News update.
It appears Binance needs a new strategy. Separate the European Union customers and let them log in on a .eu domain similar to how they are already doing it with Binance.us.
In anycase, what other exchanges like Kucoin and Bybit can learn from Binance's regulatory problems is do not grow too big and be noticed by regulators hehehe.
Belgium's top markets regulator is ordering embattled crypto exchange Binance to immediately cease serving local customers, according to a Friday notice.
The Financial Services and Markets Authority (FSMA) said Binance is "offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area," which the regulator says is in violation of a prohibition.
Source https://www.coindesk.com/policy/2023/06/23/binance-ordered-to-immediately-halt-offering-crypto-services-in-belgium-by-markets-regulator/
Topic: Is the Binance the next to bite the dust or FUD? - page 5. (Read 2224 times)
News update.
It appears Binance.us' banking partners are also being attacked and intimidated by uncle Gary and the SEC. If you think uncle Gary is doing this to protect small minnows like us then I would say that you are a nonthinking, indoctrinated robot.
The SEC of any country has seldom created rules and regulations to protect the public. It protects the country's rulers who own the banks and those people who control and manipulate traditional finance. They are the real criminals.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. http://Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.
As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.
Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.
While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, http://Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.
Source https://twitter.com/binanceus/status/1666996908651323393
It appears Binance.us' banking partners are also being attacked and intimidated by uncle Gary and the SEC. If you think uncle Gary is doing this to protect small minnows like us then I would say that you are a nonthinking, indoctrinated robot.
The SEC of any country has seldom created rules and regulations to protect the public. It protects the country's rulers who own the banks and those people who control and manipulate traditional finance. They are the real criminals.
The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. http://Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.
As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.
Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.
While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, http://Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.
Source https://twitter.com/binanceus/status/1666996908651323393
@KingsDen. I reckon it is very easy for us small minnows to talk because we can continue trading in the cryptospace even with low liquidity in small exchanges and DeFi. However, for the whales who trade with size, they need the liquidity that the big exchanges like Binance offer. It is also not only about trading, the whales also need the big exchanges for their onramps and offramps where they can smoothly deposit and withdraw millions in fiat.
Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.
There have been many instances where they have played in this manner to make people fool for their personal profits like the tweet about self custody by CZ was just an attempt to attract people to use their centralised exchange so he becomes more rich.You are right about that after Binance there could be market dump for temporary period as they have millions of users and so much volume but bitcoin they have benefitted from bitcoin so we don't need them to thrive in the future also.People need to understand this self custody is best if you prefer privacy.Binance is highly centralized and binance is just profit concern. If they have the opportunity to suffocate bitcoin for their business and coins to prosper, CZ will do it. They have succeeded in making bitcoin being used in a more centralized way and I fear that the existence of exchanges will impact bitcoin negatively on the long run by making it going the centralization way.
The mempool congestion that happened, we all saw how Binance raised the fees abnormal and encourage people to use their chain for low fee transactions.
If not for the impact the collapse of Binance will cost in the cryptocurrency industry, I would have said that the monopoly minded exchange should give way.
I don't disagree with anything you have written there, and the people in this space calling for more regulations are crazy. But seeing Binance as some kind of bastion of hope against these regulations is also crazy. Binance have shown time and again that they do not care about bitcoin or their users in the slightest. They only care about their own profits. They will fight regulations which prevent them from operating in various jurisdictions, but they will do absolutely nothing against regulations which are actually damaging to the space.
Thankfully, governments around the world can regulate centralized exchanges and centralized services as much as they want, and we can continue to use bitcoin freely in a peer to peer manner as intended.
Thankfully, governments around the world can regulate centralized exchanges and centralized services as much as they want, and we can continue to use bitcoin freely in a peer to peer manner as intended.
However, it is the government that forces centralized exchanges to comply under their rules and make them ask their users for KYC, to have no privacy, have full surveillance and complete governmental control. Exchanges were much better before 2017 when there was no compliance nightmare imposed by the government.
Also, Binance as business should always care for their profits and should also be careful how they run the business or they become bankrupt similar to Bittrex.
Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.
There have been many instances where they have played in this manner to make people fool for their personal profits like the tweet about self custody by CZ was just an attempt to attract people to use their centralised exchange so he becomes more rich.You are right about that after Binance there could be market dump for temporary period as they have millions of users and so much volume but bitcoin they have benefitted from bitcoin so we don't need them to thrive in the future also.People need to understand this self custody is best if you prefer privacy.
I don't disagree with anything you have written there, and the people in this space calling for more regulations are crazy. But seeing Binance as some kind of bastion of hope against these regulations is also crazy. Binance have shown time and again that they do not care about bitcoin or their users in the slightest. They only care about their own profits. They will fight regulations which prevent them from operating in various jurisdictions, but they will do absolutely nothing against regulations which are actually damaging to the space.
Thankfully, governments around the world can regulate centralized exchanges and centralized services as much as they want, and we can continue to use bitcoin freely in a peer to peer manner as intended.
Thankfully, governments around the world can regulate centralized exchanges and centralized services as much as they want, and we can continue to use bitcoin freely in a peer to peer manner as intended.
I am quite certain none of us small minnows would like a fully regulated cryptospace.
I'd rather not use bitcoin at all than use it exclusively via the rules and regulations that Binance enforce. Full KYC, zero privacy, zero security, full surveillance, permissioned, censored, complete governmental control.
This is pretty much already the case if you use centralized exchanges. The government know everything you do, your coins don't actually belong to you, and you can be denied access to them at any point. That's not bitcoin - that's a bank.
Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.
Hehe Binance's rules will appear to not be that very strict compared to a fully regulated cryptospace according to the regulations of something the regulators want in America.
I have discussed this and what it might appear like in this thread with @Abiky. It also appears not many people in the forum are paying much attention on this.
https://bitcointalksearch.org/topic/m.62196665
@Z-tight. Binance is shady, I agree. However, it would be very much more helpful and beneficial for us if Binance is never taken down. You reckon if Binance is taken down, it would stop there? The government will never stop until the whole cryptospace is fully under their control and regulated. Binance's fight to stay online is by implication also the cryptospace's fight.
Why do people still believe that Binance is in love with BTC and they are in this business to hold the crypto industry together and for BTC to live longer, heil CZ! I am not buying this, and anyone who cares about the facts wouldn't too. Binance are shady and care only about their shitcoins they use to make profit, that's why they don't want you to withdraw BTC by making it expensive, so you can "conveniently" use their shitcoins for your withdrawal.I don't know if Binance will bite the dust, but if they do, many shitcoins that scam people will be purged out of the industry, so many people who think it is safe to store funds in a centralized exchange would move to self custody. BTC price will fall in the short term, but Binance don't control the BTC network, so the price will climb up again, this will make so many people believe in the true value of BTC and its lack of control by any institution.
I am quite certain none of us small minnows would like a fully regulated cryptospace.
I'd rather not use bitcoin at all than use it exclusively via the rules and regulations that Binance enforce. Full KYC, zero privacy, zero security, full surveillance, permissioned, censored, complete governmental control.This is pretty much already the case if you use centralized exchanges. The government know everything you do, your coins don't actually belong to you, and you can be denied access to them at any point. That's not bitcoin - that's a bank.
Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.
@Z-tight. Binance is shady, I agree. However, it would be very much more helpful and beneficial for us if Binance is never taken down. You reckon if Binance is taken down, it would stop there? The government will never stop until the whole cryptospace is fully under their control and regulated. Binance's fight to stay online is by implication also the cryptospace's fight.
I am quite certain none of us small minnows would like a fully regulated cryptospace.
I am quite certain none of us small minnows would like a fully regulated cryptospace.
Does this imply that all of the other centralized crypto exchanges have also stopped their operations in Canada?
Canada is hitting these centralized exchanges with regulations they cannot comply with, Bittrex Global stopped their operation in Canada last year, in March this year OKX also ceased their services to Canadian users and now Binance are also ceasing their own operation in Canada, i don't know if the government is intentionally frustrating crypto exchanges from providing services to their citizens, but if some of these bigger exchanges couldn't survive there, others will surely find it hard to.The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions.
More investigations and charges against CZ and Binance, they are facing charges from the CFTC and now this, CZ is shady, and his platform will surely choose profit first, that is why i find it difficult not to believe these charges and investigations against them.
Does this imply that all of the other centralized crypto exchanges have also stopped their operations in Canada?
I reckon they cannot stop small exchanges similar to Tradeogre. If CZ cannot lobby or bribe Canadian regulators, he should buy Tradeogre secretly heheheheh.
Crypto exchange Binance has announced that it would cease operations in Canada, citing the challenging regulatory environment.
“We had high hopes for the rest of the Canadian blockchain industry,” the company said in a Friday tweet. “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”
Source https://www.coindesk.com/business/2023/05/12/binance-announces-exit-from-canada-citing-regulatory-tensions/
I reckon they cannot stop small exchanges similar to Tradeogre. If CZ cannot lobby or bribe Canadian regulators, he should buy Tradeogre secretly heheheheh.
Crypto exchange Binance has announced that it would cease operations in Canada, citing the challenging regulatory environment.
“We had high hopes for the rest of the Canadian blockchain industry,” the company said in a Friday tweet. “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer tenable for Binance at this time.”
Source https://www.coindesk.com/business/2023/05/12/binance-announces-exit-from-canada-citing-regulatory-tensions/
News update.
The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions. The basis for this allegation? A Russian cryptonews media website hehehehehe.
Is there anyone from Russia who can confirm if Binance allows people under your jurisdiction to deposit and withdraw from the exchange?
-snip-
Source https://news.bitcoin.com/binance-reportedly-investigated-in-us-for-russia-sanctions-violations/
From the news source that OP listed, Binance is again allowing deposits using bank cards. According to a review of the news, binance was deemed to have violated compliance because they had previously restricted services to Russia. I think the connection is still around political issues and illegal activities such as money laundering.The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions. The basis for this allegation? A Russian cryptonews media website hehehehehe.
Is there anyone from Russia who can confirm if Binance allows people under your jurisdiction to deposit and withdraw from the exchange?
-snip-
Source https://news.bitcoin.com/binance-reportedly-investigated-in-us-for-russia-sanctions-violations/
This information appeared 2 days ago and I once read it on Boomberg under the title Binance Faces US Probe of Possible Russian Sanctions Violations.
In essence, I don't want to say something beyond my knowledge that could offend my friends from Russia. However, I really respect everyone here.
News update.
The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions. The basis for this allegation? A Russian cryptonews media website hehehehehe.
Is there anyone from Russia who can confirm if Binance allows people under your jurisdiction to deposit and withdraw from the exchange?
The U.S. Department of Justice (DOJ) is trying to establish if Binance Holdings, the operator of the world’s largest crypto exchange, has been used to allow Russians to evade Western sanctions, Bloomberg revealed, quoting multiple sources familiar with the matter.
The news comes after Russian crypto media reports in late April suggested that Binance has quietly lifted some restrictions on Russian users. According to the information published by different news outlets, Russians can again use their bank cards to make deposits and the trading platform has canceled a limit on their balances introduced in compliance with EU sanctions.
Source https://news.bitcoin.com/binance-reportedly-investigated-in-us-for-russia-sanctions-violations/
The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions. The basis for this allegation? A Russian cryptonews media website hehehehehe.
Is there anyone from Russia who can confirm if Binance allows people under your jurisdiction to deposit and withdraw from the exchange?
The U.S. Department of Justice (DOJ) is trying to establish if Binance Holdings, the operator of the world’s largest crypto exchange, has been used to allow Russians to evade Western sanctions, Bloomberg revealed, quoting multiple sources familiar with the matter.
The news comes after Russian crypto media reports in late April suggested that Binance has quietly lifted some restrictions on Russian users. According to the information published by different news outlets, Russians can again use their bank cards to make deposits and the trading platform has canceled a limit on their balances introduced in compliance with EU sanctions.
Source https://news.bitcoin.com/binance-reportedly-investigated-in-us-for-russia-sanctions-violations/
Once the situation normalizes, without any negative news being posted on the internet about Binance/CZ, I will reconsider trading on Binance.
@YOSHIE. How much do you trade? If you are a person who is still trading a small amount of money, it might be better to trade onchain using decentralized exchanges and DeFi. You do not have to give up custody of your coins. Also, there are many tokens in DeFi that have not been listed in centralized exchanges yet which are more volatile and can give much more chances to profit.
The reason to use a centralized exchange is for the huge liquidity they offer. This is why the whales need to trade in them. However, for us small minnows with a small amount of money for trading, liquidity is should not be a problem.
The reason to use a centralized exchange is for the huge liquidity they offer. This is why the whales need to trade in them. However, for us small minnows with a small amount of money for trading, liquidity is should not be a problem.
In any case on FTT dump, the only action that CZ does not have an excuse for is being an asshole. Binance has all the rights to dump FTT.
I am really frustrated to see incident after incident that has happened so far to crypto exchanges, I am starting to feel uneasy and uncomfortable again, I don't know which ones can be trusted and which cannot be trusted, fact, the internet has been talking non stop about Binance/CZ exchange, lately, after a nightmare come true for FTT exchange.To be honest, I used to be the most happy to use Binance, but this is not the third or fourth news that I have seen, before it made me even more tremble to use Binance as a convenient exchange site, but for now I still make the decision to empty assets on Binance, to prevent unwanted things, because we never know what will happen in the future.
Once the situation normalizes, without any negative news being posted on the internet about Binance/CZ, I will reconsider trading on Binance.
Are you telling me that this is okay with you?
I guess the tone of the post didn't come across. I should have included a /sarcasm tag. 
Hehehe okay. CZ might be looking for some politicians who might accept BNB. Bribing will be much easier and more effective to escape government regulations heheheheh.
@Rikafip. It appears that regulators in Brazil do not accept BNB hehe.
More problems for Binance, but this time in Brazil. Alegedly they instructed their users how to access futures trading even though Brazilian SEC ordered to stop those back in 2020. This kinda reminds of the case when they published VPN guide right after they disabled use of their exchange for US users (guide has been removed later from their website). 
Binance is under investigation in Brazil by the Federal Prosecutor’s Office and Federal Police, according to a report in Valor Econômico newspaper. The cryptocurrency exchange has allegedly been helping clients evade a stop order on cryptocurrency derivatives investments.
According to the newspaper, the Brazilian Securities and Exchange Commission (SEC) reported to the Attorney General of the State of São Paulo that Binance may have continued to offer cryptocurrency derivatives to its clients after the SEC had issued a stop order on those offerings in 2020. Futures contracts are considered securities under Brazilian law regardless of the nature of the underlying assets.
The SEC presented the police with screenshots made in August 2021 showing instructions for Brazilian users to change their language setting to access the Binance Futures section. The SEC also said there was extensive Portuguese-language content with no notices of restrictions on Brazilian users.
According to the newspaper, the Brazilian Securities and Exchange Commission (SEC) reported to the Attorney General of the State of São Paulo that Binance may have continued to offer cryptocurrency derivatives to its clients after the SEC had issued a stop order on those offerings in 2020. Futures contracts are considered securities under Brazilian law regardless of the nature of the underlying assets.
The SEC presented the police with screenshots made in August 2021 showing instructions for Brazilian users to change their language setting to access the Binance Futures section. The SEC also said there was extensive Portuguese-language content with no notices of restrictions on Brazilian users.
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