"Truth be told" that I have never imagined a country in the world, especially the US will ever have a Ministry of Truth. How odd does that sound and how totalitarian as well... It's like we're that dumb now we can't discern truth from lies anymore?!
Binance is the largest crypto exchange by trading volume in the world, it has been forced to move out of China back in 2018 and for a while the CEO, CZ, said that they literally have no headquarters. They seem to have found an adopting home and now the black and yellow crypto exchange seems to be the most compliant one.
Binance is so compliant that it has already terminated the accounts of Elizaveta Peskova, the daughter of Russian President Vladimir Putin’s spokesman Dmitry Peskov, Polina Kovaleva, the stepdaughter of Foreign Minister Sergei Lavrov, and Kirill Malofeyev, the son of Konstantin Malofeyev, a Russian oligarch.
How nice... Binance is really helping in stopping the war.
To be in line with the fifth wave of sanctions introduced by the European Union toward Russia, Binance made changes to its policy a week ago. The company limited services for “Russian nationals or natural persons residing in Russia, or legal entities established in Russia, that have crypto assets exceeding the value of 10,000 EUR.” People subject to the restriction will need to complete proof-of-address verification.
source
I am not aware if there is still any CEX not requiring KYC when using it, but I bet that all of them will have to comply to that in just a few years. We already have the bill voted in the EU, which will be put into effect as of 2024 if not mistaking, that forces exchanges to KYC unhosted wallets that are transacting with them.
As per the bill the maximum amount that allows Europeans to go under the radar is €1,000, but what guarantees do we have it's not going to change. So, we have the ministry of truth in America and we're less than a year until transacting crypto worth over €1,000 to and from any CEX will require KYC.
Add CBDCs to that equation and the question is:what freedoms do we still have? Oh wait, we also have WHO that's supposed to be granted higher power than states constitution and before you know it we're gonna be living a living hell, but quite a modern one. Probably not as bad as China's but quite close... Does crypto fixes that? I hop so...
My faith is that decentralized blockchain technology coupled with DeFi and the media of the future, such as Hive, will help us preserve our freedom and sovereignty. There's no guarantees, though, but that doesn't have to stop us from grinding ahead.
Wish you a great weekend ahead, anyway, and see you to the next post.
Thanks for attention,
Adrian
