Bye Binance?

[alani123]

It seems as though the EU opened war against Binance.

Just as the exchange was about to receive their MiCA licence the EU intervened directly and forced Greece to throw out their application although everything was seemingly going well.

The issue I see here is that while the EU supposedly takes these measures for consumer protection, all other now licensed exchanges have more than double fees for trading crypto. So where exactly is the consumer protection?

Binance had a maximum of 0.1% fees across all crypto and fiat pairs. The standard on other exchanges is 0.25% or even above.

Maybe the EU wanted to break the market's competition just to earn more from taxes. But this happens at the expense of consumers again.

[mindrust]

More like "bye China"

Who benefits from this decision most? It is obvious... Coinbase and USA do. So, It wouldn't surprise me if coinbase/USA was behind this operation...

We are talking about billions of dollars here and Binance surely knows how to get their license. They have the fundz and resources to get whatever the fuck they want. The problem is, knowing what the regulators want and doing what they ask ain't working in binance's situation because it is not about the license itself this time. It seems to me It is about getting rid of binance/China.

[NotATether]

I think Binance will probably appeal this.

I wouldn't be surprised if Binance and other large crypto exchanges don't employ some of the highest-paid lawyers in the world.

I don't have a dog in this fight, but it is of course logical to think that Binance is going to contest this recent action of the EU in the European court systems.

[Darker45]

More like "bye China"

Who benefits from this decision most? It is obvious... Coinbase and USA do. So, It wouldn't surprise me if coinbase/USA was behind this operation...

We are talking about billions of dollars here and Binance surely knows how to get their license. They have the fundz and resources to get whatever the fuck they want. The problem is, knowing what the regulators want and doing what they ask ain't working in binance's situation because it is not about the license itself this time. It seems to me It is about getting rid of binance/China.

But, if I'm not mistaken, the likes of Bybit, OKX, KuCoin, and others will remain and will also benefit from this. If this is indeed an operation bye China, then they only eliminated the Zhao and Teng. Why are the Zhou, Xu, Gan, Tang, Lyu, and others allowed?

Or is it only Binance that's being singled out? I've read in the news that no less than ECB President Christine Lagarde opposed its MiCA license application. Although this isn't verified, if this is true, then it might indeed be bye Binance.

[alani123]

More like "bye China"

Who benefits from this decision most? It is obvious... Coinbase and USA do. So, It wouldn't surprise me if coinbase/USA was behind this operation...

We are talking about billions of dollars here and Binance surely knows how to get their license. They have the fundz and resources to get whatever the fuck they want. The problem is, knowing what the regulators want and doing what they ask ain't working in binance's situation because it is not about the license itself this time. It seems to me It is about getting rid of binance/China.

Of course this situation made the remaining licensed exchanges lick their fingers.
They were losing and losing market share to binance simply because somehow binance had figured out they don't need high fees to make money.

But the consumers are the ones who suffer most out of this.
Other exchanges don't have good liquidity and fees are predatory.

I don't think it is an issue with china though. Other Chinese exchanges got a license to operate in EU. But Christine Lagarde probably wanted to be done with the biggest exchange.

[JeromeTash]

I have always told people that the government or the regulators do not give a damn about the people. It's all just about control. The consumer protections they always sing about are to just give people a false sense of safety, but meanwhile the hidden agenda is to weed out competition, enrich their already powerful friends and have only exchanges they can control and request to do anything at any time.

[Lucius]

No one thought that this EU decision had anything to do with what happened not so long ago in the US when their CEO was pardoned by a man who is not exactly popular in the EU? Some will say that CZ is no longer officially at the helm of the company, but we all know that he is still pulling the strings and that he has suddenly become great friend with the one who forgave him all his sins.

In addition, CZ promised to invest all those billions of $ from the returned fine in the US. Considering the very strained relations between the US and the EU, it is not so impossible that the decision has something to do with it.

[mindrust]

More like "bye China"

Who benefits from this decision most? It is obvious... Coinbase and USA do. So, It wouldn't surprise me if coinbase/USA was behind this operation...

We are talking about billions of dollars here and Binance surely knows how to get their license. They have the fundz and resources to get whatever the fuck they want. The problem is, knowing what the regulators want and doing what they ask ain't working in binance's situation because it is not about the license itself this time. It seems to me It is about getting rid of binance/China.

But, if I'm not mistaken, the likes of Bybit, OKX, KuCoin, and others will remain and will also benefit from this. If this is indeed an operation bye China, then they only eliminated the Zhao and Teng. Why are the Zhou, Xu, Gan, Tang, Lyu, and others allowed?

Or is it only Binance that's being singled out? I've read in the news that no less than ECB President Christine Lagarde opposed its MiCA license application. Although this isn't verified, if this is true, then it might indeed be bye Binance.

More like "bye China"

Who benefits from this decision most? It is obvious... Coinbase and USA do. So, It wouldn't surprise me if coinbase/USA was behind this operation...

We are talking about billions of dollars here and Binance surely knows how to get their license. They have the fundz and resources to get whatever the fuck they want. The problem is, knowing what the regulators want and doing what they ask ain't working in binance's situation because it is not about the license itself this time. It seems to me It is about getting rid of binance/China.

Of course this situation made the remaining licensed exchanges lick their fingers.
They were losing and losing market share to binance simply because somehow binance had figured out they don't need high fees to make money.

But the consumers are the ones who suffer most out of this.
Other exchanges don't have good liquidity and fees are predatory.

I don't think it is an issue with china though. Other Chinese exchanges got a license to operate in EU. But Christine Lagarde probably wanted to be done with the biggest exchange.

That's true there are other Chinese exchanges operating in Europe but none of them are also as big as Binance.

When Binance is gone, those other Chinese exchanges won't fill the gap Binance will leave behind. US exchanges probably will. That's why I asked "Who benefits most from this decision?"

Maybe some European exchanges will also benefit but It is pretty damn obvious it won't be the Chinese ones.

That's why, Bye Binance = Bye China.

[crwth]

From what I have read in this thread, there's no concrete evidence yet presented on its actual compliance. Like, why would it be blocked, or is there any other requirement they didn't meet?

For users, Binance could be a game-changer thanks to its lower fees.