Is the Binance the next to bite the dust or FUD? - page 6.

yudi09

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Quote from: bbc.reporter on May 07, 2023, 09:51:07 PM

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.
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.

bbc.reporter

legendary

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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/

Rikafip

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Quote from: YOSHIE on April 21, 2023, 09:58:05 AM

Once the situation normalizes, without any negative news being posted on the internet about Binance/CZ, I will reconsider trading on Binance.

There will always be certain amount of risk when it comes to using centralized exchanges and I don't see what has to happen in order to completrely remove that risk or even if its possible. Despite all the current problems, I still use Binance but only with the amount I am ready to lose in case things go south.

bbc.reporter

legendary

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@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.

YOSHIE

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Quote from: bbc.reporter on April 20, 2023, 01:39:48 AM

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.

bbc.reporter

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Quote from: o_e_l_e_o on April 20, 2023, 03:51:36 AM

Quote from: bbc.reporter on April 20, 2023, 01:39:48 AM

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. Tongue

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.

Rikafip

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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). Cheesy

Quote from: https://cointelegraph.com/news/brazilian-authorities-investigate-binance-for-guiding-clients-past-stop-order-report

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.

o_e_l_e_o

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Quote from: bbc.reporter on April 20, 2023, 01:39:48 AM

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. Tongue

bbc.reporter

legendary

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Quote from: o_e_l_e_o on April 13, 2023, 02:18:31 AM

Quote from: bbc.reporter on April 12, 2023, 09:30:48 PM

The bank run on FTX would be occured with or without CZ's actions.

Again, I'm not arguing that fact, but that doesn't excuse CZ's actions.

Quote from: bbc.reporter on April 12, 2023, 09:30:48 PM

I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?

Well of course! Banks buy out our politicians and law makers, so they get a free pass to do what they like and launder trillions of dollars.

Are you telling me that this is okay with you? They pay the politicians to do what they want but ordinary people are given a hard time for using bitcoin? This is not okay for me and a victory for CZ will also be a victory for the cryptospace, I reckon.

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.

o_e_l_e_o

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Quote from: bbc.reporter on April 12, 2023, 09:30:48 PM

The bank run on FTX would be occured with or without CZ's actions.

Again, I'm not arguing that fact, but that doesn't excuse CZ's actions.

Quote from: bbc.reporter on April 12, 2023, 09:30:48 PM

I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?

Well of course! Banks buy out our politicians and law makers, so they get a free pass to do what they like and launder trillions of dollars.

bbc.reporter

legendary

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Quote from: o_e_l_e_o on April 11, 2023, 01:19:31 AM

Quote from: bbc.reporter on April 10, 2023, 08:17:10 PM

CZ did not dump FTT to start a bank run.

I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.

Quote from: bbc.reporter on April 10, 2023, 08:17:10 PM

I do not know why there are people taking a side with the regulators.

I wouldn't say people are taking a side with regulators, rather that people simply do not care what happens to Binance. If regulations force Binance out of business, I don't think bitcoin will be any worse off for it.

The bank run on FTX would be occured with or without CZ's actions. We would talking about Justin Sun if he started the bank run. Sam should be blamed.

Quote from: Rikafip on April 11, 2023, 02:11:43 AM

Quote from: bbc.reporter on April 10, 2023, 08:17:10 PM

I do not know why there are people taking a side with the regulators.

Just because regulators are turning a blind eye on many things banks are doing wrong, doesn't mean that we should do the same with Binance or any of the other top exchanges or that we are taking regulators side.

I am Binance user from the late 2017 and since I created an account there I haven't had any issues whatsoever (nor did anyone I know) but I still think that they are doing many things wrong: from anti-Bitcoin stance and creating highly centralized BSC to being incorporated in a shady location that doesn't protects its users and saying that for an average user storing their crypto at exchange is the way to go.

Remember how in Japan FTX had to secure the funds so in case something happens to them people will get their money back? Imagine if Cayman Islands forced FTX to do the same thing. But of course, they registered their company there necause something like that will never be asked from them at those type of locations so they can do whatever they want there.

I was only making an argument on how can we trust the regulators' intentions. It is okay for regulators to turn a blind eye on the corrpution and the regulatory evasion of big banks, however, for Binance it is not okay?

Also, Binance as a CEX is trying to use and work with the decentralization of crypto. Decentralization would certainly be useless if they do not use the advantages it gives them. This will be very head scratching for the regulators and I would certainly want to see CZ win the fight hehehe.

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Quote from: Rikafip on April 07, 2023, 03:11:53 AM

Quote from: o_e_l_e_o on April 07, 2023, 02:47:45 AM

What will it take for people to wake up and just withdraw their coins to their own wallet?

Logical answer would be "they will definitely learn their lesson once they lose their money on one of those platforms" but then again I know some people that have money stuck on both Celsius and FTX and still hold considerable amount of crypto on Binance.

This shows that people will never learn from their previous experiences or is it only the crypto investors who again what to risk their money by putting it on the exchange?

People just trust and believe on binance too much that they still think that Binance is too big to scam exit but they do not know that most exchanges will scam us when they are at their peak as at that time no one can even imagine that they can scam.

I do not know that binance is the next one to scam exit or if they may continue for a few more years and never scam but the point is that we should not trust any exchange and should know that any money of us in the centralized exchange is not safe.

NotATether

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Quote from: o_e_l_e_o on April 11, 2023, 01:19:31 AM

Quote from: bbc.reporter on April 10, 2023, 08:17:10 PM

CZ did not dump FTT to start a bank run.

I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.

I said this before and I'll say this again: whether or not CZ dumps FTT or even announces he will do so does not matter as far as FTX is concerned, because it is a ticking time bomb on a glass building that would've gone off sooner or later anyway.

Quote from: Z-tight on April 07, 2023, 05:55:22 PM

They want to stop binance and the shady things they do, binance isn't BTC and vise versa. Many people wrongly think that binance is BTC's bank and that if binance collapse, BTC is biting the dust with it; but that is wrong, CZ and his company don't care about BTC, they just want to make profit by promoting shitcoins, breaking laws, forcing and deceiving people into withdrawing shitcoins by making BTC withdrawals expensive, helping customers to break KYC laws, etc, binance are doing too many shady things and it is right if the necessary agencies take a closer look at them.

The very fact that people think Binance == BTC is alarming to begin with and makes me wonder if that's why so many people are trying to short crypto...

Rikafip

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Quote from: bbc.reporter on April 10, 2023, 08:17:10 PM

I do not know why there are people taking a side with the regulators.

Just because regulators are turning a blind eye on many things banks are doing wrong, doesn't mean that we should do the same with Binance or any of the other top exchanges or that we are taking regulators side.

I am Binance user from the late 2017 and since I created an account there I haven't had any issues whatsoever (nor did anyone I know) but I still think that they are doing many things wrong: from anti-Bitcoin stance and creating highly centralized BSC to being incorporated in a shady location that doesn't protects its users and saying that for an average user storing their crypto at exchange is the way to go.

Remember how in Japan FTX had to secure the funds so in case something happens to them people will get their money back? Imagine if Cayman Islands forced FTX to do the same thing. But of course, they registered their company there necause something like that will never be asked from them at those type of locations so they can do whatever they want there.

o_e_l_e_o

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Quote from: bbc.reporter on April 10, 2023, 08:17:10 PM

CZ did not dump FTT to start a bank run.

I'm not saying he did. But publicly tweeting as he did undoubtedly started the bank run which very quickly led to FTX suspending all withdrawals.

Quote from: bbc.reporter on April 10, 2023, 08:17:10 PM

I do not know why there are people taking a side with the regulators.

I wouldn't say people are taking a side with regulators, rather that people simply do not care what happens to Binance. If regulations force Binance out of business, I don't think bitcoin will be any worse off for it.

bbc.reporter

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Quote from: o_e_l_e_o on April 07, 2023, 02:47:45 AM

Quote from: bbc.reporter on April 05, 2023, 08:54:25 PM

If you were CZ and knew that there was something not good happening in FTX, how would you feel about your investment? It was a business decision. They dumped rather than being left on being the bagholder hehehe.

I mean, I wouldn't be storing large amounts of money in some centralized shitcoin completely under the control of a third party in the first place. But if I was, I would just sell it. I wouldn't feel the need to announce to my millions of Twitter followers "Hey, this is a shitcoin, let's start a bankrun!". CZ clearly had no problem doing that, and that's fine for him, but to then turn round a few months later when someone else calls his centralized shitcoin a shitcoin and call it "very petty fud" is completely hypocritical. Not that I expected any less.

I am not asking about you or what you would do. I am talking about in what set of circumstances CZ was in when the truth about Sam, FTX, Caroline and Alameda was beginning to come out.

Binance was one of the first seed investors in FTX. They were given shares of the company and FTT in exchange for the seed investment. It also appears that you are not trying to understand what occured. CZ did not dump FTT to start a bank run. CZ dumped because he knew the value of FTT would dump once the news begins to be more known to the community. CZ also talked to Sam and warned him to stop what he was doing in FTX and Alameda. However, Sam would not listen.

These unconfirmed rumors were already spreading when I created my FTX might bite the dust thread.

@Z-tight. They want to stop Binance, however, they are not stopping the shady things being done by the big banks. Head shaking. I do not know why there are people taking a side with the regulators.

Z-tight

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Quote from: serveria.com on April 07, 2023, 12:06:13 PM

FUD and nothing more than FUD. Governments and bankers are desperate to stop or hurt Bitcoin. You can witness it here on Bitcointalk too - in every section there is at least one Binance FUD thread. I really hope that CZ is smart enough to deal with this situation accordingly.

They want to stop binance and the shady things they do, binance isn't BTC and vise versa. Many people wrongly think that binance is BTC's bank and that if binance collapse, BTC is biting the dust with it; but that is wrong, CZ and his company don't care about BTC, they just want to make profit by promoting shitcoins, breaking laws, forcing and deceiving people into withdrawing shitcoins by making BTC withdrawals expensive, helping customers to break KYC laws, etc, binance are doing too many shady things and it is right if the necessary agencies take a closer look at them.

Look, you can call it fud if you want, but don't store your money there. Before Celsius, Voyager, ftx, 3AC and the others collapsed, people thought it was not possible for them to fall, they called it fud like you are doing now, so maybe people who have money in binance are the ones that should be smart enough and move it out immediately.

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Quote from: bbc.reporter on February 27, 2023, 07:53:26 PM

For the skeptical me, this paywalled article appears for me that American media has begun to publish the first stage of their after FTX fud campaign against CZ and Binance hehehe. The next stage might be during the trial of Sam later this year where some witnesses will be put on the stand to speak about what CZ did on FTT without giving the whole information on why CZ liquidated their position on FTT.

Binance’s Asset Shuffling Eerily Similar To Maneuvers By FTX

When you’re the world’s largest crypto exchange in a largely unregulated market, it is easy to make up the rules as you go. In its latest backroom maneuver, Binance transferred $1.8 billion in stablecoin collateral to hedge funds, including Alameda and Cumberland/DRW, leaving its other investors exposed.

Source https://www.forbes.com/sites/javierpaz/2023/02/27/binances-asset-shuffling-eerily-similar-to-maneuvers-by-ftx/

However, this article with more information makes me shake my head. Is this media attack by Forbes real or fud?

Forbes, yet again, investigated the on-chain activities of Binance and discovered that the exchange transferred $1.78 billion in users’ funds to various hedge funds. The article reveals that the Changpeng Zhao-led exchange completely emptied its collateral for B-peg USDC without reducing its supply.

Binance issues a B-token to facilitate the usage of other blockchain tokens in the BNB chain. The exchange is supposed to issue B-token only after storing 100% collateral of the original token. For example, for every 100 B-USDC, it must have 100 USDC as collateral.

However, the exchange broke its rules on Aug. 17, withdrawing $3.63 billion from its peg wallet to the “Binance 8” cold wallet. It then returned $1.85 billion to the peg wallet but transferred the remaining $1.78 billion to a Binance 14 cold wallet. Later, the exchange distributed the funds to a trading firm, Cumberland, Amber Group, Alameda Research, and TRON founder Justin Sun.

When Binance withdrew $1.78 billion USDC on Aug. 17, it did not decrease the supply of the B-USDC. The collateral fell to zero, and the exchange did not correct it for four months.

The article also states that B-USDC was deficient by over $1 billion on three different occasions. Forbes believes Binance is misusing customers’ funds, similar to the bankrupt exchange FTX.

Source https://beincrypto.com/binance-misusing-customers-funds/

FUD and nothing more than FUD. Governments and bankers are desperate to stop or hurt Bitcoin. You can witness it here on Bitcointalk too - in every section there is at least one Binance FUD thread. I really hope that CZ is smart enough to deal with this situation accordingly.

Rikafip

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Quote from: o_e_l_e_o on April 07, 2023, 02:47:45 AM

What will it take for people to wake up and just withdraw their coins to their own wallet?

Logical answer would be "they will definitely learn their lesson once they lose their money on one of those platforms" but then again I know some people that have money stuck on both Celsius and FTX and still hold considerable amount of crypto on Binance.

o_e_l_e_o

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Quote from: bbc.reporter on April 05, 2023, 08:54:25 PM

If you were CZ and knew that there was something not good happening in FTX, how would you feel about your investment? It was a business decision. They dumped rather than being left on being the bagholder hehehe.

I mean, I wouldn't be storing large amounts of money in some centralized shitcoin completely under the control of a third party in the first place. But if I was, I would just sell it. I wouldn't feel the need to announce to my millions of Twitter followers "Hey, this is a shitcoin, let's start a bankrun!". CZ clearly had no problem doing that, and that's fine for him, but to then turn round a few months later when someone else calls his centralized shitcoin a shitcoin and call it "very petty fud" is completely hypocritical. Not that I expected any less.

Quote from: Rikafip on April 05, 2023, 03:49:25 AM

Unfortunately, no rumour or FUD will make majority of people moving their money out of Binance.

Unbelievable, isn't it? The writing was on the wall for months before the collapse of the likes of Voyager, Celsius, BlockFi, FTX, and more, and yet millions of people lost everything despite constant warnings from the community all over this forum, Reddit, Twitter, etc. And even now, after Binance are being squeezed from every direction, after their "proof of reserves" was shown to be nothing but smoke and mirrors, after their centralized stablecoin has been shut down, after all the news coming out, we still have people saying "Binance is too big to fail" and "CZ is too smart". What will it take for people to wake up and just withdraw their coins to their own wallet?

Topic: Is the Binance the next to bite the dust or FUD? - page 6. (Read 2421 times)