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It is always a challenge to find the right words to start an article, especially when addressing the cryptocurrency market, as news in this segment moves quickly and is constantly updated. There is always breaking news to shake up the market.
In the past week, several news related to the crypto market were discussed, but the one that certainly shocked the crypto world was the delisting of all privacy coins, including ZCash, by the "largest" cryptocurrency exchange in the world, Binance.
Binance claimed compliance reasons with local laws in France, Italy, Poland, and Spain, depriving many individuals of the choice to use private money.
I consider this episode a tremendous nonsense on Binance's part because they do not elaborate on the matter or provide a clear explanation for the decision, leaving the market without answers to pertinent questions on the subject.
Some argue that it may be because they are trying to comply with the [European Union's MiCA - Markets in Cryptoassets law](https://www.kplawtr.com/news-insights/crypto-assets-regulation-mica-approved-by-the-european-parliament), which was approved and will come into effect in 2024.
However, the same law does not prohibit the trading of privacy coins at any point and states that as long as the user is properly verified and the platform is up to date with the data and approved for business within the European bloc, they will be given the green light to proceed.
MiCA is an approved law to protect users and exchanges, as long as they are in compliance with respective governments and anti-money laundering measures.
Some claim, for example, that privacy coins are used for money laundering and terrorism financing, which is incorrect. It is the individuals who are at fault for misusing cryptocurrencies. Even fiat money is used to finance terrorism and various other illicit activities. Therefore, we must address the human error that is susceptible to committing crimes, rather than blaming privacy cryptocurrencies.
Another fact is that no exchange uses ZCash in shielded mode, for example. They use the coin in a transparent manner, allowing them to see how, when, and where the transaction took place. There is no valid reason to delist the coin based on baseless and dishonest allegations. But in the end, who are we to decide? They are the ones making the decisions.
Another topic that also shook the market was the delisting of several trading pairs on BINANCE Australia, as the fiat conversion provider unilaterally stopped offering the option of AUD deposits on the exchange, resulting in a sell-off of Bitcoin on the platform.
While other trading platforms in Australia were selling Bitcoin at the actual price, Binance Australia had discounted prices, but there wasn't enough Australian dollars within the exchange to buy Bitcoin. This episode only highlighted the serious problems that the exchange is facing in Australia, and there may be severe consequences in the future.
regulator revoked Binance's license in Australia some time ago and has no plans to reconsider it. In Canada, Binance had to exit the country citing compliance reasons, but it managed to open a new market in Thailand through a partnership with a local company.
Hong Kong has become one of the first places in Asia to create a set of laws for the crypto industry and allow individuals and small businesses to trade cryptocurrencies. There are already players like Huobi applying for licenses to operate in the territory. This shows that the West is losing out by being in conflict with the industry and letting the technological treasure slip away to other regions.
But I also believe that it's time for power to change hands, don't you think?
Anyway, it was a busy week in the crypto space, with lots of crypto news to please everyone. Here, I mentioned some things that I could firsthand follow and bring to my readers. Please keep in mind that all opinions expressed here are mine, and the articles with the mentioned information are available on my blog.
As the week begins, I'm also preparing to bring daily crypto news to all of you. I look forward to seeing your comments below, as it ensures that my work is being appreciated.
Disclaimer: Content and images are original created by me.
