U.S. officials have expressed concerns that cryptocurrencies are being used to conceal illegal transactions, including theft and drug deals, and that Americans who’ve made windfalls betting on the market’s meteoric rise are evading taxes. -- Bloomberg <

I laughed out loud when I read this. The irony here is incredible if you read between the lines. Of course cryptocurrency is being used for illegal activities, ALL CURRENCY IS!

The irony comes from the fact that the US dollar is probably easier to use for illicit activities because you don't sign your name on a dollar when you hand it over to someone.

Does the US government think that Pablo Escobar was using Venmo as a medium of exchange when transporting Cocaine into the United States? Do they think that weapons dealers carry around a Point of Sale Terminal and have buyers insert their chip card until they hear a beep?

The United States government is calling out Binance because they are a giant in the field that terrifies them most; a field that takes the power away from a central authority.

I fully believe that there is some laundering of money and evasion of taxes going on in the cryptocurrency space, but picking one exchange as the scapegoat is a surefire way to have the same activity go on elsewhere.

I do feel a bit bad for CZ and the Binance team who were otherwise having a monumental year in the space. The claims being put against them by the United States government all involve things that are pretty much out of their control. If people are going through all the trouble of disguising themselves with VPNs, it becomes incredibly difficult for Binance to track everything that is going on; however, a claim of criminal negligence sounds like a reach to me. The US government making things up to get what they want?... No shock here.

Regulatory Clarity

I think that a lot of positives will actually end up coming from this situation. I personally believe that Binance has no intention to willingly participate or enable criminal activity on their platform. Rather, I think that they share some libertarian beliefs in the sense that they are doing what they need to do to comply with government regulations while doing the least damage possible to the personal liberties of the user.

Similar to what we saw with the XRP investigation and then with the Lbry.tv investigation, this is a ploy to force regulatory clarity and reestablish governmental control in a field they are well behind in.

Short-Term Damage = Opportunity

Buy the dip. Not financial advice. But buy it. After we see these investigations play out, confidence will once again flow back into the Binance ecosystem. Renewed confidence actually as now there will be no ambiguity about the legality of their systems.

I think that the dip will be rather large, just as it was for XRP, but obviously we can't predict what will happen in the market. This will also likely force the price of tokens on the Binance Smart Chain down in value as well; a tough reality today for Cub Finance, but another great opportunity to accumulate if you desire to do so.

@mariosfame gif once again, I love it

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