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[SCAMEXPOSER]

The CEO of the largest Crypto currency exchange site globally, Changpeng Zhao (CZ) said that the decision of Binance to set up it own Crypto bank or buy a traditional bank is not new idea cos the news has been trending for a while though there are still discussion on going by the Binance team specialized in banking industry.

Do you see this as a good deal?

 

[Wisdom01]

Yeah this really a good deal as they are keen on expanding their capacity as fast as they can ,first it was buying trustwallet, coinmarketcap and they keep dominating

 

[Balint098]

Not sure about this. Monopoly is never good for any industry, including crypto world. Just hope Binance not spying on its users like Coinbase or by order of Chinese government.

 

[SCAMEXPOSER]

Not sure about this. Monopoly is never good for any industry, including crypto world. Just hope Binance not spying on its users like Coinbase or by order of Chinese government.

I don't really see it as Monopoly or spy but a business strategy, if they decided to buy or set up their own bank they can be the only bank forever other exchange sites will also embark on the project too.

 

[Wisdom01]

Its not really a monopoly they just want to remove or resist any competition and expand their business to a bigger platform and other sectors ,they might even buy another platform

 

[Balint098]

I don't really see it as Monopoly or spy but a business strategy, if they decided to buy or set up their own bank they can be the only bank forever other exchange sites will also embark on the project too.

Its not really a monopoly they just want to remove or resist any competition and expand their business to a bigger platform and other sectors ,they might even buy another platform

Ya those are the very definition of "monopoly" - When a company became a big enough they start to squash other companies so that no competitor can emerge to rival them.

 

[Wisdom01]

View attachment 133168

Ya those are the very definition of "monopoly" - When a company became a big enough they start to squash other companies so that no competitor can emerge to rival them.

What I meant was that they are not monopolizing it there are other top crypto sites for exchange like bitrex,and others, what i meant there was diversification they are expanding their business on various sectors like news platform to exchange sites and others

 

[SCAMEXPOSER]

View attachment 133168

Ya those are the very definition of "monopoly" - When a company became a big enough they start to squash other companies so that no competitor can emerge to rival them.

What Binance is trying to do is not really Monopoly though every business man strive to be ahead of others such that he control the market.

 

[gammarays]

They don't need a traditional bank for now as they're pretty good with their operations so far. Well it'll reduce the cost of their transaction fees on fiat currency. They should reduce their transfer fees which is too high.

 

[Wisdom01]

They don't need a traditional bank for now as they're pretty good with their operations so far. Well it'll reduce the cost of their transaction fees on fiat currency. They should reduce their transfer fees which is too high.

They can build a traditional bank as this will improve their growth as well ,and they are trying to plan ahead because in some years later people might start going to bank for crypto Transaction

 

[Wisdom01]

Well the idea is a good one though and them being the largest crypto company, they have the capacity to do that.
Imagine them having there own bank.
That means they will have there own policy and term.
That's a great news but I think there gas fee is kinda high and need to be revised and review, they need to reduce it or else another company can take over without hesitating by picking tjeThe strategy they leave behind.
Kudos to them sha

Yeah they would have amend their own policy and terms so it would be favourable to the customer if they want to withstand the competition

 

[Wisdom01]

Exactly policy is one of the objective that runs either a company, website or whatever.
Because its through the policy you will understand what theh are really about.
And It would be the best if there terms of policy suit there customer.
That will be number one rank among others and there restrictions on there policy should be less.
Am just saying my own point of view though

Yeah policy also have effect on how the company would be run the objectives abd the goal so binance needs to make a preferable one because there are many banks now

 

[Niftyicon]

If this will enlarge their business and make it more successful, then, they should go ahead. Someone or business has to start and implement a project before other copycats.

 

[Josemendez]

What could be the aim of setting up this cryptocurrency bank by binance ? I believe that their platform itself is already carrying out all the services they will carry out as a cryptocurrency bankb

 

[Niftyicon]

What could be the aim of setting up this cryptocurrency bank by binance ? I believe that their platform itself is already carrying out all the services they will carry out as a cryptocurrency bankb

I am actually seeing it as Binance's way of enlarging the business and setting pace for others to imitate or follow. It wouldn't be surprising when others begin to speculate àbout acquiring banks too.

 

[ELSA-ELI]

In many ways the cryptocurrency world is heavily dependant on the banking system.So in this way I think Binance saw it fit to acquire a bank and alter some functions in order to favour and broaden its services out there and have not limitations in offer in and executing certain services.

 

[Brain]

It is very obvious that binance wants to dominate or just monopolize every where but if it isn't to hurt anything then it isn't a bad idea then

 

[Josemendez]

I am actually seeing it as Binance's way of enlarging the business and setting pace for others to imitate or follow. It wouldn't be surprising when others begin to speculate àbout acquiring banks too.

Well , I won't agree less with you. I believe that binance wants to stand out among other cryptocurrency exchange company and they are bringing out many innovation

 

[Brain]

What could be the aim of setting up this cryptocurrency bank by binance ? I believe that their platform itself is already carrying out all the services they will carry out as a cryptocurrency bankb

A lot of parent company believe in diversity. It always better to try out new things and be sure it didn't work out than not trying at all. I think this is the idea of binance platform