A new article has been released that examines the history of the largest cryptocurrency exchange - Binance. Vladimir Okhotnikov of Floralia company, an expert and author of articles on cryptocurrency and blockchain, made analytical comments on this matter.
Vladimir Okhotnikov establishes interesting parallels between historical events and the fate of Binance. He compares the exchange's clash with the authorities with the fate of such powerful organizations as the Knights Templar and the East India Company. As Okhotnikov notes, “All of them are examples of a classic situation of a clash between the state and a powerful private organization.”
He highlights the problem of centralized control, which is becoming a major cause of conflicts of interest between powerful private organizations such as Binance and government entities. “Initially, centralization was useful, but in the transition to modern civilization it becomes a problem,” says the expert..
Vladimir Okhotnikov analyzes the rise and fall of BinanceVladimir Okhotnikov views the Binance story as an important lesson for cryptocurrency companies. The popular exchange is becoming an integral part of the cryptocurrency world, having a unique structure that has risen to the pinnacle of success.
In 2017, the history of Binance began with the launch of ICO - a rare phenomenon for its time. Many doubted the success of this move, but Binance proved otherwise by successfully raising $15 million and entering the game with confidence. These funds became the basis for creating a full-fledged digital platform and a successful marketing campaign.
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In the summer of 2023, Binance dominated the market, accounting for up to 90% of cryptocurrency swaps. The legality of these actions remains an open question, as US authorities have accused Binance of violating the law, and there is ongoing discussion about the applicability of these laws to the global market. However, as the expert emphasizes, “Changpeng Zhao demonstrated independence and did not cooperate, which led to a court deal and a fine.”
Despite this, cooperation with the government can be key for business. An example is Tether, the largest USDT operator, which in November 2023 announced it would block the wallets of users subject to US sanctions and cooperate with US intelligence agencies.
In conclusion, Vladimir Okhotnikov says that private cryptocurrency companies must adapt to modern conditions. He emphasizes the importance of strategic planning in light of changes in legislation and interaction with government institutions.
About CompanyFloralia is an analytical center focusing on macro analytics and blockchain-based projects. Vladimir is the company CEO and chief analyst. His works are distinguished by in-depth analysis of the topics under study, as well as original approaches to solving problems. The expert is known for his thoughts on the interaction of private organizations, such as Binance, with government agencies, as well as the impact of centralized control on modern society. His point of view is considered an important contribution to discussions about the development of the cryptocurrency sector and its interaction with government institutions.
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