Several warnings have rolled out many times that investors shouldn't buy into the idea of having their cryptocurrencies stored in any exchange as it might easily get hacked. I believe that also concerns Binance even though it happens to be the no. 1 top exchanges.
So I think this in particular solves what the - OP is trying to say here and as well limit the risk of investors.
Topic: Withdraw and stop using Binance - page 2. (Read 300 times)
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.
Shutting down the domain would stop Binance? Imagine what will happen if Binance is suspended. The cryptocurrency market will fall within seconds.
Binance is not the owner of the cryptocurrency market (except BNB and their derivates). that they are probably the biggest players in the market, any possible problem with them would cause a serious shock and temporary fall. but not so big that it could not recover.
otherwise, I wonder, why suddenly there is so much pressure on Binance?
they have been doing business this way for years, why is there suddenly pressure on them right now and exploration of all business segments? why it hadn't happened a year or two before?
I agree with @bitmover here:
1. What you are doing with this thread title is not helping anyone. You just make people panic.
2. Whoever keeps big funds at any exchange it's doing it wrong. Sooner or later something bad will happen.
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.
No one should be storing a lot of funds in any exchange.
Binance is a giant in crypto space, and certainly there is more risk than its look at first.
That being said, let's not spread FUD. If binance falls, there will be blood everywhere. Binance is deeply involved in many crypto projects. BSC and all defi related, business (the stable coin) bnb and so on. They also hold a considerable amount of btc and eth...
Binance is a giant in crypto space, and certainly there is more risk than its look at first.
That being said, let's not spread FUD. If binance falls, there will be blood everywhere. Binance is deeply involved in many crypto projects. BSC and all defi related, business (the stable coin) bnb and so on. They also hold a considerable amount of btc and eth...
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
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