Binance customers in the UK get a lesson in why they need wallets
Binance customers in the UK have had their main method of turning crypto into fiat shut down. Many are stuck with crypto in Binance and no way of getting it out. This goes to show that you can't trust an exchange and you can't trust the government. There wasn't much time for our British friends to move their money.
Binance is going to be banned in Ontario Canada too. It is a good thing that Binance is smarter than world governments. Binance has its decentralized exchange that can't be stopped or regulated. Binance has Binance Smart Chain which can't be stopped or regulated.
In all reality, shutting down Binance is a stupid move if you are trying to protect your population. Binance is safe. Now Brits are going to find shadier exchanges and start using Defi which is much more risky. Good job UK!
Binance doesn't need to listen to any government other than the Caymans. I am pretty sure the Cayman Islands are cool with whatever Binance does as long as it provides jobs and taxes. If I were Binance I would set aside a serious amount of money to build and army to protect is nodes. Those nodes are the lifeblood of the Binance Smart Chain and DEX and the better protected they are from US or UK or Chinese invasion the safer that we all our.
Binance should do everything in its power to protect its network. One of the things I love about networks like Helium and Celsius is that you can buy a small device and help secure the network using just electricity and an Internet connection.
The world to build Web3 and the denaturalized Internet is going at extreme speeds. I am not quite there but I have already purchased a shit ton of unstoppable domains. I want to eventually setup retails sites that you can surf using your web3 browser and then use your coins to make the transaction like you would use Uniswap. A few cents and a few seconds and I have your funds. we we need some sort of Oracle that associated your crypto address with a real address because we plan to sell tangible good that can be shipped.