Binance has been banned or restricted from operating in the uk since 2021, when the fca found it wasnt meeting basic registration requirements and had run ins with dutch and belgian regulators around the same period. It pled guilty in the US in 2023 to aml and sanctions violations with over $4 billion in penalties, and its founder did prison time as part of that and now in 2026, its the one major exchange that couldnt get licensed under MiCA while coinbase, bitpanda ,kraken, all did

Individually, any one of these could be regulator being overly cautious with a new industry but stacked up over five years, it stops looking like bad luck and starts looking like a company that keeps failing the exact same category of test proving to regulators that its structure and leadership meet a basic compliance bar.. Its specifically a trust problem, recurring across multiple independent jurisdictions.

something surprising is that none of this has actually dented binance’s volume dominance. It’s still the largest exchange by a wide margin, in spite of a track record that would sink most companies in most other industries. Which either means crypto users genuinely dont weight this kind of risk very heavily or means theres no real alternative with the same liquidity so people stay regardless.

Small side note its probably not a coincidence that the onchain RWA perps corner like ostium and hyperliquid has been growing precisely in the gap this kind of recurring regulatory risk leaves open coz that doesnt need a specific company to hold a specific license in any country to let keep a position open.

So does a pattern like this change anything about where people choose to trade or does liquidity and habit just override it every time?

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