Binance Lapses Let Hamas, Isis, Al-Qaeda Make Bitcoin Trades

bloomberg.com

9 pointspavlov8 comments

The article has a list of violations that Binance has admitted to.

In addition to funding Hamas and ISIS, it includes money transfers to Russian-occupied Ukrainian territories, Russian darknets, tens of millions of dollars in ransomware, North Korean hackers, and more than 1,000 child porn transactions.

Crypto’s product-market fit seems pretty clear by now.

Surprise! Lack of regulation entices and encourages criminal behavior --- including market manipulation (a player with large volume (aka Binance) *is* the "market"), money laundering and fraud.

I used the (legitimate) profits of cryptocurrency trading to fund part of a house. But you wouldn’t see that in research such as this.

Crypto does not produce or create anything of *value*.

For every winner in the crypto "marketplace", there is a corresponding loser somewhere. But you wouldn’t see that in research such as this.