to come.  It doesn't particularly matter if the steps are slow, as long as we continue to make steps without sacrificing any of our fundamental values.  I'd be far more concerned if we were making rapid developments in government acceptance by undermining the foundations that make all this stuff work.  It's going to take time for governments to accept the way in which we do things.  That's only natural.

[20kevin20]

CZ just put out a statement:

“There is a mix of truth, FUD & misconception. http://Binance.com is not headquartered or operated in Malta. This is old news & has always been the case, hence there is quite a bit of FUD turning this into a breaking story. The community’s comments show that understanding.”

~

This mixture of truth, FUD and misconception kept Binance in the top of the list IMO. The misconception about their headquarters and the false impression most of us (including me) got about them being based in Malta gave many of their customers some belief that Changpeng Zhao moved his entire exchange to a crypto-friendly country, hence the false impression of safety has been created at the same time.

You guys need to wake up and understand the chances of convincing a state to accept Bitcoin are slight, especially if we consider top powers in the world (China, USA etc). It's just not gonna work - it's against their principle.

[plvbob0070]

Probably it's because it's not their focus? Don't expect much on fast acceptance because, I mean why would the government give much attention on cryptocurrency acceptance in their country if they should be promoting their own currency? It's normal for a government to take it slow and in fact we should just be thankful that even if it's a slow progress, they still think of accepting cryptocurrency.

Although it's quite questionable since it's Binance that they didn't authorize but it doesn't mean that Malta isn't really a crypto friendly country just because they didn't authorize them to operate. They still have to consider things and they can't just accept and accept everything related to crypto to say that they are crypto friendly.