No. He had the same financial incentives to not want to have to worry about the BSA and dealing with AML etc. as CZ.
This is not a company vs. company sort of issue, this is a "I want to avoid regulations that would cost me money as a fundamental aspect of my industry " issue.
If Coinbase thought they could legally not worry about all of this, do you think they would want to deal with it?
The sheer quantity of money used in cryptocurrency for money laundering and activity where traditional payment processors will not accept payments (largely illegal, e.g. drugs, counterfeit goods) also means that the keeping the ecosystem healthy involves having ways for this money to flow.
No. The entire crypto ecosystem requires a steady infusion of capital and an absence of regulations to prosper, since their primary use case outside of speculation is for handling money by people who can't get past normal KYC/AML checks. If those people no longer have anywhere to on/off ramp into the crypto ecosystem, most of its "legitimate" (in the sense of actually getting real value out of it rather than just speculating) use goes away.
I don't think you know what you're talking about. Surely everyone on the Coinbase platform is vetted seeing as they're a publicly traded company. Presumably the vast majority of Binance users are not in fact money launderers.
cthalupa|4 months ago
This is not a company vs. company sort of issue, this is a "I want to avoid regulations that would cost me money as a fundamental aspect of my industry " issue.
If Coinbase thought they could legally not worry about all of this, do you think they would want to deal with it?
The sheer quantity of money used in cryptocurrency for money laundering and activity where traditional payment processors will not accept payments (largely illegal, e.g. drugs, counterfeit goods) also means that the keeping the ecosystem healthy involves having ways for this money to flow.
Jweb_Guru|4 months ago
TheBlight|4 months ago