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Binance will temporarily suspend services to EU customers from July 1st due to delays in obtaining its MiCA license. The company stated that it is continuing to pursue the license and plans to return to the EU market once approval is granted.
Next week, when millions of Binance users in France, Italy, Spain, and other countries are forced to withdraw their funds, that massive flow of money will certainly not disappear. It will immediately flow to exchanges with a "clean" legal framework, such as OKX, Kraken, for safe haven. This is a historic shift in market share!
Many people previously criticized Pi Network for its overly strict Know Your Customer (KYC) and Know Your Business (KYB) verification process, wondering why it didn't just list on Binance for faster access... Now the answer is clear!
If Pi Network had chosen a legally unsafe platform, or if the project itself hadn't complied with the macro-level rules, it would have easily been banned by various countries. Pi's close collaboration with leading exchanges in legal compliance, like OKX, is clearly a very shrewd and far-sighted "insurance" move by the Pi Core Team.
The era of playing by the "law of the jungle" and avoiding government scrutiny in crypto is officially over. Those who accept the fair game and abide by the law will survive and become kings!