SlideShare a Scribd company logo
1 of 16
By:
www.ProfitableInvestingTips.com
Cryptocurrencies have had a spectacular
run since the creation of Bitcoin in 2009.
Despite difficulties brought on by crypto
winter and a wave of regulation, crypto and
decentralized finance are here to stay.
However, contrary to some of the hype
along the way, crypto has not replaced
traditional currencies and decentralized
finance or DeFi has not replaced traditional
finance or TradFi. Today we are seeing
how DeFi needs TradFi in cases like
Binance whose banking partners are
backing away due to Binance’s regulatory
and legal problems.
Binance Cut Off From TradFi
After US banks cut ties with Biance.US
the company has had to look for other
options to let their customers move funds
in and out of their accounts. Bloomberg
writes about how Binanace.US is trying to
work with a crypto payment startup,
MoonPay as a workaround. The problem
for Binance is that their banking partners
all cut their ties with the crypto company.
Thus, for a month or more they have had no way for
customers to put dollars into their crypto accounts
or take assets out in dollars. What they are trying
is a work-around in which people use debit or
credit cards via MoonPay to purchase Tether
stablecoins. Then they can purchase other tokens
which can then be converted into dollars. This
approach may work for Binance but it creates a lot
more fuss and bother that Binance.US does not
need as its customers are fleeing to exchanges
with fewer “issues.”
Demise of Binance.US
The United States Securities and Exchange
Commission sued Binance.US as well as
its international parent company
Binance.com. They allege a whole host of
violations of securities laws. The issue will
work its way through the court system.
Meanwhile the world goes on and the $2
billion in customer crypto assets held by
Binance.US prior to the lawsuit has
virtually evaporated.
Customers are fleeing and every single
Binance.US banking partner has ceased
their relationship with the company. It has
gone from being a major player in the US
to being an afterthought with Kraken and
Coinbase now taking the lead.
Binance.US may or may not lose its lawsuit
with the SEC. However, it has already lost
even before the issues get their day in
court. Crypto customers of Binance.US are
not interested in the company’s legal
troubles.
They want their own trouble free methods to
hold cryptocurrencies, buy or sell in the
world of DeFi, and pursue their own
business objectives. What they want is an
unencumbered connection between
decentralized finance and traditional
finance in order to do business normally.
How Secure Is the Binance.US Work
Around With MoonPay?
Despite being a bit cumbersome, it would
appear that using MoonPay is a possible way
for Binance.US to let its customers deposit
into or withdraw from their accounts. Then the
question is just how stable is MoonPay. The
company got a lot of celebrity endorsements
(Justin Bieber and Ashton Kutcher) last year.
We are reminded of celebrities who
promote crypto and the problems they can
get themselves into. We see that MoonPay
cut its internal valuation of its shares by 72%
early this year!
If MoonPay ends up not being able to help
Binance.US, the Binance affiliate in the US
could go out of business even before its
case with the SEC goes to court. Thus the
SEC could potentially accomplish its
purpose of eliminating the company as a
regulatory issue without any formal legal
action. Simply breaking the connection
between DeFi and TradFi may have been
enough to accomplish the SEC’s purpose.
For more insights and useful information
about investments and investing, visit
www.ProfitableInvestingTips.com.

More Related Content

Similar to How DeFi Needs TradFi

Global Trends In FinTech, focus on US and China
Global Trends In FinTech, focus on US and ChinaGlobal Trends In FinTech, focus on US and China
Global Trends In FinTech, focus on US and ChinaSean Walsh
 
Bitcoin:What is the Future?
Bitcoin:What is the Future?Bitcoin:What is the Future?
Bitcoin:What is the Future?Bloomberg Briefs
 
HOW CAN I BUY BITCOINS?
HOW CAN I BUY BITCOINS?HOW CAN I BUY BITCOINS?
HOW CAN I BUY BITCOINS?Steven Rhyner
 
BITCOIN, ONLINE PAYMENTS AND THE SCOURGE OF PAYPAL
BITCOIN, ONLINE PAYMENTS AND THE SCOURGE OF PAYPALBITCOIN, ONLINE PAYMENTS AND THE SCOURGE OF PAYPAL
BITCOIN, ONLINE PAYMENTS AND THE SCOURGE OF PAYPALSteven Rhyner
 
THE $1.7 TRILLION REASON BANKS PREFER BLOCKCHAIN OR DISTRIBUTED LEDGER OVER B...
THE $1.7 TRILLION REASON BANKS PREFER BLOCKCHAIN OR DISTRIBUTED LEDGER OVER B...THE $1.7 TRILLION REASON BANKS PREFER BLOCKCHAIN OR DISTRIBUTED LEDGER OVER B...
THE $1.7 TRILLION REASON BANKS PREFER BLOCKCHAIN OR DISTRIBUTED LEDGER OVER B...Steven Rhyner
 
Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017
Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017
Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017Firoz Patel
 
Visa digital currency
Visa digital currencyVisa digital currency
Visa digital currencyAbbas Badran
 
Dorado Industries TrendWatch 2.0 Q1 2017
Dorado Industries TrendWatch 2.0 Q1  2017Dorado Industries TrendWatch 2.0 Q1  2017
Dorado Industries TrendWatch 2.0 Q1 2017Dorado Industries
 
NEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMING
NEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMINGNEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMING
NEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMINGSteven Rhyner
 
Bitcoin: Future Of Money or Curse
Bitcoin: Future Of Money or CurseBitcoin: Future Of Money or Curse
Bitcoin: Future Of Money or CurseJason Fernandes
 
Bitcoin and the future of money
Bitcoin and the future of moneyBitcoin and the future of money
Bitcoin and the future of moneyJason Fernandes
 
Bitcoins : all you need to know and get started with Bitcoin
Bitcoins : all you need to know and get started with BitcoinBitcoins : all you need to know and get started with Bitcoin
Bitcoins : all you need to know and get started with BitcoinSharjeel Khawaja
 
What Is Cryptocurrency? This is what You Should Know
What Is Cryptocurrency? This is what You Should KnowWhat Is Cryptocurrency? This is what You Should Know
What Is Cryptocurrency? This is what You Should KnowLeandro Martins
 
Etude PwC sur le Bitcoin (fév. 2014)
Etude PwC sur le Bitcoin (fév. 2014)Etude PwC sur le Bitcoin (fév. 2014)
Etude PwC sur le Bitcoin (fév. 2014)PwC France
 
Crypto Gets What It Asked For
Crypto Gets What It Asked ForCrypto Gets What It Asked For
Crypto Gets What It Asked ForInvestingTips
 
Is bitcoin payment processor changing the payment game?
Is bitcoin payment processor changing the payment game?Is bitcoin payment processor changing the payment game?
Is bitcoin payment processor changing the payment game?Harshit Verma
 
SOUTHEAST ASIA’S PROMINENT BITCOIN REMITTANCE APP RAISES $5 MLN
SOUTHEAST ASIA’S PROMINENT BITCOIN REMITTANCE APP RAISES $5 MLNSOUTHEAST ASIA’S PROMINENT BITCOIN REMITTANCE APP RAISES $5 MLN
SOUTHEAST ASIA’S PROMINENT BITCOIN REMITTANCE APP RAISES $5 MLNSteven Rhyner
 
Why are people investing in bitcoin? what is the best way to buy bitcoin in C...
Why are people investing in bitcoin? what is the best way to buy bitcoin in C...Why are people investing in bitcoin? what is the best way to buy bitcoin in C...
Why are people investing in bitcoin? what is the best way to buy bitcoin in C...Bitcoin Wallet Canada
 

Similar to How DeFi Needs TradFi (20)

Bitpreneurship
BitpreneurshipBitpreneurship
Bitpreneurship
 
Global Trends In FinTech, focus on US and China
Global Trends In FinTech, focus on US and ChinaGlobal Trends In FinTech, focus on US and China
Global Trends In FinTech, focus on US and China
 
Bitcoin:What is the Future?
Bitcoin:What is the Future?Bitcoin:What is the Future?
Bitcoin:What is the Future?
 
HOW CAN I BUY BITCOINS?
HOW CAN I BUY BITCOINS?HOW CAN I BUY BITCOINS?
HOW CAN I BUY BITCOINS?
 
BITCOIN, ONLINE PAYMENTS AND THE SCOURGE OF PAYPAL
BITCOIN, ONLINE PAYMENTS AND THE SCOURGE OF PAYPALBITCOIN, ONLINE PAYMENTS AND THE SCOURGE OF PAYPAL
BITCOIN, ONLINE PAYMENTS AND THE SCOURGE OF PAYPAL
 
THE $1.7 TRILLION REASON BANKS PREFER BLOCKCHAIN OR DISTRIBUTED LEDGER OVER B...
THE $1.7 TRILLION REASON BANKS PREFER BLOCKCHAIN OR DISTRIBUTED LEDGER OVER B...THE $1.7 TRILLION REASON BANKS PREFER BLOCKCHAIN OR DISTRIBUTED LEDGER OVER B...
THE $1.7 TRILLION REASON BANKS PREFER BLOCKCHAIN OR DISTRIBUTED LEDGER OVER B...
 
Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017
Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017
Beyond Bitcoin – Cryptocurrencies and Altcoins to Watch in 2017
 
Visa digital currency
Visa digital currencyVisa digital currency
Visa digital currency
 
Dorado Industries TrendWatch 2.0 Q1 2017
Dorado Industries TrendWatch 2.0 Q1  2017Dorado Industries TrendWatch 2.0 Q1  2017
Dorado Industries TrendWatch 2.0 Q1 2017
 
NEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMING
NEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMINGNEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMING
NEW BILL MAY GIVE A GREEN LIGHT TO BITCOIN EXCHANGES IN WYOMING
 
Bitcoin: Future Of Money or Curse
Bitcoin: Future Of Money or CurseBitcoin: Future Of Money or Curse
Bitcoin: Future Of Money or Curse
 
Bitcoin and the future of money
Bitcoin and the future of moneyBitcoin and the future of money
Bitcoin and the future of money
 
Bitcoins : all you need to know and get started with Bitcoin
Bitcoins : all you need to know and get started with BitcoinBitcoins : all you need to know and get started with Bitcoin
Bitcoins : all you need to know and get started with Bitcoin
 
What Is Cryptocurrency? This is what You Should Know
What Is Cryptocurrency? This is what You Should KnowWhat Is Cryptocurrency? This is what You Should Know
What Is Cryptocurrency? This is what You Should Know
 
Etude PwC sur le Bitcoin (fév. 2014)
Etude PwC sur le Bitcoin (fév. 2014)Etude PwC sur le Bitcoin (fév. 2014)
Etude PwC sur le Bitcoin (fév. 2014)
 
Crypto Gets What It Asked For
Crypto Gets What It Asked ForCrypto Gets What It Asked For
Crypto Gets What It Asked For
 
Is bitcoin payment processor changing the payment game?
Is bitcoin payment processor changing the payment game?Is bitcoin payment processor changing the payment game?
Is bitcoin payment processor changing the payment game?
 
SOUTHEAST ASIA’S PROMINENT BITCOIN REMITTANCE APP RAISES $5 MLN
SOUTHEAST ASIA’S PROMINENT BITCOIN REMITTANCE APP RAISES $5 MLNSOUTHEAST ASIA’S PROMINENT BITCOIN REMITTANCE APP RAISES $5 MLN
SOUTHEAST ASIA’S PROMINENT BITCOIN REMITTANCE APP RAISES $5 MLN
 
Why are people investing in bitcoin? what is the best way to buy bitcoin in C...
Why are people investing in bitcoin? what is the best way to buy bitcoin in C...Why are people investing in bitcoin? what is the best way to buy bitcoin in C...
Why are people investing in bitcoin? what is the best way to buy bitcoin in C...
 
What is bitcoin?
What is bitcoin?What is bitcoin?
What is bitcoin?
 

More from InvestingTips

When to Buy and When to Sell Bitcoin
When to Buy and When to Sell BitcoinWhen to Buy and When to Sell Bitcoin
When to Buy and When to Sell BitcoinInvestingTips
 
Dangers of Investment Leverage
Dangers of Investment LeverageDangers of Investment Leverage
Dangers of Investment LeverageInvestingTips
 
Are Private Digital Tokens On Their Way Out?
Are Private Digital Tokens On Their Way Out?Are Private Digital Tokens On Their Way Out?
Are Private Digital Tokens On Their Way Out?InvestingTips
 
When Should Investors Trade Options?
When Should Investors Trade Options?When Should Investors Trade Options?
When Should Investors Trade Options?InvestingTips
 
Will Northrup Grumman Go Into Commercial Aviation?
Will Northrup Grumman Go Into Commercial Aviation?Will Northrup Grumman Go Into Commercial Aviation?
Will Northrup Grumman Go Into Commercial Aviation?InvestingTips
 
How Would a Crypto Privacy Pool Work?
How Would a Crypto Privacy Pool Work?How Would a Crypto Privacy Pool Work?
How Would a Crypto Privacy Pool Work?InvestingTips
 
How CFTC Rules Protected a Crypto Business
How CFTC Rules Protected a Crypto BusinessHow CFTC Rules Protected a Crypto Business
How CFTC Rules Protected a Crypto BusinessInvestingTips
 
Blockchain Tech in the Wake of Crypto Winter
Blockchain Tech in the Wake of Crypto WinterBlockchain Tech in the Wake of Crypto Winter
Blockchain Tech in the Wake of Crypto WinterInvestingTips
 
Economic and Investment Risks for 2024
Economic and Investment Risks for 2024Economic and Investment Risks for 2024
Economic and Investment Risks for 2024InvestingTips
 
Can Stablecoins Be Self-regulating?
Can Stablecoins Be Self-regulating?Can Stablecoins Be Self-regulating?
Can Stablecoins Be Self-regulating?InvestingTips
 
Bitcoin Viability As a Long Term Investment
Bitcoin Viability As a Long Term InvestmentBitcoin Viability As a Long Term Investment
Bitcoin Viability As a Long Term InvestmentInvestingTips
 
Would a Digital Dollar Hurt Banks?
Would a Digital Dollar Hurt Banks?Would a Digital Dollar Hurt Banks?
Would a Digital Dollar Hurt Banks?InvestingTips
 
Will 2024 Be a Good Year for Crypto?
Will 2024 Be a Good Year for Crypto?Will 2024 Be a Good Year for Crypto?
Will 2024 Be a Good Year for Crypto?InvestingTips
 
Should You Diversify Your Crypto Investments?
Should You Diversify Your Crypto Investments?Should You Diversify Your Crypto Investments?
Should You Diversify Your Crypto Investments?InvestingTips
 
Obligations of a Crypto Business
Obligations of a Crypto BusinessObligations of a Crypto Business
Obligations of a Crypto BusinessInvestingTips
 
Does Crypto Finance Terrorism?
Does Crypto Finance Terrorism?Does Crypto Finance Terrorism?
Does Crypto Finance Terrorism?InvestingTips
 
Are Smart Contracts Legal?
Are Smart Contracts Legal?Are Smart Contracts Legal?
Are Smart Contracts Legal?InvestingTips
 
Can the Law Fix Crypto’s Problems?
Can the Law Fix Crypto’s Problems?Can the Law Fix Crypto’s Problems?
Can the Law Fix Crypto’s Problems?InvestingTips
 
Apple as a Model for Crypto’s Future
Apple as a Model for Crypto’s FutureApple as a Model for Crypto’s Future
Apple as a Model for Crypto’s FutureInvestingTips
 

More from InvestingTips (20)

When to Buy and When to Sell Bitcoin
When to Buy and When to Sell BitcoinWhen to Buy and When to Sell Bitcoin
When to Buy and When to Sell Bitcoin
 
Dangers of Investment Leverage
Dangers of Investment LeverageDangers of Investment Leverage
Dangers of Investment Leverage
 
Are Private Digital Tokens On Their Way Out?
Are Private Digital Tokens On Their Way Out?Are Private Digital Tokens On Their Way Out?
Are Private Digital Tokens On Their Way Out?
 
When Should Investors Trade Options?
When Should Investors Trade Options?When Should Investors Trade Options?
When Should Investors Trade Options?
 
Will Northrup Grumman Go Into Commercial Aviation?
Will Northrup Grumman Go Into Commercial Aviation?Will Northrup Grumman Go Into Commercial Aviation?
Will Northrup Grumman Go Into Commercial Aviation?
 
How Would a Crypto Privacy Pool Work?
How Would a Crypto Privacy Pool Work?How Would a Crypto Privacy Pool Work?
How Would a Crypto Privacy Pool Work?
 
How CFTC Rules Protected a Crypto Business
How CFTC Rules Protected a Crypto BusinessHow CFTC Rules Protected a Crypto Business
How CFTC Rules Protected a Crypto Business
 
Blockchain Tech in the Wake of Crypto Winter
Blockchain Tech in the Wake of Crypto WinterBlockchain Tech in the Wake of Crypto Winter
Blockchain Tech in the Wake of Crypto Winter
 
Economic and Investment Risks for 2024
Economic and Investment Risks for 2024Economic and Investment Risks for 2024
Economic and Investment Risks for 2024
 
Can Stablecoins Be Self-regulating?
Can Stablecoins Be Self-regulating?Can Stablecoins Be Self-regulating?
Can Stablecoins Be Self-regulating?
 
Bitcoin Viability As a Long Term Investment
Bitcoin Viability As a Long Term InvestmentBitcoin Viability As a Long Term Investment
Bitcoin Viability As a Long Term Investment
 
Bitcoin Versus NFTs
Bitcoin Versus NFTsBitcoin Versus NFTs
Bitcoin Versus NFTs
 
Would a Digital Dollar Hurt Banks?
Would a Digital Dollar Hurt Banks?Would a Digital Dollar Hurt Banks?
Would a Digital Dollar Hurt Banks?
 
Will 2024 Be a Good Year for Crypto?
Will 2024 Be a Good Year for Crypto?Will 2024 Be a Good Year for Crypto?
Will 2024 Be a Good Year for Crypto?
 
Should You Diversify Your Crypto Investments?
Should You Diversify Your Crypto Investments?Should You Diversify Your Crypto Investments?
Should You Diversify Your Crypto Investments?
 
Obligations of a Crypto Business
Obligations of a Crypto BusinessObligations of a Crypto Business
Obligations of a Crypto Business
 
Does Crypto Finance Terrorism?
Does Crypto Finance Terrorism?Does Crypto Finance Terrorism?
Does Crypto Finance Terrorism?
 
Are Smart Contracts Legal?
Are Smart Contracts Legal?Are Smart Contracts Legal?
Are Smart Contracts Legal?
 
Can the Law Fix Crypto’s Problems?
Can the Law Fix Crypto’s Problems?Can the Law Fix Crypto’s Problems?
Can the Law Fix Crypto’s Problems?
 
Apple as a Model for Crypto’s Future
Apple as a Model for Crypto’s FutureApple as a Model for Crypto’s Future
Apple as a Model for Crypto’s Future
 

Recently uploaded

CaseThe legal victory in the turmeric patent case safeguarded traditional kno...
CaseThe legal victory in the turmeric patent case safeguarded traditional kno...CaseThe legal victory in the turmeric patent case safeguarded traditional kno...
CaseThe legal victory in the turmeric patent case safeguarded traditional kno...alpha012343210
 
Minnesota Timberwolves Bring Ya Ass T Shirt
Minnesota Timberwolves Bring Ya Ass T ShirtMinnesota Timberwolves Bring Ya Ass T Shirt
Minnesota Timberwolves Bring Ya Ass T Shirtniherranjansingha
 
Have A Complimentary Cheat Sheet, On Us!!!
Have A Complimentary Cheat Sheet, On Us!!!Have A Complimentary Cheat Sheet, On Us!!!
Have A Complimentary Cheat Sheet, On Us!!!Abdul-Hakim Shabazz
 
Meta_AI_ads_investigation.pdfldoljjwejolejolol
Meta_AI_ads_investigation.pdfldoljjwejolejololMeta_AI_ads_investigation.pdfldoljjwejolejolol
Meta_AI_ads_investigation.pdfldoljjwejolejololbhavenpr
 
Positive Effects Of Social Media On Mental Health
Positive Effects Of Social Media On Mental HealthPositive Effects Of Social Media On Mental Health
Positive Effects Of Social Media On Mental HealthTheUnitedIndian
 
Embed-4-3 (1).pdf cvxx'f['df[p'lf][l][fl][fl][][l[
Embed-4-3 (1).pdf cvxx'f['df[p'lf][l][fl][fl][][l[Embed-4-3 (1).pdf cvxx'f['df[p'lf][l][fl][fl][][l[
Embed-4-3 (1).pdf cvxx'f['df[p'lf][l][fl][fl][][l[bhavenpr
 
23052024_First India Newspaper Jaipur.pdf
23052024_First India Newspaper Jaipur.pdf23052024_First India Newspaper Jaipur.pdf
23052024_First India Newspaper Jaipur.pdfFIRST INDIA
 
2024 - Love and Madness - a book about love, madness, heartbreak and politics
2024 - Love and Madness - a book about love, madness, heartbreak and politics2024 - Love and Madness - a book about love, madness, heartbreak and politics
2024 - Love and Madness - a book about love, madness, heartbreak and politicsConradSmit5
 
19052024_First India Newspaper Jaipur.pdf
19052024_First India Newspaper Jaipur.pdf19052024_First India Newspaper Jaipur.pdf
19052024_First India Newspaper Jaipur.pdfFIRST INDIA
 
israeil_bnetaniahou_panel_report_eng.pdf
israeil_bnetaniahou_panel_report_eng.pdfisraeil_bnetaniahou_panel_report_eng.pdf
israeil_bnetaniahou_panel_report_eng.pdfssuser5750e1
 
May 2024 - Crypto Market Report_FINAL.pdf
May 2024 - Crypto Market Report_FINAL.pdfMay 2024 - Crypto Market Report_FINAL.pdf
May 2024 - Crypto Market Report_FINAL.pdfmanisha194592
 
Embed-4-1-1.pdf vm ;sdkp[kdp[kpdkpodp;p;j
Embed-4-1-1.pdf vm ;sdkp[kdp[kpdkpodp;p;jEmbed-4-1-1.pdf vm ;sdkp[kdp[kpdkpodp;p;j
Embed-4-1-1.pdf vm ;sdkp[kdp[kpdkpodp;p;jbhavenpr
 
25052024_First India Newspaper Jaipur.pdf
25052024_First India Newspaper Jaipur.pdf25052024_First India Newspaper Jaipur.pdf
25052024_First India Newspaper Jaipur.pdfFIRST INDIA
 
21052024_First India Newspaper Jaipur.pdf
21052024_First India Newspaper Jaipur.pdf21052024_First India Newspaper Jaipur.pdf
21052024_First India Newspaper Jaipur.pdfFIRST INDIA
 
Dominican American Coalition PAC Executive Summary
Dominican American Coalition PAC Executive SummaryDominican American Coalition PAC Executive Summary
Dominican American Coalition PAC Executive SummaryRDE GROUP CORP
 
Embed-3-1-1.pdf The ECI direction on April 2, 2024 can be read here:
Embed-3-1-1.pdf  The ECI direction on April 2, 2024 can be read here:Embed-3-1-1.pdf  The ECI direction on April 2, 2024 can be read here:
Embed-3-1-1.pdf The ECI direction on April 2, 2024 can be read here:bhavenpr
 
R$ 78 milhões: Estado aprova 593 propostas para acordos diretos de precatórios
R$ 78 milhões: Estado aprova 593 propostas para acordos diretos de precatóriosR$ 78 milhões: Estado aprova 593 propostas para acordos diretos de precatórios
R$ 78 milhões: Estado aprova 593 propostas para acordos diretos de precatóriosMaurílio Júnior
 
24052024_First India Newspaper Jaipur.pdf
24052024_First India Newspaper Jaipur.pdf24052024_First India Newspaper Jaipur.pdf
24052024_First India Newspaper Jaipur.pdfFIRST INDIA
 
Encore portal Project PPt on live portal
Encore portal Project PPt on live portalEncore portal Project PPt on live portal
Encore portal Project PPt on live portalEshantRawat2
 
PEACE BETWEEN ISRAEL AND PALESTINE REQUIRES EXTREMISTS OUT OF POWER AND RESTR...
PEACE BETWEEN ISRAEL AND PALESTINE REQUIRES EXTREMISTS OUT OF POWER AND RESTR...PEACE BETWEEN ISRAEL AND PALESTINE REQUIRES EXTREMISTS OUT OF POWER AND RESTR...
PEACE BETWEEN ISRAEL AND PALESTINE REQUIRES EXTREMISTS OUT OF POWER AND RESTR...Faga1939
 

Recently uploaded (20)

CaseThe legal victory in the turmeric patent case safeguarded traditional kno...
CaseThe legal victory in the turmeric patent case safeguarded traditional kno...CaseThe legal victory in the turmeric patent case safeguarded traditional kno...
CaseThe legal victory in the turmeric patent case safeguarded traditional kno...
 
Minnesota Timberwolves Bring Ya Ass T Shirt
Minnesota Timberwolves Bring Ya Ass T ShirtMinnesota Timberwolves Bring Ya Ass T Shirt
Minnesota Timberwolves Bring Ya Ass T Shirt
 
Have A Complimentary Cheat Sheet, On Us!!!
Have A Complimentary Cheat Sheet, On Us!!!Have A Complimentary Cheat Sheet, On Us!!!
Have A Complimentary Cheat Sheet, On Us!!!
 
Meta_AI_ads_investigation.pdfldoljjwejolejolol
Meta_AI_ads_investigation.pdfldoljjwejolejololMeta_AI_ads_investigation.pdfldoljjwejolejolol
Meta_AI_ads_investigation.pdfldoljjwejolejolol
 
Positive Effects Of Social Media On Mental Health
Positive Effects Of Social Media On Mental HealthPositive Effects Of Social Media On Mental Health
Positive Effects Of Social Media On Mental Health
 
Embed-4-3 (1).pdf cvxx'f['df[p'lf][l][fl][fl][][l[
Embed-4-3 (1).pdf cvxx'f['df[p'lf][l][fl][fl][][l[Embed-4-3 (1).pdf cvxx'f['df[p'lf][l][fl][fl][][l[
Embed-4-3 (1).pdf cvxx'f['df[p'lf][l][fl][fl][][l[
 
23052024_First India Newspaper Jaipur.pdf
23052024_First India Newspaper Jaipur.pdf23052024_First India Newspaper Jaipur.pdf
23052024_First India Newspaper Jaipur.pdf
 
2024 - Love and Madness - a book about love, madness, heartbreak and politics
2024 - Love and Madness - a book about love, madness, heartbreak and politics2024 - Love and Madness - a book about love, madness, heartbreak and politics
2024 - Love and Madness - a book about love, madness, heartbreak and politics
 
19052024_First India Newspaper Jaipur.pdf
19052024_First India Newspaper Jaipur.pdf19052024_First India Newspaper Jaipur.pdf
19052024_First India Newspaper Jaipur.pdf
 
israeil_bnetaniahou_panel_report_eng.pdf
israeil_bnetaniahou_panel_report_eng.pdfisraeil_bnetaniahou_panel_report_eng.pdf
israeil_bnetaniahou_panel_report_eng.pdf
 
May 2024 - Crypto Market Report_FINAL.pdf
May 2024 - Crypto Market Report_FINAL.pdfMay 2024 - Crypto Market Report_FINAL.pdf
May 2024 - Crypto Market Report_FINAL.pdf
 
Embed-4-1-1.pdf vm ;sdkp[kdp[kpdkpodp;p;j
Embed-4-1-1.pdf vm ;sdkp[kdp[kpdkpodp;p;jEmbed-4-1-1.pdf vm ;sdkp[kdp[kpdkpodp;p;j
Embed-4-1-1.pdf vm ;sdkp[kdp[kpdkpodp;p;j
 
25052024_First India Newspaper Jaipur.pdf
25052024_First India Newspaper Jaipur.pdf25052024_First India Newspaper Jaipur.pdf
25052024_First India Newspaper Jaipur.pdf
 
21052024_First India Newspaper Jaipur.pdf
21052024_First India Newspaper Jaipur.pdf21052024_First India Newspaper Jaipur.pdf
21052024_First India Newspaper Jaipur.pdf
 
Dominican American Coalition PAC Executive Summary
Dominican American Coalition PAC Executive SummaryDominican American Coalition PAC Executive Summary
Dominican American Coalition PAC Executive Summary
 
Embed-3-1-1.pdf The ECI direction on April 2, 2024 can be read here:
Embed-3-1-1.pdf  The ECI direction on April 2, 2024 can be read here:Embed-3-1-1.pdf  The ECI direction on April 2, 2024 can be read here:
Embed-3-1-1.pdf The ECI direction on April 2, 2024 can be read here:
 
R$ 78 milhões: Estado aprova 593 propostas para acordos diretos de precatórios
R$ 78 milhões: Estado aprova 593 propostas para acordos diretos de precatóriosR$ 78 milhões: Estado aprova 593 propostas para acordos diretos de precatórios
R$ 78 milhões: Estado aprova 593 propostas para acordos diretos de precatórios
 
24052024_First India Newspaper Jaipur.pdf
24052024_First India Newspaper Jaipur.pdf24052024_First India Newspaper Jaipur.pdf
24052024_First India Newspaper Jaipur.pdf
 
Encore portal Project PPt on live portal
Encore portal Project PPt on live portalEncore portal Project PPt on live portal
Encore portal Project PPt on live portal
 
PEACE BETWEEN ISRAEL AND PALESTINE REQUIRES EXTREMISTS OUT OF POWER AND RESTR...
PEACE BETWEEN ISRAEL AND PALESTINE REQUIRES EXTREMISTS OUT OF POWER AND RESTR...PEACE BETWEEN ISRAEL AND PALESTINE REQUIRES EXTREMISTS OUT OF POWER AND RESTR...
PEACE BETWEEN ISRAEL AND PALESTINE REQUIRES EXTREMISTS OUT OF POWER AND RESTR...
 

How DeFi Needs TradFi

  • 2. Cryptocurrencies have had a spectacular run since the creation of Bitcoin in 2009. Despite difficulties brought on by crypto winter and a wave of regulation, crypto and decentralized finance are here to stay.
  • 3. However, contrary to some of the hype along the way, crypto has not replaced traditional currencies and decentralized finance or DeFi has not replaced traditional finance or TradFi. Today we are seeing how DeFi needs TradFi in cases like Binance whose banking partners are backing away due to Binance’s regulatory and legal problems.
  • 4. Binance Cut Off From TradFi
  • 5. After US banks cut ties with Biance.US the company has had to look for other options to let their customers move funds in and out of their accounts. Bloomberg writes about how Binanace.US is trying to work with a crypto payment startup, MoonPay as a workaround. The problem for Binance is that their banking partners all cut their ties with the crypto company.
  • 6. Thus, for a month or more they have had no way for customers to put dollars into their crypto accounts or take assets out in dollars. What they are trying is a work-around in which people use debit or credit cards via MoonPay to purchase Tether stablecoins. Then they can purchase other tokens which can then be converted into dollars. This approach may work for Binance but it creates a lot more fuss and bother that Binance.US does not need as its customers are fleeing to exchanges with fewer “issues.”
  • 7.
  • 9. The United States Securities and Exchange Commission sued Binance.US as well as its international parent company Binance.com. They allege a whole host of violations of securities laws. The issue will work its way through the court system. Meanwhile the world goes on and the $2 billion in customer crypto assets held by Binance.US prior to the lawsuit has virtually evaporated.
  • 10. Customers are fleeing and every single Binance.US banking partner has ceased their relationship with the company. It has gone from being a major player in the US to being an afterthought with Kraken and Coinbase now taking the lead.
  • 11. Binance.US may or may not lose its lawsuit with the SEC. However, it has already lost even before the issues get their day in court. Crypto customers of Binance.US are not interested in the company’s legal troubles.
  • 12. They want their own trouble free methods to hold cryptocurrencies, buy or sell in the world of DeFi, and pursue their own business objectives. What they want is an unencumbered connection between decentralized finance and traditional finance in order to do business normally.
  • 13. How Secure Is the Binance.US Work Around With MoonPay?
  • 14. Despite being a bit cumbersome, it would appear that using MoonPay is a possible way for Binance.US to let its customers deposit into or withdraw from their accounts. Then the question is just how stable is MoonPay. The company got a lot of celebrity endorsements (Justin Bieber and Ashton Kutcher) last year. We are reminded of celebrities who promote crypto and the problems they can get themselves into. We see that MoonPay cut its internal valuation of its shares by 72% early this year!
  • 15. If MoonPay ends up not being able to help Binance.US, the Binance affiliate in the US could go out of business even before its case with the SEC goes to court. Thus the SEC could potentially accomplish its purpose of eliminating the company as a regulatory issue without any formal legal action. Simply breaking the connection between DeFi and TradFi may have been enough to accomplish the SEC’s purpose.
  • 16. For more insights and useful information about investments and investing, visit www.ProfitableInvestingTips.com.