Mailchimp Bans Crypto, Two exchanges move to Europe

Mailchimp has officially banned use of its platform for Cryptocurrency and ICO marketing citing the high risk of scams and money laundering tied to cryptocurrency. This is another strike against startups hoping to fund their company or project through an Initial Coin Offering or ICO. I suspect more services will follow but honestly its not that hard to setup your own e-mail server to send promotional materials from so mailchimp’s ban should not be that bad. Eventually services and advertising networks will have to roll back the bans as the money involved in promoting and advertising crypto becomes too big to ignore.
Both Binance and Bitfinex are moving out of Asia and into Europe with Binance moving to Malta and Bitfinex moving to Switzerland to avoid heavy regulations. As Japan and Hong Kong join South Korea in more heavy handed regulations, exchanges will look for regulation-free havens such as Malta and Switzerland. London has also been listed as a potential location of Bitfinex’s new headquarters. Despite the regulation clampdown in Asia, there will always be smaller countries that are attracted by the Jobs and economic activity that these exchanges bring and are willing to offer them a better environment. I suspect that Asian countries with their regulatory clampdowns will be less and less competitive when compared to the other countries and fall behind in this new economy and technology before they realize it. Switzerland is known for its ultra-private banks which are known for a wide range of illicit activity that they are famous for so regulations should not be a huge problem there. Malta, I also doubt, will get much in the way of Binance’s operations. Countries with heavy handed regulations will simply be outmatched by others and will have to relax their stance.
China’s ban on cryptos is proving ineffective and many Chinese investors are using wechat to contact brokers to get around the ban. The message is clear: Chinese people want Cryptos and the government bans won’t stop them from trying to make money. Altogether many of the objections of banks and financial institutions on Crypto are based on the fact that Cryptos threaten their position and control over the economy and political scene, not really that they care about their customer’s well being. Large Banks and Financial institutions are well known grounds for massive scandals and scams to cheat ordinary people out of money and every time regulation is brought up on them, they fight it tooth and nail.
But despite all this, Cryptos are becoming more common and getting wider acceptance little by little and they will not be able to stop the oncoming flood.

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