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.

[Charles-Tim]

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?

Definitely, they did not meet the requirements which is the reason the exchange is not licensed. Binance withdraw its MiCA application with Hellenic Capital Market Commission in Greece, the exchange will will pursue the application with either the regulators in Ireland or Latvia. Hope something good will come out of it as they still have two other alternatives, but I hope it is not political.

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

There are many other exchanges like Binance that has low fees. OKX and other exchanges are increasing their workers already because of what is about to happen to Binance.

[rat03gopoh]

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.

This rejection stemmed from concerns about Binance's past sins, which appear to be their primary consideration. It was the ECB that intervened in Greece's decision.

Reuters reported that regulators were hesitant due to Binance's previous fines for money laundering, its extensive organizational structure, and its perceived risky corporate culture.

beincrypto.com/binance-mica-license-greece-rejection-ecb-president/

This should have been a sign that Binance was indeed hopeless in dealing with the EU.

[sunsilk]

Maybe the EU wanted to break the market's competition just to earn more from taxes.

It all leads to that, more taxes, more license to operate which means that binance has to inject and pay more money just to get that approval.

They know how to work on this because US did it to them and I think some asean countries as well.

So basically, it's all about the compliance that they have to work on plus some money taxes that shall be applied to them.

But if it's not this, EU shall close their doors in any negotiations if it's with the ties of dirty money that can rotate on binance.

[BitMaxz]

I heard that Binance is rejected from getting licenses in some countries these days. I can't find the news, but I recently read it somewhere. The news aggregator is just buried and flooded by news related to stocks and crypto bleeding.

The rejection seems serious, and I heard they can't get some license to some countries mainly in the EU. I read that they can't provide any service nowadays to the EU, but according to the news "Maybe" so it's not decided yet if these countries will reject Binance.

Edit: It seems I found the news where I read it
- Binance's Greek license application may be rejected, risking loss of EU service eligibility
- Binance’s EU license application may be rejected, potentially losing its eligibility to provide services in the EU starting in July

[PostQuantumBTC]

I heard that Binance is rejected from getting licenses in some countries these days. I can't find the news, but I recently read it somewhere. The news aggregator is just buried and flooded by news related to stocks and crypto bleeding.

The Markets in Crypto-Assets (MiCA) regulation applies uniformly to all 27 European Union (EU) member states according to what I saw about it online, 27 countries is not small at all and that is the discussion now. Probably that could have been the news that you heard about Binance. I do not see any other countries that want to delist Binance than the European Union. It will make the market better and less concentrated on a single exchange.

[joniboini]

It will make the market better and less concentrated on a single exchange.

I agree that less concentration is better, but if the method is to limit specific exchanges or countries from competing would people still call it a fair game? My memory is a bit hazy but I've seen similar scenario happened in my country when the government block overseas exchange while there's no good alternative on the market. I guess you could say that happens because bigger players just make users stop moving to other exchanges in the first place, but I wonder what'd happen if it takes longer than expected to actually have a decent operator (probably won't happen in this EU context since the number of alternatives are big anyway).

[stompix]

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.

Oh yeah....the war against Binance!

Short recap:
-Binance loses license in Japan, CZ flying out of the country with his bag of stashed documents, threatens everyone with lawsuits claiming the opposite
-Binance claims it has a Malta license, Malta claims the opposite
-Binance claims it needs no license since it's "global"
-Binance loses its license in UK, after claiming for half a year that everything is fine and everything is FUD
-CZ goes to prison for the exact reasons MICA was brought to life...

Sorry, but I just can't picture Binane as a victim here, I wonder why!

[examplens]

It is only assumed that they will be rejected, although there is still very little time left.
Binance turned to seeking a license in France, and Binance France SAS already has a DASP registration with the AMF (from 2022) — that's pre-MiCA approval.
https://www.thebigwhale.io/article/mica-france-binances-last-resort-in-europe
https://www.binance.com/en/square/post/337702022773713

We can like them or not, but reducing competition is not something that improves.

[Lucius]

~snip~
Sorry, but I just can't picture Binane as a victim here, I wonder why!

Maybe if they changed their name to Binane, they would have a better chance? 

Use DEX, reject CEX, let it be the new motto of the EU

[Charles-Tim]

Use DEX, reject CEX, let it be the new motto of the EU

It is not over for centralized exchanges in EU countries. OKX, Kraken, Coinbase, Crypto.com, Bitstamp, Bitpanda, Gemini and some other exchanges has gotten MICA license and will continue to operating in EU. You can see the rate people are falling for scam, that is exactly what people are. Only few people learn more, which means only few people learn more about privacy. Some people does not even know what privacy is just as some people do not know the difference between wallet and exchanges. I have asked someone before which wallet he is using, he said Binance

[MarryWithBTC]

~snip~
Sorry, but I just can't picture Binane as a victim here, I wonder why!

Maybe if they changed their name to Binane, they would have a better chance? 

Use DEX, reject CEX, let it be the new motto of the EU

If they change to Binane, they would become the rest exchanges that charge higher fee in order to generate bigger tax for the government
Honestly, binance under CZ and up till today has faced the most challenges than other exchanges and yet they still stand tall and strong. I believe they will also survive this. They are definitely appealing this one. Let's wait for the drama.