If a customer you have known for six years, who has accumulated a reported USD$70.9 billion in assets, comes knocking on your door, would you turn them away? Would you treat them the same way you would with a salesman whose pitches spark immediate red flags?
The regulator simply cannot treat a company with a daily spot trading volume of USD$11.6 billion the same way it treats a highly suspicious and potential Ponzi scheme. Fair
enough. Put up your ring fence and moat around your castle with an ample supply of alligators to keep any scammers
When it comes to a global business leader, the regulatory rules cannot be the same unless there is an ulterior motive to protect global interests whose antiquated business model is under severe pressure. Innovation enablers knocking on your door deserve a red carpet welcome. They cannot be treated like scammers who are here to suck your citizens dry.
One cannot claim to be protecting the consumer when that consumer wants access to use their earnings honestly to make a decent return on investment at a time when the cost of living is rising and estimated to be twice as much as what the best domestic financial instrument has to offer.
Locking out a company such as Binance sends a signal to others that you are not seriously open for business.
What if it was Fidelity, Blackrock, or the Bank of New York Mellon?