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Message: <blockquote data-quote="Lastseasonwonder" data-source="post: 85868" data-attributes="member: 4218">Thanks for writing this article, [USER=3943]@Alison C[/USER] - really enjoyed reading it. Also, thanks [USER=1]@Jaysen[/USER] for setting up the weekly newsletter. Wish I discovered and read it last year; maybe then I would have actually secured a TC 😂 .I would like to open a discussion with my opinion on the news story:It seems to me that Binance, the world's largest crypto exchange, is actually doing nothing wrong - by law - and the FCA can't really do much in terms of intervening on trades through Binance. If you break the law into its bare bones, starting from the fact that the FCA is afforded power by primary legislation - Financial Services and Markets Act - then and only then you start to understand that by law the FCA exceeds its remit if it intervenes in transactions through Binance (great explanation in this FT article in the comment section by 'At length but sometimes right': <a href="https://www.ft.com/content/17620a3b-b82d-4b85-aa85-4cf2793b7a02#comments-anchor" target="_blank">https://www.ft.com/content/17620a3b-b82d-4b85-aa85-4cf2793b7a02#comments-anchor</a>). Therefore, I believe the FCA, among other regulators, are just issuing notices and warnings to increase awareness of the (potential) risks of crypto.Furthermore, a news story like this continues to display the following theme: the struggle of independent bodies and government institutions in regulating/keeping tab of large corporations and their complex corporate and tax structures. Think of it like Google or Facebook and the CMA. LOL. The question, then, begs: has the balance of power shifted to large international corporations over the state?Lastly, I think the main issue with crypto, in terms of regulation at least, is not necessarily who the money is being payed to or received by. This is because, due to cryptography, such as Blockchain, it is extremely difficult to commit fraud. You would have to pay yourself by making a transaction using two accounts you know (i.e. printing fake money), but would have to do that using all the accounts on the ledger (basically the database of all crypto transactions, and every crypto user can access this database) to make it look legit. This means hacking into all those computers and making the same transaction such that all ledgers store that transaction. That is very time-consuming, let alone how practically impossible it is seems to accomplish such a cyber attack. Instead, the critical regulation issue seems to be: why the transaction is taking place. In essence, why is crypto being transacted. As data shows, such as that in the TCLA article, illegal activity such as the sale of drugs has been transacted through crypto.If you have reached here - thanks for reading, and what is your opinion on the matter?</blockquote>

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