Innovation is always bad news for incumbents that have grown too big, too complacent, and too unwieldy because of their sizes. Long streaks of success often lull them into a deep state of slumber and convince them that they are invincible. When disruption happens in their respective industries, it proves to be a rude wake-up call, from which many organizations never recover. That’s how giants fall!
Despite this story repeating itself several times over the past decade, it appears that the current crypto giants have not learned anything from history. Centralized crypto exchanges like Binance (BUSD) and Coinbase (USDC) are facing their biggest threat yet, and it’s not just because of FTX. Decentralized exchanges are winning over more of their customers, and now, the arrival of TMS Network (TMSN) could mark the final nail in their coffin.
What Is TMS Network (TMSN)?
TMS Network (TMSN) is a new decentralized crypto exchange that brings cutting-edge trading features and conveniences to the crypto world. For starters, TMS Network (TMSN) is the first dex to bring stock trading and forex trading to the crypto world. Crypto users would soon be able to trade cryptos, CFDs, stocks, and forex on TMS Network (TMSN), a huge milestone for the entire industry, paving the way for investing and trading in the metaverse.
TMS Network (TMSN) also offers exciting features like social trading, bots, strategy builder, arbitrage trading signals, real-time and historical analytics, cryptocurrency analytics, and so on. TMS Network (TMSN) will also act as a dApp platform that will allow developers to launch new trading bots using the platform’s tools.
Transparency, community governance, and a strong commitment to decentralization are the cornerstones on which TMS Network (TMSN) will stand. This will be in stark contrast to centralized crypto exchanges that are embroiled in myriad controversies like insider trading, bankruptcies, SEC investigations, and so on.
Binance’s (BUSD) Controversies Rage On
Binance (BUSD) was originally based in China, but had to leave the country due to a clampdown by authorities in the country. Binance’s founders moved the crypt exchange offshore, initially to Malta and then elsewhere. According to the latest reports, Binance is currently operating out of the Cayman Islands. Since its inception, Binance has been investigated by authorities wherever it has gone. Lately, it is also under investigation by federal authorities in the U.S. The U.K. has already ordered Binance to stop its activities in the country too.
These developments have long cast a shadow on Binance’s existence and have thrown up its future in jeopardy. Many crypto users feel that Binance is just a ticking time bomb waiting to explode, and it’s only a matter of time before the inevitable happens.
Federal Authorities Are Breathing Down Coinbase’s (USDC) Neck
Coinbase (USDC) has been under investigation by the U.S. SEC for its involvement in a case of insider trading. To be sure, it wasn’t Coinbase as an entity that was party to insider trading but one of its employees. A newly appointed product manager with access to sensitive information on upcoming token listings on Coinbase relayed that information to his brother and the latter’s friend. In doing so, the three people pocketed a sweet $1.5 million in illegal profits. This past week, the ex-product manager pleaded guilty to insider trading, although his sentencing is yet to be announced.
Coinbase isn’t the only one facing the wrath of federal authorities. Kraken crypto exchange recently settled for a $30 million fine with the SEC for its staking feature. The exchange is also being forced to shut down staking on its platform. Considering that all major centralized crypto exchanges offer staking-as-a-service, the SEC will also turn its attention to them.
TMS Network (TMSN) is currently in its infant phase of fundraising and is trading at $.0047, and anyone looking to learn more about the product and join the TMS Network’s community can follow these links:
Presale: https://presale.tmsnetwork.io
Website: https://tmsnetwork.io
Telegram: https://t.me/tmsnetwork
Twitter: https://twitter.com/tmsnetworkio