Privacy Vs. Regulation: Binance Threatens Users With Account Suspension; Doesn’t Tolerate Transactions For Gambling, P2P, Darknet
Binance makes headlines again, and this time is due to some restriction-related issues.
Max Hillebrand is a popular figure in the crypto space. He’s an economist who started reading Keynes when he was only nine years old, and he got into Bitcoin and crypto at the age of 16.
He says that Bitcoin is for everyone, and it’s interesting to note that even his grandmother runs a Lightning node.
He’s been recently angered by Binance after receiving a message from them, and he tweeted the whole story.
Binance doesn’t support transactions linked to darknet, P2P, gambling
“@binance Singapore does not tolerate any transactions directly and indirectly with gambling, P2P, and especially darknet / mixer sites.”
He tweeted the entire e-mail as you can see below.
Here is the full mail.
"Please be rest assured that user privacy is one of the keys and most important aspect."
"Your account will be suspended…" for claiming your privacy.
— max hillebrand ~ 🏴☠️ Taproot By BIP 8 (@HillebrandMax) December 20, 2019
He also quotes Binance’s CEO Changpeng Zhao and he posted his opinion on privacy, regulations, and exchanges.
But overall, Max’s conclusion is “don’t rely on trusted third parties to fight for your privacy.”
The blog post Max is referring to begins by saying, “There is still much confusion about regulations, KYC, AML, privacy, and specifically how they are related to different types of exchanges. On this blog, CZ shares his best knowledge on these issues and hope they can help you as well.”
We recommend that you check out the whole post on the official website.
Privacy vs. regulation
Twitter users have varied opinions, and Max’s post triggered a massive debate in the comments.
Some users say that they understand CZ’s attitude.
For instance, someone said, “If users want to break local laws, it seems far more prudent to do it with off-exchange wallets. I’m not a fan of some of CZ’s tactics, but I understand his desire not to run Binance like it’s Silk Road.”
Another Twitter user posted this: “If your definition of third parties fighting for your right to privacy is not following regulations, you’re going to have a bad time. I’m all for privacy, but if you’re going to gamble/do things not permitted in your jurisdiction, don’t get bent when a compliant exchange is.”
Regulation is a really debated issue in the crypto space these days along with privacy.
While some voices are supporting regulation in order for the crypto industry to work properly, others are not here for it at all.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.