Binance is not an American company and sending money to Iran or Palestine or Hamas is something should not be up to Americans to decide, i personally will not accept Americans be the police of the world they did so much horrible things and terrorising Muslims for so many years.
I hope for the day the world will be decoupled from dollar as universal currency. That day countries will free to trade with each other without worrying about some orange head with low IQ.
> Binance is not an American company and sending money to Iran or Palestine or Hamas is something should not be up to Americans to decide, i personally will not accept Americans be the police of the world they did so much horrible things and terrorising Muslims for so many years.
Doesn't matter, tbh. Regardless of the philosophical viewpoint here (which I do agree with), AML and Bank Secrecy type laws exist basically everywhere, and are no joke. They're one of the few things that bank executives go to prison for.
And like, Binance were just convicted of this a few years back. I wouldn't be surprised if the US government tried to shut them down at this point. And if Binance are persona non grata to the US government then they're out of the dollar system which basically cuts them off from almost the entire banking system.
It does matter, for non-Americans, that America isn't the world police and doesn't dictate laws, norms and how other countries behave. Maybe it used to be relatively fringe to have this point of view, but last few years really vindicated this point of view, and I agree that many countries in the world should continue focusing on decoupling themselves from the US, this particular issue highlights one motivation for doing just so.
> It does matter, for non-Americans, that America isn't the world police and doesn't dictate laws, norms and how other countries behave. Maybe it used to be relatively fringe to have this point of view, but last few years really vindicated this point of view, and I agree that many countries in the world should continue focusing on decoupling themselves from the US, this particular issue highlights one motivation for doing just so.
All of these (American driven) laws exist in basically every country at this point, and it's gonna be a struggle to remove them. Like, how would you even spin this as a good change?
I personally regard AML laws as problematic as they weaponise the financial system against its citizens with no democratic right of reply, but that doesn't change the fact that these laws exist basically everywhere and aren't going to be repealed.
> Like, how would you even spin this as a good change?
I'm not American, why would I want American laws to apply to me? How could you possibly spin that as a negative change?
> but that doesn't change the fact that these laws exist basically everywhere
So you're saying that there is a Maltese law (or whatever jurisdiction Binance actually is right now) that is saying Maltese companies cannot do business dealings with anyone from Iran? That's the important part, not whatever the US laws says.
There are AML and sanction laws everywhere, yes. However the US sanctions are mostly enforced by not letting the offending banks transact in dollars, which are basically controlled by the US government. Because the US dollar is the world reserve currency, this normally causes banks to comply with this legislation and sanction lists.
Yes yes, we understand you, if you want to participate in the USD, you follow US embargoes, you have repeated this without actually answering any questions like 5+ times in this submission now, I think most of us understand the point you're trying to make when you keep repeating it.
They don't exists in every country, the question then becomes do they exist wherever Binance is actually headquartered?
So why all the raving about US this and US that if no one, including you, even know where they are based? Do you not feel like that's relevant when discussing US embargoes?
America doesn't dictate laws in the way you describe. However if someone is claiming to be an enemy of the state, it is the the federal government's duty to protect itself and it's citizens. This is [one of] the core responsibilities of the government.
> America doesn't dictate laws in the way you describe.
In this particular case they do, because they cut banks off from the dollar system if they interact with sanctioned entities. It's probably one of their most effective weapons against their "enemies".
Crypto isn't bullshit well most of it is but the utility is still used by millions of people around the world, specifically USDT and USDC which they proven a good way to move your assets without too much regulations.
So it is regulatory arbitrage. I think many of the critics never contested that crypto is good for doing crime. The critics just also think that either those crimes should continue to be prevented via the financial system or the financial system should be deregulated for all without a crypto backdoor.
A Money Market Fund gives you interest if you are able to access it.
This is kind of a pattern:
1. There is some regulation that is inefficient ( e.g. taxi medallions, KYC, copyright protection ...)
2. New technology comes about which allows startups to claim that they have invented a new area that should be regulated differently
3. Turns out (2) is not true and new technology can easily be mapped to existing regulation but it would look bad for the regulator to take away the punchbowl
4. There is some down-turn (bubble pops) and the regulator takes away the punchbowl OR investors have accumulated so much money/power that they corrupt the government to have new rules for their businesses
I hope for the day the world will be decoupled from dollar as universal currency. That day countries will free to trade with each other without worrying about some orange head with low IQ.
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