Should Iran also investigate if Iranian residents trade on Binance? And if they do, why is it Binance responsability to bow to the Iranian government? And if they don't bow, why should Binance bow to the US?
>Should Iran also investigate if Iranian residents trade on Binance?
It isn't a matter of should. But they definitely could, if Binance operates in Iran, and they suspect Binance is doing something that is against the law there.
>And if they do, why is it Binance responsibility to bow to the Iranian government?
If they want to conduct business with Iran, then they have to take on that responsibility. If they don't care about conducting business with Iran, they are welcome to not listen to any demands and just walk away.
>And if they don't bow, why should Binance bow to the US?
If they don't bow, they won't be able to conduct transactions and business with US entities completely, such as banks and payment providers. Whether they should bow or not is up to whether they want to continue that relationship.
For context, Binance DOES operate within the US, they just have a separate entity set up for it called Binance US that is fully compliant with US regulations and doesn't allow trading crypto derivatives (only regular crypto coins). Binance (the non-US one that allows derivatives) is self-blocking US users. The allegation is that despite all of that, Binance allowed derivative crypto trades to slip through the cracks in the US.
If Binance doesn't comply and is at fault, then they are risking getting their Binance US entity prevented from operating in the US. This has nothing to do with world policing or anything like that. If the business you are conducting in a country doesn't comply with local regulations, you are running a risk of getting investigated and asked to either fix it up (if you were given such a chance depending on circumstances) or get out, as simple as that.
US based companies are subject to EU privacy laws if they want to operate in EU. Facebook and Google both had to make huge infrastructure investments to comply with the GDPR.
The US fined US based tech companies for not complying with US age restrictions in the past as well.
There isn't anything controversial here. US government makes laws for US citizens and US based companies. Same with every other country on the planet.
Imagine you are US based company, who letting only US based people in, but getting fined from EU for GDPR, because some people from EU using vpn to access to your website.
Assuming you are talking about a case where some app is illegal in US, but not in UK, as long as Apple has sufficient safeguards, they should be in the clear. For example, don't you need a valid address in another country to create an app store account there? Or maybe a credit card from that country? If yes, then that sounds like a sufficient safeguard.
Not that it really matters, given I haven't heard of any Apple app store apps that are legal in UK but are explicitly illegal in the US. I remember there was a scare like that with TikTok/WhatsApp last year, but it never went through, so there isn't really a real life situation that could've set the precedent for such a thing.
I don't doubt that once such a situation occurs, Apple might indeed get looked into by the regulators. Would be an interesting case to observe for sure. Either way, that hypothetical situation is much much less clear-cut than what's happening with Binance right now, though I can definitely see the similarities.
Yeah the problem here is, US is expecting more than standard controls. Basically from the article, People from US trying more imaginative ways everyday.
This shouldn’t be necessary, or maybe LE should go after that people a bit too? I never heard any enforcement to US citizens doing this, but always regulatory pressure.
PS: in Apple case, as long as app is free , you can create any account from any country. But regulators would not be able to show teeth there for sure anyway
Or maybe Binance should put some effort (they are a tech company after all) into figuring out if a user is from the US instead of telling its users to use a VPN.
I'm actually a BNB holder but the arguments here are silly.
If a US regulatory agency doesn't want its residents to interact with foreign websites, it should block their internet access to websites outside of the country. Other entities outside of the US have no moral obligation to run these checks on behalf of the US government.
>Other entities outside of the US have no moral obligation to run these checks on behalf of the US government
Those other entities are businesses. If they want to conduct business in the US, they have to abide by the local laws. Just like any US business has to abide by EU laws if they want to operate in EU.
>If a US regulatory agency doesn't want its residents to interact with foreign websites, it should block their internet access to websites outside of the country.
US is literally acting in the interests of the business here trying to help them. US could block Binance, sure. But I think it is more merciful of them to give Binance a chance to fix their shit up and still let them operate in the US. Blocking those website is the last resort, as it should be.
Also, again, no one forced Binance US to register as a legal business entity in the US and conduct business here. Binance US is supposed to operate within US laws. It is their dedicated US branch for US customers that is supposed to provide services legal in the US (no derivatives, as opposed to their non-US Binance platform). Except they, allegedly, let some stuff from the non-US branch that is illegal in the US to slip through to the US customers. Binance cannot have their cake and eat it too. They either don't operate in the US or they do so while abiding the law.
I think a better way to look at it is: people paying to park wealth in the worlds most stable and transferable currency. Even North Korea likes holding US dollars.
We have the most stable, predictable economic environment in the world, and the oldest functioning constitution. Why would we not extract some of the value in that?
Another point: Inflation plays a domestic role as well, as it increases the velocity of money.
It's definitely fantastic for anyone with employees. If the currency was deflating, you better believe your boss would be doing a downward cost of living adjustment ever single paycheck. As it stands, they can just keep your pay fixed and you are constantly becoming a lesser business cost until they begrudgingly give you a 1-2% annual cost of living adjustment.
Basically, it's easier to manipulate individuals into working for less if the number they're getting remains the same or even goes up, but slower than real inflation.
> Basically, it's easier to manipulate individuals into working for less if the number they're getting remains the same or even goes up, but slower than real inflation.
I could be wrong, but it looks like that is comparing an aggregate/mean ('total productivity's) with a median ('typical wage'), which would paint a very innaccurate picture of what's happening.
Like, imagine everything stays the same, but a new class of extremely productive high paying jobs is invented, and grows to 10% of the workforce. This would have only a marginal effect on median wage but a huge effect on aggregate productivity. Nothing would change in any other industry (bread factories still have the same output and still pay the same) but it would make this stat look like like 'the rich are stealing our wage growth'.
Conclusion: Team USA: world police.