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Will Binance Lose Customers Due to the Lawsuits from Regulators


josemendez
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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 ?


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Tanya
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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. 


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BrolySSJ
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I think that the regulations that are being imposed can be a major stepping stone and obstacle for Binance, and in the short term it can majorly affect their user base. From what I have seen there are many banks that have also stopped their users in the UK from being able to transact with binance exchange platform and this will cause them to lose their customers as they start to look for other exchanges that are supported by their banks and their country as well. Personally, I think that in due course, Binance will start to adjust their systems in order to abide by these regulations, as I think that more and more countries will be starting to employ regulations in order to try and adopt the cryptocurrency community into their financial infrastructure. 


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Sincerem
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Every exchange sites are faced with challenges no doubt. That's what makes them more successful if they come out of the trouble and stand firm. What defines a business is the ability to make amends after finding your weakness. Binance is on top of the issue, they have those who are backing them,  I don't see this ongoing saga sinking them. 


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josemendez
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@tanya 

The issue with this is that as they come to agreement with UK government , another country will bring up their own . This is actually what is happening now . Japan , Canada , US and many more are after them because they all want to benefit from taxation .


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ahmedo24
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Binance is already a grown platform and I think countries want it's registered as a business in their country and you see  most of these countries cracking it down it's because they know that we are citizens have significant population in the platform so this will be compel binance to agree to the terms and condition.


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Sincerem
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Posted by: @ahmedo24

Binance is already a grown platform and I think countries want it's registered as a business in their country and you see  most of these countries cracking it down it's because they know that we are citizens have significant population in the platform so this will be compel binance to agree to the terms and condition.

They just want to get financial derivatives from Binance exchange that's why they're insisting that Binance is operating illegal without back up to its operation via their country. At this moment, Binance isn't troubled, they aren't going anywhere they are settled and reputable. Their is no force pushing them down from full operation in the digital ecosystem. 


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Great-Boy
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I do not think that Binance will lose a good number of its users just because some investors have claimed that they have endured loss due to various technical issues faced by the platform. Almost all major cryptocurrency platforms have faced criticism in the past. However, this charge against Binance will certainly damage its image to some extent. Investors have claimed that they have lost $20 million worth of cryptocurrency due to technical issues faced by Binance. $20 million is not a small amount, after all!


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Ana
 Ana
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I don't think Binance will lose customers due to lawsuits from regulators in various countries. Customers do not have any issues with Binance, the issues is between the governments and Binance. Binance enjoys millions of customers around the world. Binance has a low of products associated with crypto currencies (coin market cap, Trust wallet), it is a really big company.  


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cmoneyspinner
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Binance lose customers? Eh! No worries. Binance was founded in 2017 and the owners of this company have definite plans for their future. They will face any legal challenges to their business, especially those from regulators, because when you win lawsuit, it's kind of like a “gold star” a teacher gives you for being an “A student”. LOL. It is better to face off with the regulators in the “early days” and get the specific regulations and legal requirements ironed out so that business can proceed unfettered.  If they lose a court case in one country, they'll just go to another country; and then probably come back later to try again.  It's just business.

* Earn interest on your crypto. Open BIA account OR Earn interest on minimum balance of 35K. *


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