Should Binance users be worried over the exchange? - page 2.

Palazodeen

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Quote from: Marvelman on December 29, 2023, 03:04:08 PM

Yes. Indian crypto traders received disappointing news recently. Folks there can no longer utilize the platform to buy, sell or trade digital assets. Instead they must withdraw any funds stored on Binance. This creates headaches for Indian crypto enthusiasts who relied on its services. However, Binance still runs in most places worldwide and the company tries to fully comply with laws across different countries. So this Indian closure seems isolated, rather than signalling wider troubles for Binance.

I don't see this signaling trouble for Binance but at the same time its a heavy blow to millions of Indians who depend heavily on the exchange. My problem with Binance has always been one: Avoiding regulations and if it persist, it will eventually have a ripple effect on them. With most government ensuring strict regulations of crypto, cryptocurrency exchange that are regulatory compliant will be the destination of many users coz not everyone like to be tossed to and fro.

Palazodeen

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Quote from: Jascrypt on December 29, 2023, 01:14:03 PM

This does not call for worries cos Bitcoin and cryptocurrency was originally designed to operate without government hence, it's decentralized. I see this action as another usual regulatory policies biting hard on some exchanges but it obviously would not have effect on trading crypto. Our fellow Indians still have some decent top exchanges to explore. The likes of Wazirix and particularly Bitget which seams to be complying with government could be decent option due to their liquidity for top and low cap cryptos.

Bitget is operational in Indian?

sunsilk

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Quote from: AnonBitCoiner on December 30, 2023, 10:09:45 PM

This is really disappointing news. First India and Now Russia.

I am not surprised with India because they have been aggressive with their ruling about matters to crypto. I think IIRC, there was a point of time that they have banned or if not, they have imposed 30% taxation on crypto profits.

That is a lot to charge and whilst for the Russian crypto users. I have no idea what actually is happening there and how they have embraced the sanctions imposed to them by many financial institutions and the US government itself.

For the users that makes them worried about this news, if you still do not have a hardware wallet. Do not wait too long and get yourself one just in case your country is the next one to shut Binance operations locally.

NeilLostBitCoin

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It depends on whether you still trust the exchanges. I am also a Binance user, but in my country, the government will soon ban it. I am not sure about the progress, but they have given 90 days to continue using it until the ban is enforced. We cannot use VPN since Binance will ban users who use it. I think it's better to transfer all of my funds to hardware wallets or other exchanges. If you want to keep your funds safe, I suggest you do the same.

Husires

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No loss of funds has been reported for any Binance user in those countries, so when they stop providing the service in your country, there will be a withdrawal time from 3 months to 6 months to withdraw your coins, so try not to leave your coins with them and follow the news and updates to be informed. Central platforms are important for traders, but for someone who wants to buy Bitcoin, there are many ways, the simplest of which is P2P, so traders are the ones who will be affected by such news more than bitcoin investors.

AnonBitCoiner

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This is really disappointing news. First India and Now Russia. Two of the largest countries in the world with a vast userbase of Crypto. I think it'll be a bad thing for cryptocurrency market. but most importantly it'll be a huge setback for all those exchanges. people will find a way to continue using Bitcoin and crypto. because these kinds of restrictions never succeeded in stopping them in the past. but those exchanges will lose a big portion of their regular users which will affect them financially as well..

Binance and Other users made it very convenient to use Crypto for common people. trading. buying and selling (P2P) all these things. things gonna be difficult for Indian and Russian People too.. Lets hope govts reconsider these decisions. because they are not fair at all.

tabas

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I guess this is the domino impact that has started with the US SEC and then the other countries that have also eyed Binance's operation on their jurisdiction has to comply to their local regulations. If Binance will not do something with all of these countries that they operate, they're going to lose a lot of users from the globe. But if they don't see the significance of the elimination of their markets from those areas then they won't do anything about it and let what has to happen because they might just justify it that they still have larger and wide range of their customers from all over the world.

Apocollapse

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Do you know why Binance restrict India and Russia? Bitcoin isn't legal in India, while Russia is an US' enemy. There are more countries restricted by Binance, but mostly due to the two problems I said before.

Should Binance users worried about that? as long as your country aren't US' enemy and it's legal to associated with Bitcoin, you don't need to worry.

What you need to worry is you use Binance to hold your coins, not as a marketplace/exchange!

rat03gopoh

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Your keys, your responsibility

Concerns from a user perspective? Not too. They're the contributors to this platform. The choice is easy, migrate to another place so that the new place slowly becomes a large market share.
We're talking about long-term prospects here, it is Binance who will have to worry if they remain stubborn and don't want to operate without clear legality.

Darker45

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If you resist the official call coming from no less than the government and insist on keeping your money in the exchange, then it's a reason to worry. If your government orders its citizens to stop using a centralized service provider, you better follow. Otherwise, you're not only violating an order, you are also putting yourself and your money at an unnecessary risk.

What if Binance locked your account as well as your funds? Who will you turn to? Binance? They will tell you you're not even allowed to use the service. To the government? They will tell you you're using an illegal platform.

FatFork

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Who knows what might happen down the road. But lots of us trade on sites like Binance for convenience. And there's always a chance governments could crack down with strict new rules. You can't obsess about worst-case scenarios. Just take reasonable precautions - dont keep coins there long-term.

Synchronice

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Everyone fights against Binance and they still manage to increase number of customers, grow their revenue and remain the number 1 (centralized) crypto exchange. Their coin called BNB also rises while their former CEO can't leave the USA and will probably spend 18 months in prison. Despite of all these threats and danger, they perform well. I just can't explain what's going on with Binance, how they manage to survive.

Quote from: Palazodeen on December 29, 2023, 07:09:37 AM

Just yesterday after the Indian government announced the termination of 9 crypto exchanges in the country including Binance, the Russian users has also be given today (29th Dec) ultimatum to withdraw their assets from the exchange according to the source below
https://www.rbc.ru/crypto/news/658d77a09a7947d1b6022968
Should this call for worries?

First of all, you should be worried that your money is on exchange, in this case on Binance. So, it's not a bad thing either that you won't be able to use Binance but that doesn't mean you should deposit your coins on local exchange because when you don't own keys, you don't own coins. Decentralized exchanges are your best friends.

Potato Chips

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yesssir! 🫡

This doesn't just concern binance but all custodial exchanges IMO as there's always a chance your local government could put exchanges (or crypto in general) in a strict regulatory pressure/framework.

So yes, if you're a custodial exchange user, you should always be worried and follow commonly advised precautionary measures such as not treating any custodial service as a means of long term storage, keeping up to date with relevant crypto news as well as your go-to-platforms.

electronicash

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binance will lose a lot of its clients from countries like India and Russia. and it might also happen in more countries. The Philippines SEC has already issued a warning Binance will be blocked in the country, you can already tell this is geopolitics and will not be surprised anymore.

Quote from: Marvelman on December 29, 2023, 03:04:08 PM

Yes. Indian crypto traders received disappointing news recently. Folks there can no longer utilize the platform to buy, sell or trade digital assets. Instead they must withdraw any funds stored on Binance. This creates headaches for Indian crypto enthusiasts who relied on its services. However, Binance still runs in most places worldwide and the company tries to fully comply with laws across different countries. So this Indian closure seems isolated, rather than signalling wider troubles for Binance.

Binance makes the transaction on P2P very easy for local currency trading. we will be registering to another exchange if they are blocked. India has Wazirix. each country has its local exchanges, that's where we all are going to be. Government-backed exchanges.

Marvelman

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Yes. Indian crypto traders received disappointing news recently. Folks there can no longer utilize the platform to buy, sell or trade digital assets. Instead they must withdraw any funds stored on Binance. This creates headaches for Indian crypto enthusiasts who relied on its services. However, Binance still runs in most places worldwide and the company tries to fully comply with laws across different countries. So this Indian closure seems isolated, rather than signalling wider troubles for Binance.

Jascrypt

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This does not call for worries cos Bitcoin and cryptocurrency was originally designed to operate without government hence, it's decentralized. I see this action as another usual regulatory policies biting hard on some exchanges but it obviously would not have effect on trading crypto. Our fellow Indians still have some decent top exchanges to explore. The likes of Wazirix and particularly Bitget which seams to be complying with government could be decent option due to their liquidity for top and low cap cryptos.

Palazodeen

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Activity: 55

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Just yesterday after the Indian government announced the termination of 9 crypto exchanges in the country including Binance, the Russian users has also be given today (29th Dec) ultimatum to withdraw their assets from the exchange according to the source below
https://www.rbc.ru/crypto/news/658d77a09a7947d1b6022968
Should this call for worries?

Topic: Should Binance users be worried over the exchange? - page 2. (Read 358 times)