The Getting Crypto Show (Binance) Airs On SABC TV

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The Getting Crypto Show sponsored and I guess paid for by Binance aired it's first episode on the 18th October. The 6 episodes are to give the masses a better understanding of crypto and how they can be used. Sounds like a great idea except I do not think this is the end goal. Hear me out and I will tell you why this is not about education and more about Binance.

I am not sure how popular the show will be as no one watches SABS let alone their 3rd channel. I did not know they even had 3 channels as this is another failed SOE in huge debt. The timing of 3pm on a Saturday afternoon tells you all you need to know as that is when the peak sports are on and viewer numbers would be non existent. This would be the cheapest time to air this show on terrestrial television and this is not about audience numbers or winning a popularity contest as Binance would be funding this 100%.

Earlier this year I attended the Biannce conference in Johannesburg hoping to learn something except the majority of people who were attending did not know even the basics. The talk at the conference was more on Meme coins and when the topic of staking was raised no one raised their hands and knew what this entailed.

The problem is those who are using crypto in South Africa which there are a reported 5.8 million users then I guess this show makes sense to try and educate them. I would say a vast majority of those having crypto are not South Africans, but more Zimbabweans using crypto to send funds home to their families. The Zimbabweans are not interested in these types of programs as they only use crypto as a vehicle to transfer money across borders.

With an estimated 50% unemployment rate in South Africa and climbing there is less than 10 million people employed. How many of those people employed are Zimbabweans and how many of the Binance accounts are registered in South Africa, but are actually Zimbabwean citizens? I would quite comfortably say more than 50% of the 5.8 million crypto users are foreigners and very few are crypto investors.

I am thinking bigger picture for Binance as this may be away of them fast tracking their financial license in South Africa and being regulated. Up till now they have been placed on hold and even though South African's can use Binance it is not official until they have been given the license.

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On a personal note I have not touched Binance for over 12 months as I do not trust their relationship with the tax man. Every deposit and withdrawal brings up a separate screen asking you where the funds are from and if the withdrawal is going to you. Binance has stated to me in person at the conference that this information is not passed on and is part of the regulation process they have been asked to adhere to. Is this information stored and when will it be passed over and will they tell us when this happens which they would never openly admit when this happens.

The more I think about this it is more about Binance obtaining an official trading/exchange financial license by getting involved with an SOE than about educating people about crypto. This is Binance being proactive having been waiting since the 12th April 2024 and by paying their dues hoping to speed up the licensing process. This is like paying a legal bribe funding a television program using a government run television station which very few people watch. Maybe I have lived too long in Africa as I know exactly how Africa works and thinks and you first assumption is normally the correct one.

Posted Using INLEO