Topic: Binance US Halts USD Deposits issues a fiat withdrawal warning? SEC vs Exchanges - page 2. (Read 214 times)
June 11, 2023, 01:43:01 AM
Nothing new — it's just the the typical US SEC trying to move Bitcoin and cryptocurrency development and adoption offshore to other countries. Will probably be one of the worst decisions and fumbles of the US government in this decade.
June 11, 2023, 12:52:08 AM
Those of us who hold Bitcoin and keep it in wallets [not on exchanges] don't really care about BinanceUS case with the Securities and Exchange Commission (SEC).
With the notification made by @BinanceUS via Twitter regarding the suspension, people who have deposited funds there will panic.
The best advice is to withdraw all funds held on the exchange before it is too late.
Those who keep assets on the exchange also need to do the same thing.
For safety's sake, use a trusted wallet to store assets.
theymos made an important announcement after the FTX case:
Reminder: do not keep your money in online accounts
With the notification made by @BinanceUS via Twitter regarding the suspension, people who have deposited funds there will panic.
The best advice is to withdraw all funds held on the exchange before it is too late.
Those who keep assets on the exchange also need to do the same thing.
For safety's sake, use a trusted wallet to store assets.
theymos made an important announcement after the FTX case:
Reminder: do not keep your money in online accounts
June 11, 2023, 12:41:34 AM
This actually happened yesterday. Basically banks are separating themselves from binance us and they had no choice. This actually isn’t the first time it happens with binance. Even the Australian banks stopped doing business last month with binance.
Basically it’s a crypto only exchange similar to how bitmex was back in the day. Crypto in and crypto out. And the time line to withdraw fiat is extremely short. Many will simply convert to stable coins and withdraw to another exchange.
Basically it’s a crypto only exchange similar to how bitmex was back in the day. Crypto in and crypto out. And the time line to withdraw fiat is extremely short. Many will simply convert to stable coins and withdraw to another exchange.
June 11, 2023, 12:34:04 AM
Hi, I hope you are having fun and frolicking. I want to discuss an important update regarding Binance Us trending and hot topic Binance US has suspended United States dollar deposits after an SEC lawsuit and notified customers of a suspension of fiat (USD) withdrawal channels due to aggressive tactics by the United States Securities and Exchange Commission. I think the company has taken this step to protect it users and the platform. Binance.US now only plans to make transactions across crypto exchanges, maintaining a one to one ratio of user assets. There may be downtime in withdrawals which may occur due to elevated volumes and weekend bank closures. Crypto trading, staking deposits and withdrawals are fully operational. Binance.US and Uske Banking Partners Face Challenges as a Result of SEC Campaign US dollar reserves are being suspended on June 9 and US dollar trading pairs will be delisted next week. US dollars can be converted into stablecoins to withdraw online. Binance us ne BTC aur BUSD trading pairs delisted and OTC trading portal services suspended
This news is horrible for the crypto atmosphere. To keep this thing going you need to have easy access you need exchanges like Coinbase and Binance. Self custody with a hardware locker is way too much hassle for 90 % of people. 80% of the dollars last bullrun came in via commercial exchanges with the US market leading the way all over. If the sec gets what it wants it is over with 10X 20X 50X gains. These massive gains is what attracts people to crypto
Hidden Agenda Behind SEC Actions against Crypto Exchanges
First of Sec attack on the Crypto Ecosystem just goes to show you how Gary Gensler the chairman of SEC has a lot of hidden motives and agendas going after Crypto. Gary Gensler's agenda as blockchain professor at MIT Saying Ethereum is not a security and is sufficiently decentralized to know saying the biggest Crypto Exchanges is it beacuse he salty his advisor application to Binance got rejected. Is it because Gensler knows that their chances of winning the lawsuit against Binance is Low or is it because big banks realise that customer is putting their money into crypto and they're losing money Therefore they have a point against their to become their puppets. Personally i think the option is more likely because before FTX collapsed Gary Gensler and Ftx actually had regular meetings so Gensler definitely know what going on with FTX but he never stood FTX the way he is suing coinbaise and Binance right now at the point more regularity compliance Exchanges the more they will get sued.
Gary Gensler Targeting Crypto Companies to Benefit Big Banks
What is Gary Gensler end game well and what I'm seeing Gary Gensler not trying to shut down Crypto as a whole in the US but he trying to shut down crypto companies in the US because big banks can then swoop in buy it all and take over the reason why I don't think Gensler is trying to shut down crypto as a whole in the US is that this will create a much bigger impact than he can handle
if Crypto is completely Shut down in the US this will drive millions of talents offshore all Us-based crypto companies will move to countries with clear regulatory guidelines and this will also cause billions of dollars to move out of the US
The US will be pushing itself back to the stone ages while every other country is flourishing what it looks like he doing is basically creating maximum funds amongst US crypto Investors So US crypto Investors will withdrawals funds from crypto and put them back into big banks
Conclusion
This war between SEC and US crypto Exchanges is very important news to follow because this could determine the future of the American Economy
Note: I collected the above data after reading different articles and trying to write them understandably. If this post contains any misinformation then please let me know. Thanks
This news is horrible for the crypto atmosphere. To keep this thing going you need to have easy access you need exchanges like Coinbase and Binance. Self custody with a hardware locker is way too much hassle for 90 % of people. 80% of the dollars last bullrun came in via commercial exchanges with the US market leading the way all over. If the sec gets what it wants it is over with 10X 20X 50X gains. These massive gains is what attracts people to crypto
Hidden Agenda Behind SEC Actions against Crypto Exchanges
First of Sec attack on the Crypto Ecosystem just goes to show you how Gary Gensler the chairman of SEC has a lot of hidden motives and agendas going after Crypto. Gary Gensler's agenda as blockchain professor at MIT Saying Ethereum is not a security and is sufficiently decentralized to know saying the biggest Crypto Exchanges is it beacuse he salty his advisor application to Binance got rejected. Is it because Gensler knows that their chances of winning the lawsuit against Binance is Low or is it because big banks realise that customer is putting their money into crypto and they're losing money Therefore they have a point against their to become their puppets. Personally i think the option is more likely because before FTX collapsed Gary Gensler and Ftx actually had regular meetings so Gensler definitely know what going on with FTX but he never stood FTX the way he is suing coinbaise and Binance right now at the point more regularity compliance Exchanges the more they will get sued.
Gary Gensler Targeting Crypto Companies to Benefit Big Banks
What is Gary Gensler end game well and what I'm seeing Gary Gensler not trying to shut down Crypto as a whole in the US but he trying to shut down crypto companies in the US because big banks can then swoop in buy it all and take over the reason why I don't think Gensler is trying to shut down crypto as a whole in the US is that this will create a much bigger impact than he can handle
if Crypto is completely Shut down in the US this will drive millions of talents offshore all Us-based crypto companies will move to countries with clear regulatory guidelines and this will also cause billions of dollars to move out of the US
The US will be pushing itself back to the stone ages while every other country is flourishing what it looks like he doing is basically creating maximum funds amongst US crypto Investors So US crypto Investors will withdrawals funds from crypto and put them back into big banks
Conclusion
This war between SEC and US crypto Exchanges is very important news to follow because this could determine the future of the American Economy
Note: I collected the above data after reading different articles and trying to write them understandably. If this post contains any misinformation then please let me know. Thanks
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