@hugeblack. It might or it might not, however, it is always safer to be cautious. Binance has also begun to leave Singapore. It appears that they are leaving jurisdictions where they do not have much users hehe. However, it might be harder for them to leave openly those jurisdictions where they earn much of their revenue.
Binance, the world’s largest crypto exchange, is about to introduce severe restrictions on its offering to users in Singapore.
As of Oct. 26, users will not be able to access fiat deposit services or spot trading of crypto, buy crypto through fiat channels or “liquid swap,” Binance announced Monday. On Binance, a liquid swap means the ability to trade instantly and pool tokens to earn rewards.
Source https://www.coindesk.com/business/2021/09/27/binance-to-restrict-offerings-in-singapore/
Topic: Withdraw and stop using Binance (Read 300 times)
I do not think that either CFTC or Binance will reach that point, and therefore I think that Binance will reach understandings by paying money to the government and sending all the required data to it instead of losing a lot of money because of seizing.
Binance is not a small company and they make a lot of profits, so we see them become more fearful and then it is difficult for them to ignore government decisions as they did in the past.
The losing side is the operators, as their data will be in the hands of governments soon and they may have to pay more taxes sooner.
Binance is not a small company and they make a lot of profits, so we see them become more fearful and then it is difficult for them to ignore government decisions as they did in the past.
The losing side is the operators, as their data will be in the hands of governments soon and they may have to pay more taxes sooner.
Just make sure you don't have large funds inside Binance account. If you are a holder, don't make Binance wallet as a storage of your coins. The trust you give to binance isn't supposed to be that high as you should also trust the CFTC or the IRS, they can enforce things in this world. Politicians are more afraid of IRS than a full geared SWAT team because they could seize everything.
How can they seize the binance servers all at once and won't let people withdraw ?
Even if they do that, where will all the money go that is stored in binance ? If that happens, it will be a black day for crypto.
Even if they do that, where will all the money go that is stored in binance ? If that happens, it will be a black day for crypto.
I heard before that their coins from Binance are split into different wallet addresses I don't know how many wallets but remember the security breach that happened on Binance around 2019?
What I remember is that they store coins on separate wallets from hot wallets to cold storage(Not one but multiple cold storages to assured safe).
Those who were affected by the security breach got refunded so I believe they don't just lock our wallets for withdrawal and if it happens they will announce it immediately just like what happened on the security breach before.
and besides they have SAFU in place, that's one of their selling point when it comes to security of your funds. so if worst comes in this exchange, i believe their users have no problem getting their funds back. but i highly doubt it will happen. even if they are under the scrutiny of several investigations, i don't think the exchange's lawyers are not doing anything to address the potential problem. never underestimate their resources and connections because this top exchange has reached their status because they know what they are doing.
SAFU is clearly a marketing and promotional strategy to make themsevles appear more secure and trustable. However, do you know who also said that funds are SAFU? The Lehman brothers before September 15, 2008. I am quite certain other banks have also said something similar before a bank run.
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If the government really wants to shut down Binance (which I think they can do easily), that can be a big crash happen to the crypto market and maybe we will see Mt.Gox part 2 coming to us. That is why we do not have to keep our biggest funds on every exchange, including in Binance as the big and best exchange because that will be too dangerous if the government really closes Binance. We can not imagine what will happen to the people's funds on Binance and how Binance will refund their assets. Hopefully, that will not really happen.
Even if they have that safu mechanism, counting on it to recover your lost funds would be a terrible idea. It's best to assume any exchange doesn't have reliable mechanism when it comes to that and you should never store your money on exchange. That way you'll be less likely to get affected when something terrible happened, as things should be.
How can they seize the binance servers all at once and won't let people withdraw ?
Even if they do that, where will all the money go that is stored in binance ? If that happens, it will be a black day for crypto.
Even if they do that, where will all the money go that is stored in binance ? If that happens, it will be a black day for crypto.
I heard before that their coins from Binance are split into different wallet addresses I don't know how many wallets but remember the security breach that happened on Binance around 2019?
What I remember is that they store coins on separate wallets from hot wallets to cold storage(Not one but multiple cold storages to assured safe).
Those who were affected by the security breach got refunded so I believe they don't just lock our wallets for withdrawal and if it happens they will announce it immediately just like what happened on the security breach before.
and besides they have SAFU in place, that's one of their selling point when it comes to security of your funds. so if worst comes in this exchange, i believe their users have no problem getting their funds back. but i highly doubt it will happen. even if they are under the scrutiny of several investigations, i don't think the exchange's lawyers are not doing anything to address the potential problem. never underestimate their resources and connections because this top exchange has reached their status because they know what they are doing.
You're severely underestimating the shock wave that will result from shutting down binance,you should probably change the title to "sell all your crypto right now" if you even believe the FUD you're spreading.
How can they seize the binance servers all at once and won't let people withdraw ?
Even if they do that, where will all the money go that is stored in binance ? If that happens, it will be a black day for crypto.
Even if they do that, where will all the money go that is stored in binance ? If that happens, it will be a black day for crypto.
I heard before that their coins from Binance are split into different wallet addresses I don't know how many wallets but remember the security breach that happened on Binance around 2019?
What I remember is that they store coins on separate wallets from hot wallets to cold storage(Not one but multiple cold storages to assured safe).
Those who were affected by the security breach got refunded so I believe they don't just lock our wallets for withdrawal and if it happens they will announce it immediately just like what happened on the security breach before.
There are some people on twitter who has followed this story more closely who speculate that the reason why CFTC and the Justice department have not taken action is because they are looking for the locations of Binance’s servers around the world. There might be actions taken and the domains might be seized if they are found. Stop and withdraw, be cautious of Binance.
How can they seize the binance servers all at once and won't let people withdraw ?
Even if they do that, where will all the money go that is stored in binance ? If that happens, it will be a black day for crypto.
I wonder, why suddenly there is so much pressure on Binance?
They paid the price for ignoring various warnings from the regulators and that led to them attracting way more attention than they should've had in the first place.Maybe what could happen is that the owners of Binance could get arrested and charged but Binance would remain operational with stricter policies just like what happened in Bitmex.
This! Regulators just want a piece of the pie, so they would probably arrest and penalize involved employees and maybe even CZ [if there was insider trading and other stuff].Actually, they have two domains so which one will be affected by this?
If this is only related to the US then the only affected are those who use Binance US?
Based on the fact that they're still looking for the location of their servers [they're still not sure if they could do something], then it's safe to say that they're "not" after the one with .us extension. If this is only related to the US then the only affected are those who use Binance US?
@Darker45. Anyone can call this fud but it might also be a warning that we should be more cautious.
Yes, of course, but that's always the case when dealing with exchanges, especially centralized ones. By default, we should be cautious. And, yes, caution should actually be heightened these days in the face of tightened regulatory policies. But then I don't think caution means stopping or quitting altogether. Let's just closely monitor the news and other official channels for the latest updates. Binance is, or perhaps was, one of the best options out there. They've been hounded with regulatory demands but it seems they are trying to make certain adjustments.
Seizing Binance servers is drastic action, it will really drag the prices down. I'm still maintaining small amounts in binance just to make sure I can still profit whenever the price goes up again.
The SEC also shut down the plan of Coinbase Lending plan which is also making those people on Twitter very paranoid about this kind of action towards crypto. And this isn't a fud too.
There are some people on twitter who has followed this story more closely who speculate that the reason why CFTC and the Justice department have not taken action is because they are looking for the locations of Binance’s servers around the world. There might be actions taken and the domains might be seized if they are found. Stop and withdraw, be cautious of Binance.
The commission had previously launched an investigation into the sales of derivatives tied to cryptocurrencies. It's reportedly looking for internal Binance data that might show sales of those derivatives to American customers, breaking regulations that forbid those sales without registrations. The Internal Revenue Service and Justice Department are also probing possible money laundering on the exchange.
There are no guarantees of action. The CFTC and Justice Department have supposedly been investigating Binance for months, and any decisions might take a while longer.
Read in full https://www.engadget.com/binance-insider-trading-probe-184903656.html
The commission had previously launched an investigation into the sales of derivatives tied to cryptocurrencies. It's reportedly looking for internal Binance data that might show sales of those derivatives to American customers, breaking regulations that forbid those sales without registrations. The Internal Revenue Service and Justice Department are also probing possible money laundering on the exchange.
There are no guarantees of action. The CFTC and Justice Department have supposedly been investigating Binance for months, and any decisions might take a while longer.
Read in full https://www.engadget.com/binance-insider-trading-probe-184903656.html
Yeah, definitely.
If you are still using Binance you are already behind. It's clear that regulators are all their ass now and you should be withdrawing as much as you can outside of regular trading.
It's really a shame that there is going to be a cycle like this essentially every four years. Previously it was Poloniex, Bittrex, etc. and now it's Binance. Who's next?
Shutting down the domain would stop Binance? Imagine what will happen if Binance is suspended. The cryptocurrency market will fall within seconds. The suspending domain wouldn't prevent using apps and still, the site will be accessible from the IP address of the host. And all the data is stored in the host, not in the domain. However, this isn't the time of arguments. For a few days hearing against Binance. Even a small exchange owner told me a few months back that Binance going to encounter a big problem soon and there is the possibility to suspend Binance services. Hope nothing will happen. I never support holding a noticeable amount in any centralized exchange, just not only Binance. If Binance itself do not scam users, then suspending the domain wouldn't lead us to lose funds.
However, would you continue to use the exchange and continue to deposit to the site while the government is taking the exchange down and while much of the users are withdrawing their funds? We should be more cautious.
@Darker45. Anyone can call this fud but it might also be a warning that we should be more cautious.
@BitMaxz. The dump on bitcoin is not because of fud. China might be in danger of a financial crisis that might spread across the world. Read about Evergrande property developer.
Centralized exchanges, however large they may be, are castles built on sand. So it is always just a matter of time before they start to crumble down. That is why it is always wise and prudent to avoid storing funds in exchanges.
However, the amount of fear, uncertainty, and doubt that this post is sowing is a little too much. Are these people on Twitter supplied with reliable information coming from the Justice department itself? Do they have knowledge on classified information such as the department's plans? If not, they are simply cheap rumor-mongers.
By the way, Binance is a giant so perhaps it won't just fall easily and immediately even with the arrest of CZ himself.
However, the amount of fear, uncertainty, and doubt that this post is sowing is a little too much. Are these people on Twitter supplied with reliable information coming from the Justice department itself? Do they have knowledge on classified information such as the department's plans? If not, they are simply cheap rumor-mongers.
By the way, Binance is a giant so perhaps it won't just fall easily and immediately even with the arrest of CZ himself.
I just recently trying to analyze the price drop and found that reserve funds are out on Binance according to cryptoquant and glassnode.
No one funding more on their own Binance account(Only few) after this drop so I think this news is the reason why.
Anyway, you don't need to panic if you are not holding some coins on that exchange and the title for me looks like a big FUD.
The price of Bitcoin and other assets are already dropped and stop and beginning to rise again so it might be just a whale trying to manipulate the price by spreading FUD using blogs and news.
Actually, they have two domains so which one will be affected by this?
If this is only related to the US then the only affected are those who use Binance US?
No one funding more on their own Binance account(Only few) after this drop so I think this news is the reason why.
Anyway, you don't need to panic if you are not holding some coins on that exchange and the title for me looks like a big FUD.
The price of Bitcoin and other assets are already dropped and stop and beginning to rise again so it might be just a whale trying to manipulate the price by spreading FUD using blogs and news.
Actually, they have two domains so which one will be affected by this?
If this is only related to the US then the only affected are those who use Binance US?
well remember Meng Wanzhou arrested in Canada? not a single piece of evidence was shown but she was detained. of course, countries look at it as a political issue. it could also happen to CZ, he has to avoid public planes now. 
binance had been sued in every corner of the globe and authorities may have been seeking where exactly the location of their server. if i was the one to hide a server, it's definitely gonna be in China.
Not every corner of the globe. There are still so many Countries that don't have any problems with crypto trading, derivatives trading or Binance in particular. The Countries that are moaning about Binance are probably less than a dozen.binance had been sued in every corner of the globe and authorities may have been seeking where exactly the location of their server. if i was the one to hide a server, it's definitely gonna be in China.
Now why would they want to put down Binance yet over 80% of the world doesn't care
To put this into perspective. It's like China looking for Google servers so that they can put the whole site down just because their government doesn't like it, and yet the rest of the world has no problem with Google.
USA is behaving like they own the world, I don't understand some things:
1 - binance forced US citizens to use binance? I do not think so
2 - Is Binance located in the US? I do not think so
so why is the usa chasing binance?
1 - binance forced US citizens to use binance? I do not think so
2 - Is Binance located in the US? I do not think so
so why is the usa chasing binance?
Would it make sense if CFTC and the Justice department (Of the United States of America) decide to shut down binance by seizing their servers there by affecting every customer around the world even in countries when Binance and derivatives trading is not banned?
It certainly wouldn't make a single sense. Maybe what could happen is that the owners of Binance could get arrested and charged but Binance would remain operational with stricter policies just like what happened in Bitmex.
It certainly wouldn't make a single sense. Maybe what could happen is that the owners of Binance could get arrested and charged but Binance would remain operational with stricter policies just like what happened in Bitmex.
well remember Meng Wanzhou arrested in Canada? not a single piece of evidence was shown but she was detained. of course, countries look at it as a political issue. it could also happen to CZ, he has to avoid public planes now.
binance had been sued in every corner of the globe and authorities may have been seeking where exactly the location of their server. if i was the one to hide a server, it's definitely gonna be in China.
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