Will Binance Lose Customers Due to the Lawsuits from Regulators
Over the past two months , Binance has faced not less than 5 warning from regulators from Canada , Japan , UK and today Hong Kong Securities and Futures Commission's (SFC's) warned them that they do not have right to operate in the country.
When Ripple faced a lawsuit from SEC it made the price of XRP to fall to 20 cents which saw investors lose money , someone have panic sell in between the fall. With the rate at which Binance is getting lawsuit From many regulators , there is possibility that their investors will sell their coins because they will not want to see further fall in the price of the coin if SEC joins the lawsuit.
As for me , I believe that most of these lawsuit are only concerned in Binance registering under them so that they can make money from taxation. Binance will surely bounce back . What is your take on this ?
Regulators in the UK has banned Binance in the UK. The users cannot use Binance in the UK. If Binance does not solve this issue, it will lose all the customers based in the UK. Same goes with other countries where Binance is facing lawsuits and ban. I think Binance has to solve this problem as soon as possible in order to stop losing its customers.