The proposed buyout of Voyager Digital by Binance.US brings huge relief for users and owners of the bankrupt crypto exchange. However, it appears that their jubilation was short-lived. Texas, among others, has registered a strong protest to the proposed deal citing “illegal financial activity” and irregularities in the functioning of Binance.US. The whole thing has cast a huge shadow on centralized crypto exchanges, which have been battling bankruptcies, increased SEC scrutiny, and disruptive innovation from decentralized exchanges. Here’s how Texas’s objection can affect different players in the crypto industry.
Binance (BUSD)
Texas lawmakers have cited Binance.US’s (BUSD) terms of services, which describe the recovery option for users, that Binance.US is not operating independently of Binance. They also brought attention to the fact that Binance’s CEO, Changpeng “CZ” Zhao, transferred $400 million from an account belonging to Binance.US directly to his trading account. Binance has also been accused of withholding important information from US lawmakers. For instance, Binance has not disclosed its global headquarters to the authorities. Also, Binance.US’s terms of service force users to consent to share their data with any entities worldwide, and simultaneously strips them of any legal recourse.
No matter the cause, the $1.022 billion deal between Binance.US and Voyager Capital has been put on hold, at least for now. After being persecuted outside of China, Binance is heavily banking on its U.S. business, the biggest crypto market in the world, to grow and survive in an increasingly competitive industry. If the American authorities turn against it, the fate of Binance would be in jeopardy.
TMS Network (TMSN)
Unlike Binance, TMS Network (TMSN) does not have a shady or questionable history. In fact, TMS Network does not have a history at all. TMS Network is a new crypto project. It’s a decentralized exchange that allows users to trade in equities, cryptos, CFDs, and forex. TMS Network is the first DEX to offer equity and forex trading on its platform. But what makes TMS Network unique is that it brings powerful trading and investment tools, the likes of which have not been seen in the crypto industry. TMS Network intends to port many of the features of advanced trading tools like MetaTrade 5 to its platform. TMS Network also offers social trading, on-chain analytics, strategy builder, and other tools.
As a DEX, TMS Network benefits from whatever hurts centralized exchanges. FTX’s collapse, Binance’s acquisition deal gone wrong, Voyager Capital’s bankruptcy – they all work in TMS Network’s favor. These disasters show users how unreliable centralized exchanges are and push them to TMS Network (TMSN). So, TMS Network’s native token, $TMSN, is shooting up right now.
OKX (OKB)
OKX (OKB) is a centralized exchange with global domination dreams, just like Binance. However, unlike Binance, OKX has largely stayed away from jurisdictions that clamp down on crypto projects, such as China and the U.S. Instead, OKX is based out of Seychelles and enjoys the lax regulations of the country. However, things have not been smooth for OKX too. OKX has been trying to expand into regions with lenient regulations, such as Malta, UAE, and so on, with varying degrees of success. Before it moved its HQ to Seychelles, OKX was founded in China and had to wrap up its operations there due to a government crackdown on cryptos.
OKX offers spot trading, futures trading, and derivatives trading to users. Although OKX has successfully gained user trust and business with innovative solutions like a 40% discount on transactions for OKB holders, OKX is exposed to the same problems as other centralized exchanges. OKX operates out of a jurisdiction that’s not renowned for its law enforcement history, so many crypto users have a hard time trusting it.
Presale: https://presale.tmsnetwork.io
Whitepaper: https://tmsnetwork.io/whitepaper.pdf
Website: https://tmsnetwork.io
Telegram: https://t.me/tmsnetworkio
Discord: https://discord.gg/njA95e7au6
Twitter: https://twitter.com/tmsnetworkio
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