This is quite a blow to crypto.
Sounds like a unfortunate name correlation.
By-nantz, there ya go
I think its part of the inevitble fightback against crypto.
the bank of england has already said “its bad”, but that didnt do much. this worries me a bit more.
The idea is they want to stop the scam exchanges and ones that dont meet fintech requirements. but they could also use the same stuff to try to shutdown the exchange of crypto to fiat in general. idk. im pretty sure they were going to use the site for futures and stuff like that.
I havent got access to the Financial Times article. The uk tabloid (trash but very popular) papers could make this look really bad for a bit.
but I know nothing about regulation or finance. I would be interested in what other people think.
In the context of the above KYC stuff, I think decentralised exchanges could make or break the usability of privacy coins beyond using them to “wash” other cryptos. Which to me is not really the purpose of zcash, sure its a feature but not what its about.
Oh yeah its definitely an exploit if the two truly have no affiliations but, as such with the other negative reports, the ball is definitely in their weird, parlimentary court now regardless of the factuality of the claims.
Perhaps to less significance, Binance is also shutting down their operations in Ontario, Canada, due to the new regulatory environment. Indeed, it appears the domino effect of regulatory expansions has started to come down in many places. I expect more of this in the coming weeks. Short term, this will probably mean a claw back in interest and valuations of crypto, in general, but long term, the more that regulators tighten their grip, the more interest we might see in Zcash.
binance is a plague to the industry tbh what kind of CEO tweets “bnb is not at ATH therefore it is in a dip, not financial advice.”
I agree, its pretty absurd. but it seems to be the current world. its 1am here and I have already had three friends contact me with “the sky is falling” - im having to explain to them that its not binance . com but . uk which whilst binance own it, it is about futures, something heavily regulated even if it is magic internet money.
afaict binance . com is fine and you can still use it in the uk, because magic internet money itsself is not regulated. but we will see, i could be wrong.
although then i have to explain how binance.com is very likely uncompliant with most fintech laws and if it goes that far they will shut up shop rather than pay to get the required certs (it costs a lot. especially as they cant use COTS payment HSMS and have to use bespoke network ones.) - they all took this as a given and part of the risk model though, which surprised me a bit.
@IsentropicExpansion welcome to the forums. I did not know that. is it binance.com? so proper binance as it were? It is worrying either way. I dont know if you have had much chance to look around yet, but i posted this in another part of the forum. imho it is the most compelling reason to use zcash - Articles about Privacy and Security - #131 by mistfpga
It is Binance.com that is shutting down their service to Ontario.
For Ontario, they’re capping the maximum investment that someone can have in cryptocurrency (I believe it is $30,000 CAD), prohibiting investment in certain coins, like Tether, and also, profits are subject to capital gains taxes.
There is probably some more restrictions to it as well, but I think that’s the gist of it.