The Fall of Binance: A Turning Point for Cryptocurrency Transactions
On November 22, 2023, Binance, the world’s largest virtual asset exchange, agreed to impose a $4.3 billion fine on charges of violating the Anti-Money Laundering Act (AML). And Binance founder Changpeng Zhao, CEO, pleaded guilty and resigned from his post.
The shaking of these large cryptocurrency exchanges could be a turning point for new cryptocurrency trading methods.
It is time for a new standard of future cryptocurrency transactions to go through illegal activities or bank runs of large cryptocurrency exchanges in the past.
Here are some alternatives that come to mind.
1. decentralized exchange
2. P2P trading platform between individuals
3. cryptocurrency exchange combined with banking system
4. a cryptocurrency transaction based on a spot ETF method
Excoinz has already established the standard for secure P2P transactions and continues to do so. In addition, by providing each customer’s cryptocurrency wallet, Excoinz operates as a system that does not hold their cryptocurrency.
This system essentially does not require any reserve requirements, and it can give customers more credibility in an environment where bank runs are not possible.