is it true that Binance will stop trading Cardano pair, what do you think will happen to Cardano after Sec’s statement?
I didnt see this news/announcement anywhere. Where did you read that?
If you think Binance is going to simply accept vacuous SEC assertions that various tokens are securities then you must also assume that Binance will accept all the other SEC demands. So I guess that then means that Binance will totally shut up shop, put itself into voluntary administration and liquidate all it’s assets.
CryptoSlate reported that Binance is removing 95 trading pairs.
ADA is not on that list.
However, if Binance gets out of ADA permanently, that would actually be good for Cardano. Binance multi-pools would close improving decentralization. Some of that ADA would be kept of exchanges and delegated, maybe even helping Single SPOs. More ADA holders would have wallets that can involve them in voting, thus increasing community involvement. Reduce concertation of ADA, thus reducing a chance of 51% attack.
Plus, if you check sites like Coin Rankings you can see that there are 80+ exchanges trading ADA at this moment, so no shortage of places to buy.
The truth is that if crypto network is built properly, then it wont be dependent on centralized entities (such as exchanges) to exist.
Thank you very much, but even If ADA was on the list, that is only for the US Binance,not for the Europe one,right?One more think,why is so bad for crypto to be considered as a security?Thanks!
I think thats only Binance.US.
its just that sec,the fed,us gov is so chicken of the crypto world because of the dollar going down in value and by printing of the greenback @ the fed office is not as fast they want ,more more faster and bigger is goal,but that benefits the crypto market this janet yellen dont want to happen that inflow of some trillions she wants to stop it before its nears the gold marketcap…after that taking a bite of the giant marketcap of forex fed can not handle this pain in their asses. they made a start with xrp case now focus is on the rest lets see how it plays out🤞
Thank you, why is so bad for crypto to be considered as a security?Thanks!
There are many reasons I think, and I’m not qualified to name them all, but I believe it revolves around treating Crypto as an investment device. i.e. something you only buy with an intention to sell it at a premium later on.
So this ignores many of the intrinsic reasons people buy Crypto like -
- Self custody
- Payments and intl money transfers
- Utility! is the most glaring one they ignore imo (most serious coins/tokens allow functionality and using Dapps etc.)
Also, I’m * guessing * it helps them box it in, in terms of ownership, governance, and legal liability. I’m not sure, but I think it helps ignore the challenges brought up by the projects being decentralized.
From Binance -
The lawsuit further asserts that ADA holders, including those who acquired the token after March 2021, were led to believe that their investment in ADA was linked to the development efforts of Cardano Foundation, IOHK, and Emurgo.
Read into it what you will Cheers