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One might assume that Binance, with its extensive operations, would steer clear of self-inflicted issues. However, surprisingly, the world's largest cryptocurrency exchange managed to create a minor turmoil due to an avoidable mishap in its corporate communication. On Monday, the company made a blunder by erroneously declaring via social media that euro transactions were no longer accessible.
To address any confusion: Binance has not forfeited its capability to conduct transactions in Europe. Paysafe Payment Solutions, the banking partner of Binance in this region, has affirmed that withdrawals and deposits carried out within the Single Euro Payments Area (SEPA) will remain accessible until September 25th. This aligns with the initial deadline provided after Paysafe announced in June that it would discontinue servicing the global exchange as a customer subsequent to a "strategic review."
The bank was in the process of cleaning up the aftermath caused by Binance, and they might now find their decision to distance themselves from Binance even more warranted. Errors are a part of life – X (RIP Twitter) primarily holds attention due to individuals making unfortunate remarks on a daily basis – however, this specific miscalculated statement couldn't have come at a worse moment for Binance.
Binance, despite later retracting its statement, essentially conveyed its anticipation regarding the potential outcome once Paysafe discontinues its support: “At the moment, we don’t have a time frame for the restoration of SEPA transfers.” While all of this remains speculative, the level of formality in the communication is rather noteworthy, especially considering the individual's ability to control the social media accounts.
To the best of global understanding, Binance currently does not possess a substitute for Paysafe. However, considering the challenges the exchange is encountering in the United Kingdom, the ongoing investigation in France, and its unfavorable reception in the Netherlands, Germany, and Cyprus, any prospective alternatives are likely to exhibit reluctance in establishing connections with the exchange.
I mean, you can tell that things are taking a turn for the worse when you encounter financial difficulties in Cyprus, a focal point of European tax evasion and financial opacity. And that's not even mentioning the legal turmoil Binance is facing across the Atlantic. The company is currently dealing with separate lawsuits from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Interestingly, it seems that the Department of Justice (DOJ) is holding back on potential charges of criminal money laundering, possibly due to concerns about the plummeting cryptocurrency markets. It's quite a predicament for Razzlekhan, who seems to have an influence on both economic trends and market dynamics.
I've previously expressed my belief in Binance's resilience amidst the challenges. However, I don't criticize others for their feelings of fear, uncertainty, and doubt, commonly referred to as FUD, borrowing a term coined by the exchange's original CEO, Changpeng Zhao. Interestingly, CZ frequently advises his followers to disregard FUD. This advice is so ingrained that the billionaire entrepreneur has a go-to response when faced with corporate hurdles: often sharing the single digit "4."
The expression in question is, perhaps, quite puzzling. As outlined in the Binance blog while detailing the ancestry of 4:
“Following a volatile year in the crypto markets, CZ wrote a post on Twitter on the second day of the year explaining that he would try to keep 2023 simple and spend more time on fewer things. After listing three ‘do’s’, including education, compliance, product & service, he added a number 4 of one ‘don’t’, which was to ‘Ignore FUD, fake news, attacks, etc."
If you're tallying this up, you'll find three affirmative points. Engage in education. Embrace compliance. Pursue both product and service, as they naturally intertwine. And then there's a singular negative. Avoid fear. Discard uncertainty. Banish any thoughts of doubt. Now, I'm not a mathematical genius, but where my understanding begins to falter is at the word "etc.," which, in my view, flings wide the gates to additional negatives — perhaps even an infinite array of things to sidestep or expel from the mind.
Certainly, all of this might lean more towards arthimancy than straightforward arithmetic, if you understand the nuance I'm conveying. It's not precisely traditional numerology (“translate the alphabet to numbers and then count the first letter of each Do and subtract the total numerical representation of FUD and you’ll peer into the mind of God and/or Gary Gensler”), but rather a touch of New Age contemplation tailored for the Crypto Age. Here, all historical, current, and forthcoming challenges appear insurmountable as long as you maintain an affirmative mindset and deliberately disregard the negatives.
Doesn't the realm of cryptocurrency deserve a more substantial approach than just relying on the Power of Positive Thinking when confronted with an almost unending series of public relations challenges?
Binance CEO CZ, like many prominent figures in the industry, was once lauded for his genuineness — a willingness to provide people with a direct insight into his thoughts through social media and interviews. However, appropriateness is context-dependent. Sam Bankman-Fried, who was also previously active on Twitter, discovered this lesson in a challenging manner when he realized that his previous approach of deceptive rhetoric and employing the "all the right shibboleths" wouldn't resurrect FTX. (Though it's possible I'm attributing too much of this insight to SBF; legal counsel probably played a role.)
With proper acknowledgment, over the last year, Binance has undergone a significant transformation in its communication approach, shifting from a stance that could be summarized as "we don’t bow before statist pigs" to a more accommodating demeanor. Presently, the consequences of its efforts to engage with regulators it once disregarded are becoming evident. Binance's executives, including Chief Compliance Officer Noah Perlman and General Counsel Eleanor Hughes, find themselves in challenging roles, attempting to navigate a delicate balance.
However, there are individuals who are not inclined to pardon inadvertent errors or casually dismiss credible allegations of significant financial misconduct involving Binance. It is disheartening to observe that Binance, arguably the most pivotal entity in the realm of cryptocurrency, has not as of yet mastered the art of adeptly addressing such matters. Undoubtedly, errors are an inherent part of any undertaking. Balancing the satisfaction of the crypto community's risk-takers while simultaneously upholding an air of professionalism is undeniably challenging. The persistent resistance and capacity to adapt in the face of challenges are what continue to underscore the enduring potency of the cryptocurrency sphere.
However, clarity is essential regarding CZ's continuity as the chief executive, establishing a definitive headquarters for the business, and gaining transparency on the ongoing developments in Europe. While official responses might be pending for many of these inquiries, Binance's current state seems to be entangling itself in unnecessary fear, uncertainty, and doubt (FUD) until concrete answers surface.
