The Crypto Twitter Hysteria Over US Geoblock Disproved by the CEO of Binance
There has been a rumor that circulated and created a lot of fuss on Crypto Twitter regarding the fact that crypto exchange giant Binance had barred users from the US and 28 other more countries from accessing its decentralized market. As it usually happened with rumors, the truth isn’t as simple as it may seem at the beginning and implies more complicated factors.
The truth behind the hysteria
The CEO of Binance has disproved the hysteria that was started on Crypto Twitter by claiming that the geoblock of users is only applied for users that use only a certain website in www.binance.org. Moreover, he reassured the users that they are not blocked based on their location by Binance DEX itself as a blockchain protocol doesn’t and can’t trigger a regional bag on users based on their geographical location. Also, he told users that not Binance DEX itself is enforcing any blocking on users but that it is up to providers that operate on their decentralized market to decide independently about who is allowed to use their services. The CEO explained that the decision of a centralized party to geoblock a region is completely dependent on their compliance policies.
What users can do about it?
Since the issue of geoblocking only applies for one specific website (www.binance.org), users are fully allowed to use other platforms including Trust Wallet to buy Binance coin or trade crypto assets. So, the CEO ensures users that they can still continue their activity by using any of the other platforms even without having to access binance.org at all.
He also claimed that the company has a full strategy on moving the entire protocol of the Binance DEX to open-source and fully decentralized development as the platform continues to grow and improve to offer users the best digital exchange experience. Moreover, the CEO explains that an open-source project that will be maintained by a decentralized developer base together with the number of non-custodial exchanges will provide investors with a trading environment that will be safer than ever as it will be immune to hacking attacks and security breaches.
Yet, it also seems for some new challenges to arise such as the fact that investors will no longer be exposed to insurance and other protective measures that used to be provided by major centralized exchanges. Simply put, those protective measures mentioned before imply the fact that in an event of a hacking attack or misdistribution of funds, users would be helped by a centralized exchange to recover their lost crypto. However, when it comes to an open-source trading environment, misplaced transactions would make users to permanently lose their funds.
As a response to those new challenges that may arise, the CEO claims that Binance DEX should not be perceived as a solution that solves all problems of the market and that each user needs to be responsible for their own wallets and computers to avoid any loss of funds.
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via https://www.ohnocrypto.com/ Ali Raza, Khareem Sudlow
