I hope for the day the world will be decoupled from dollar as universal currency. That day countries will free to trade with each other without worrying about some orange head with low IQ.
Doesn't matter, tbh. Regardless of the philosophical viewpoint here (which I do agree with), AML and Bank Secrecy type laws exist basically everywhere, and are no joke. They're one of the few things that bank executives go to prison for.
And like, Binance were just convicted of this a few years back. I wouldn't be surprised if the US government tried to shut them down at this point. And if Binance are persona non grata to the US government then they're out of the dollar system which basically cuts them off from almost the entire banking system.
It does matter, for non-Americans, that America isn't the world police and doesn't dictate laws, norms and how other countries behave. Maybe it used to be relatively fringe to have this point of view, but last few years really vindicated this point of view, and I agree that many countries in the world should continue focusing on decoupling themselves from the US, this particular issue highlights one motivation for doing just so.
In this particular case they do, because they cut banks off from the dollar system if they interact with sanctioned entities. It's probably one of their most effective weapons against their "enemies".
All of these (American driven) laws exist in basically every country at this point, and it's gonna be a struggle to remove them. Like, how would you even spin this as a good change?
I personally regard AML laws as problematic as they weaponise the financial system against its citizens with no democratic right of reply, but that doesn't change the fact that these laws exist basically everywhere and aren't going to be repealed.
I'm not American, why would I want American laws to apply to me? How could you possibly spin that as a negative change?
> but that doesn't change the fact that these laws exist basically everywhere
So you're saying that there is a Maltese law (or whatever jurisdiction Binance actually is right now) that is saying Maltese companies cannot do business dealings with anyone from Iran? That's the important part, not whatever the US laws says.
They don't exists in every country, the question then becomes do they exist wherever Binance is actually headquartered?
If you can figure out where Binance is ultimately controlled from, you'll be doing much better than lots of financial journalists.