New regulatory shuffle just dropped
One of the fun (?) things about cryptocurrency is that it's newer than regular cash - or as crypto-enthusiasts call it, fiat - which is why it's less regulated. I will leave the case against regulation to liberals interested in making it; Instead, let's turn our attention to this Wall Street Journal story about Binance.
The world's largest cryptocurrency exchange, Binance, witnessed a plunge in the value of Bitcoin on May 19. Users were locked out, unable to make deals to stop the bleeding.
Looks like people are having a bad time!
Now, Robinhood users are suing Robinhood over the March 2020 outages, but Binance doesn't have headquarters - so it seems Binance users are having a little trouble figuring out how to file a lawsuit. I’m not kidding, and here’s how the Wall Street Journal put it: “But unlike a more traditional investment platform, Binance’s platform is largely unregulated and has no headquarters, which makes it difficult, traders say, to know who is submitting the petition.” There seem to be two groups trying to figure out how to sue this company, one in France working with 700 people and the other in Italy.
This is horrible for the guy who lost over $70K on Binance but also amazing? [Flicks on the forehead] You can't sue me if you can't figure out how to serve me. In any case, Binance claims that it has "taken immediate steps to address users affected by the outage" and provide compensation. One user told the Wall Street Journal that the reward was equal to three free months for Binance's VIP platform in exchange for letting the whole thing go.
Perhaps here I should mention that the US Department of Justice is investigating Binance for its role in money laundering and possible tax evasion.
There are a lot of things to be excited about about Binance but to me personally, it feels like a real-world test case for libertarian values. The company is relatively unregulated — at least, compared to most banks, which is what exchanges essentially boil down to the cryptocurrency ecosystem — and this turns out to mean that Binance can essentially deceive its users with complete impunity. It seems people are having a bad time!
Anyway, I feel sorry for the guy - a different guy - who told WSJ that he lost $3 million because the Binance app won't let him sell his position. Perhaps he will reconsider Fiat as an investment vehicle.
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