Senior Associate Nick Barnard has written an article for The World Financial Review on “Banning Binance and the Challenges of Regulating Crypto”
“Given the known risks of money-laundering and consumer harm posed by cryptocurrency, regulators are unlikely to conclude that it is beyond their physical or conceptual remit simply because those involved have no interest in playing by the usual rules, and indeed often set out to avoid doing so. By declaring that Binance is nowhere, Mr Zhao has by omission acknowledged that it could be anywhere, thus giving every regulator a reason to worry and offering little by way of reassurance.
As a cryptocurrency exchange, Binance also shoulders the burden of being an identifiable hub in an otherwise decentralised network, and so the inevitable target of regulatory attention. Whilst those dealing in cryptocurrency may enjoy some degree of anonymity, Binance has nowhere to hide. ” Nick states.
To read the full article click here