The entire crypto industry is offshore now. Coinbase is a shadow of itself, doing 1/20 of Binance on a good day. All US players are buried under mountains of legal fees while the offshore players continue to gain market share. The only rational move if you have a physical entity is to 1) Ban US customers and 2) incorporate in Cayman, Seychelles, etc. Coinbase talks about “maybe launching futures at 10x leverage” but that takes them millions in legal fees and years of effort to allow this. Meanwhile Binance and FTX have 150x leverage and launching crypto-derivatives on oil, DOW, FTSE, forex, etc. etc. etc. It’s game over for Coinbase, Gemini, all US guys. I don’t blame the US given their heavy regulation focus on financial markets, it’s what regulators in the US do, but it’s simply untenable for crypto industry given it’s a global market and the only restrictions to access are illusions mandated by governments.
Telegram made a mistake by taking any US money whatsoever. If they avoided that they would have had much easier time.
Blockchain doesn’t care about borders, it’s just math. US is playing a losing game but it’s fine - the software doesn’t care.
Telegram made a mistake by taking any US money whatsoever. If they avoided that they would have had much easier time.
Blockchain doesn’t care about borders, it’s just math. US is playing a losing game but it’s fine - the software doesn’t care.