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by RhodoGSA 1823 days ago
Well, it's limited in scope as long as they don't intentionally go out of their way to circumvent the ban. UK citizens can still access binance's offering via a VPN, although it is not legal. You can't make the entire executive team non grata because your citizens are using a VPN to access a banned product.

The whole thing with this is it shows how powerless nationstates have become in their ability to regulate these kind of things. Binance has the possibility of being regulated to death, but what about the decentralized derivitives exchange DxDy or Sythetix? Here in the US it is illegal as a retail investor to have more than 3x trading leverage on securities. I can get access to 10x leverage on Sythetix as a retail trader which is technically illegal, but since it's not a security it's in this weird gray area. Even if the US finally starts understanding the possibilities inherent in crypto, they wouldn't be able to stop it even if they brought the whole weight of the US nationstate ontop of it. It's decentralized. You'd have to shut down Eth, Matics, DOT, Solana, Etc. To stop these kind of exchanges. Each of these orgs might have a few people to arrest or point too, but are largely 'Decentralized' and already on the blockchain.
2 comments
alasdair_ 1823 days ago
>You can't make the entire executive team non grata because your citizens are using a VPN to access a banned product.

The USA did exactly this with a large publicly traded UK company. They arrested the executives the moment they touched down in the US on a transfer flight.

The CEO is now going to jail: https://casinobeats.com/2020/03/26/pokerstars-founder-isai-s...

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RhodoGSA 1823 days ago
Haven't heard of this before, but after some research they willingly didn't comply with any of the regulation. They allowed money to enter from US bank accounts. Binance has verification for the Fiat onramp for UK citizens. What i was discussing above was using already purchased crypto and trading it on binance on a VPN using leverage/Margin. A.) pretty unavoiable and B.) pretty untraceable.
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wrboyce 1823 days ago
> UK citizens can still access binance's offering via a VPN

Are Binance not required to make would-be customers jump through all sorts KYC shaped hoops?

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RhodoGSA 1823 days ago
If you require deposits in fiat. If you already have crypto you don't need any amount of verification. You can utilize a BTC atm and create an account with only an email.
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toomuchtodo 1823 days ago
Who owns the ATM? That entity will be required to comply with the AML and KYC financial regulations of the host nation state, regardless if you ever transact fiat.
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