Binance temporary suspending Bitcoin network

Darker45

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Quote from: bbc.reporter on July 30, 2022, 03:40:36 AM

@stompix. That was when CZ was avoiding to be compliant with regulators from different jurisdictions. This has changed, however. I speculate because there is this new exchange called FTX that has been working with regulators to be 100% compliant hehehe. It has given FTX an advantage which is why Binance has also began to work to get regulatory compliance.

Has anything changed? It seems to me that CZ has been sticking to the same plan all along. He must have read and followed Bruce Lee's 'be like water' advice. The business will operate everywhere without complying with anything. The moment the countries' regulators take notice of their illegal operations, they will try to do something to be compliant. They would take steps to the pleasure of the regulators. If their actions fail, they would get out.

If submission to the authorities is the key, they would submit. If they could get away with it, they wouldn't mind not securing a license.

bbc.reporter

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@stompix. That was when CZ was avoiding to be compliant with regulators from different jurisdictions. This has changed, however. I speculate because there is this new exchange called FTX that has been working with regulators to be 100% compliant hehehe. It has given FTX an advantage which is why Binance has also began to work to get regulatory compliance.

stompix

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Blackjack.fun

Quote from: Darker45 on July 27, 2022, 09:36:27 PM

What do you mean global? Is there such a thing as a global business license or an international business registration which provides a global company absolute freedom to operate in any country? I think there's none. In which case, Binance will have to adjust to and comply with various domestic laws of countries where it wishes to operate. And it is in this context that Binance's operations in many countries all over the world are ordered to stop.

It's not me who is saying this, it's CZ himself, and it's one of those concepts that come from Binancism!
Whenever some aspects of something are beneficial to you you immediately compare yourself to that, once it's no longer offering you any advantages you forget about it.

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Binance Doesn’t Have a Headquarters Because Bitcoin Doesn’t, Says CEO

Suddenly he identified himself and his business with bitcoin, when this would go against the business he reverts to his position about pro-regulation and control.

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Binance is not based in Malta, nor does it operate there, since the exchange exists in the blockchain world and operates from various parts of the planet, he says.

Truly wonderful, right? Cheesy

Darker45

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Quote from: stompix on July 27, 2022, 06:28:03 AM

Quote from: Darker45 on July 26, 2022, 09:32:45 PM

Is Binance not kicked out from countries for breaking laws?

No bruh, Binance is global so it doesn't need to be licensed or have a headquarters in any country!
But it can lie about having on in Singapore, Japan, Malta, and the Bahamas when there is the need to do so or for another publicity stunt.

What do you mean global? Is there such a thing as a global business license or an international business registration which provides a global company absolute freedom to operate in any country? I think there's none. In which case, Binance will have to adjust to and comply with various domestic laws of countries where it wishes to operate. And it is in this context that Binance's operations in many countries all over the world are ordered to stop.

bbc.reporter

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Quote from: stompix on July 27, 2022, 06:28:03 AM

Quote from: bbc.reporter on July 26, 2022, 08:50:43 PM

Quote from: stompix on July 26, 2022, 01:41:42 PM

~

Can you also include the question next to the statement from me that you quoted?

Hihi, I didn't include it because I didn't want to poke at the wasp nest and because it's really complicated.

Would I want to see the end of centralized exchanges and their obvious manipulation as well as the end of those shitty tokens that are basically printing money without backing? Yes! Would I like to see everything going down in flames right now with the revelation that Binance itself is running on borrowed money on their BNB token and crash taking millions in deposits from users? Not really!

That's why I avoided it and it's a lot more complicated than just the 3 lines above! Right now is similar to brood parasitism, where we've fed this with our fees only for him to turn his back against both the bitcoin and eth communities that made his exchange so big.

Hehehe agreed. It is very complicated and if I am being honest, no one should put any member of the cryptospace community in a purity test.

stompix

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Blackjack.fun

Quote from: bbc.reporter on July 26, 2022, 08:50:43 PM

Quote from: stompix on July 26, 2022, 01:41:42 PM

~

Can you also include the question next to the statement from me that you quoted?

Hihi, I didn't include it because I didn't want to poke at the wasp nest and because it's really complicated.

Would I want to see the end of centralized exchanges and their obvious manipulation as well as the end of those shitty tokens that are basically printing money without backing? Yes! Would I like to see everything going down in flames right now with the revelation that Binance itself is running on borrowed money on their BNB token and crash taking millions in deposits from users? Not really!

That's why I avoided it and it's a lot more complicated than just the 3 lines above! Right now is similar to brood parasitism, where we've fed this with our fees only for him to turn his back against both the bitcoin and eth communities that made his exchange so big.

Quote from: Darker45 on July 26, 2022, 09:32:45 PM

Is Binance not kicked out from countries for breaking laws?

No bruh, Binance is global so it doesn't need to be licensed or have a headquarters in any country!
But it can lie about having on in Singapore, Japan, Malta, and the Bahamas when there is the need to do so or for another publicity stunt.

Darker45

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Quote from: NeuroticFish on July 26, 2022, 03:40:07 PM

(He thinks) he's a rock star. Or politician. Every news about him is good or ends up in a lawsuit. Anything else doesn't matter. Shhhh.

This man is acting like China or, worse, Kim Jong Un. Nothing bad should be said against him. Why so onion-skinned? For all we know, that word Ponzi has probably been used to refer to almost anything in crypto including Bitcoin. CZ can't seem to take a shallow and false (?) accusation.

Filing a suit for portraying Binance as "sketchy" or that it's breaking laws? Is "sketchy" not a word that describes Binance? Is Binance not kicked out from countries for breaking laws? Is it not facing legal battles until today for violations against domestic laws?

bbc.reporter

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Quote from: stompix on July 26, 2022, 01:41:42 PM

Quote from: bbc.reporter on July 26, 2022, 12:28:36 AM

Also, CZ filed a lawsuit against Bloomberg and I am quite certain many people in the forum would agree that CZ might be running a ponzi scheme.

Did he win that lawsuit against Nikkei when he accused them of unprofessional journalism and misleading facts about Binance losing its right to operate in Japan?
Did he win the lawsuit against Forbes? no, he decided to drop it and rather than that spend money on buying it, which can be labeled as the same sketchiness he was accused of every single time.

Can you also include the question next to the statement from me that you quoted? I am not telling everyone that CZ or Binance are guilty or innocent. I am asking everyone that is it good for us as investors in the cryptospace to want CZ to be guilty of running a ponzi scheme and go to prison? It might be another storyline for a big short.

Bitcoin_Arena

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Quote from: bbc.reporter on July 26, 2022, 12:28:36 AM

Also, CZ filed a lawsuit against Bloomberg and I am quite certain many people in the forum would agree that CZ might be running a ponzi scheme. However, would we as investors in the cryptospace really want CZ to lose this lawsuit?

Probably, followers of his highly centralized coin and "smart chain" ecosystem would care so much about the Lawsuit, not the whole crypto space.

Today they also suspended deposits and withdrawal in all fiat currencies for about an hour - https://twitter.com/binance/status/1551869644218241024

NeuroticFish

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Quote from: YOSHIE on July 26, 2022, 09:01:03 AM

Indeed, lately exchanges often carry out periodic maintenance, until it takes a matter of hours and some up to days, I think what Binance said in the quote above makes sense, they have to adjust some features and withdrawal and deposit fees.

I think that it may be related to a possible exploit CZ said they've found at another exchange (heh). They may have ensured the same problem cannot happen at Binance.

Of course, they turned a news about a possible problem into a news about maintenance and an advertising...

Quote from: stompix on July 26, 2022, 01:41:42 PM

Did he win that lawsuit against Nikkei when he accused them of unprofessional journalism and misleading facts about Binance losing its right to operate in Japan?
Did he win the lawsuit against Forbes? no, he decided to drop it and rather than that spend money on buying it, which can be labeled as the same sketchiness he was accused of every single time.

(He thinks) he's a rock star. Or politician. Every news about him is good or ends up in a lawsuit. Anything else doesn't matter. Shhhh.

stompix

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Blackjack.fun

Quote from: bbc.reporter on July 26, 2022, 12:28:36 AM

Also, CZ filed a lawsuit against Bloomberg and I am quite certain many people in the forum would agree that CZ might be running a ponzi scheme.

Did he win that lawsuit against Nikkei when he accused them of unprofessional journalism and misleading facts about Binance losing its right to operate in Japan?
Did he win the lawsuit against Forbes? no, he decided to drop it and rather than that spend money on buying it, which can be labeled as the same sketchiness he was accused of every single time.

Quote from: YOSHIE on July 26, 2022, 09:01:03 AM

Indeed, lately exchanges often carry out periodic maintenance, until it takes a matter of hours and some up to days, I think what Binance said in the quote above makes sense, they have to adjust some features and withdrawal and deposit fees.

Yeah, like adjust the fees that are still charging 0.0002 BTC for a withdrawal on the BTC chain and 0.0000058 on their scammy BNB?
I don't see why any true bitcoin would defend Bianc when all they do is try to render BTC role smaller and smaller while promoting their shitty.

YOSHIE

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What Binance did a few days ago, the Exchange that works with Binance, my local exchange, also did the same thing, maybe this is a factor in Bitcoin's decline.

As stated by Binance.

Why Is My Binance Withdrawal Suspended?

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Binance suspends its withdrawals when the wallets undergo periodical maintenance. In some cases, a database glitch or another error relating to the exchange may cause some withdrawal problems. This might then have the knock-on effect of withdrawals being suspended as these are fixed.

Indeed, lately exchanges often carry out periodic maintenance, until it takes a matter of hours and some up to days, I think what Binance said in the quote above makes sense, they have to adjust some features and withdrawal and deposit fees.

It is unavoidable, complaints and disappointments for customers can not be dammed again by suspending.

bbc.reporter

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The timing of the withdrawal suspension is also very head shaking because it was during the big dump of June from $28k to $22k. This is causing mainstream news media become very skeptical and have began publishing articles implying that Binance is ponzi scheme.

Also, CZ filed a lawsuit against Bloomberg and I am quite certain many people in the forum would agree that CZ might be running a ponzi scheme. However, would we as investors in the cryptospace really want CZ to lose this lawsuit?

Changpeng "CZ" Zhao is suing Bloomberg Businessweek for three allegedly defamatory statements published earlier this month through the publication’s Chinese edition—which is distributed in Hong Kong—and its affiliated Twitter and Facebook accounts.

Source https://decrypt.co/105948/binance-ceo-cz-sues-bloomberg-businessweek-for-defamation-in-hong-kong

hugeblack

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Unfortunately, Binance has become so big that its fall will cause a catastrophe in the cryptocurrency market.
If Luna's collapse caused all these damages, then a big problem with Binance will inevitably leave a clear imprint in the short term.

I don't know, but I remember that I withdrew some bitcoin yesterday from OKX exchange and it took a while to be able to withdraw.
The problem is that these platforms focus on hosting the largest number of altcoins, profiting from transaction fees, futures contracts, stacking and other quick profit tools rather than developing the infrastructure of Bitcoin and accepting things like the Lightning Network and others.

The use of these networks is also profitable for them, so they are trying to raise the Bitcoin withdrawal fees.

Charles-Tim

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Join this thread, do not let us begin discussimg same thing on two threads. BTC on other chains is not BTC

I understand that you may not find the thread even if you use search engine as it does not contain the title that can let you find it easily.

Plaguedeath

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This is terrible announcement by Binance, the top 1 centralized exchanges currently suspending Bitcoin withdrawal using Bitcoin network, but you're allowed to withdraw using other chains e.g. BEP20 and ERC20. This is a joke man, Bitcoin who using other chains isn't a real Bitcoin anymore since it's just a centralized coin created by Binance pegged with real Bitcoin price.

The more and more centralized exchanges want their users to using their fake coins and centralized chains, does our personal information isn't enough for them? Because of this now I find more reason to use decentralized exchanges e.g. Bisq rather than centralized exchanges no matter their popularity.

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Withdrawals on Bitcoin (BTC) Network Temporarily Suspended
2022-06-13 20:15
Fellow Binancians,
Withdrawals on the Bitcoin (BTC) network were temporarily suspended on 2022-06-13 at 11:43:43 (UTC). BTC withdrawals on other networks (BEP20 and ERC20) remain open and are working as normal.
This is due to an earlier batch of transactions getting stuck from low transaction fees submitted and hence, resulting in a backlog of Bitcoin (BTC) network withdrawals. The Binance team is working on a solution to resume Bitcoin (BTC) network withdrawals soon.
Binance will reopen withdrawals on the Bitcoin (BTC) network once our withdrawal system becomes stable, and we will notify users in a further announcement.
Please note:

Some pending Bitcoin (BTC) network withdrawals may be rejected once withdrawals on the Bitcoin (BTC) network are resumed. In this case, the users will need to resubmit their withdrawal requests.
BTC withdrawals on other networks remain open and are working as normal.

Source: https://www.binance.com/en/support/announcement/8437dfd1c7bf49c2a4bf124bd03b0624?ref=AZTKZ9XS&utm_source=BinanceTwitter&utm_medium=GlobalSocial&utm_campaign=GlobalSocial

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