TL;DR Breakdown
- Binance’s first-ever ad in Financial Times states “Crypto is Evil.”
- The world’s largest crypto exchange faces tight regulations and needs community support.
- Obviously a sales gimmick, but is the ad effective in getting more clout for users?
Is it a mere coincidence? The same week the US Infrastructure Bill got signed, a regulation on the crypto-related transactions and the Chinese government further clamped down on Bitcoin mining. Binance places its ad in Financial Times for the first time stating the irony of most crypto-related news headlines, crypto regulations, and fundamental rights of crypto users – Crypto is Evil.
The crypto space has been one with many heartbreaking headlines since its inception. If this space were to be an idiom, it definitely would be “Don’t judge the book by its cover.” Most crypto-related headlines are always negative, yet more protocols are being built, more projects with utility are being developed by the increasing passionate communities. It’s literal power to the people.
The crypto space has impressively grown against disbelievers and antagonists since Satoshi Nakamoto gave the world Blockchain technology, a decentralized system for the record of transactions. Utilized for digital currencies, the system is backed up by a cryptographic algorithm maintained and linked in a peer-to-peer network.
Is Binance available in New York?
Regulators of many countries, including the United States, are saying Binance is operating without permission. Insider trading or market manipulation alongside tax invasion are some of the charges against Binance in the US alone.
In trying to tackle these allegations, Binance has restricted its US citizen/resident users from using its leading exchange Binance.com but has since onboarded all US citizens and residents to Binance.US, which BAM Trading Services handles.
Binance Exchange, though it lacks licenses in countries where it operates, is tagged the world’s biggest crypto exchange in a recent article by Wall Street Journal and has been at the forefront of many regulatory attempts on the crypto space. But has been maneuvering over the years with no head office or formal address. It advocates for appropriate regulation of crypto marketplaces.
Even after launching its native token BNB and a launchpad has faced alot of regulatory challenges. Founded in Hong Kong in 2017, then went packing after China banned Initial Coin Offering (ICO). It’s not new to see China clamp down on everything crypto. Rumour has it that this stiff regulation is because of plans to launch its digital currency e-CNY (Digital Yuan).
The crackdown
A beautiful journey for Bitcoin, one must say: from Bitcoin’s creation in 2009 to the first P2P Bitcoin transaction in which Satoshi sent 10 bitcoins to Hal Finney as payment for service. 22nd of May 2010; 10,000 Bitcoin was used to buy 2 Papa John’s pizzas and celebrated as Bitcoin Pizza Day.
In 2017, in what seems like the first traction the crypto space got, Bitcoin crossed the $1000 mark and was then called a “fraud” by JPMorgan’s CEO Jamie Dimon, a statement he later took back. Bitcoin has seen retracements from an All-Time-Highs of over 600 percent, high volatility swings. Today it trades at $60,624, and this event became the beginning of the continuous attempt at crypto regulation.
Besides China and the US, India’s financial regulatory body has joined the regulatory clampdown on cryptocurrency trading. Tier 1 and 2 cities of India have more population in terms of Crypto adoption. Would this change as the people anticipate seeing their government’s stance on if crypto would be tagged illegal or not?
The largest crypto exchange says regulations are inevitable, but all crypto users should also lend their voices in choosing how the blockchain space would evolve. Crypto belongs to everyone! What’s your perception of this Binance ad? A sales gimmick to attract more attention, but was it successful for Binance’s intended marketing purpose? Please tell us in your comments below.
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