Posts about Binance
Get your fiat off the exchange :/
"As you may be aware, Binance.US, alongside other companies in our industry, has become the target of aggressive tactics by the United States Securities and Exchange Commission (SEC). The SEC has brought unjustified civil claims against our business, from which we will continue to vigorously defend ourselves, our customers, our partners and industry.
Irrespective of the baseless claims, and in light of the Commission’s increasingly aggressive tactics, our payment and banking partners have signaled their intent to pause USD fiat channels as early as June 13, 2023, meaning our ability to accept USD fiat deposits and process USD fiat withdrawals will be impacted. As part of our customer-first commitment, we are notifying users promptly so you can take necessary actions as we transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets, so customer funds are always safe, secure, and available.
Please note the following changes that will impact the platform:
ACH WITHDRAWALS: We encourage customers to withdraw their USD via bank transfer (ACH) by June 13, 2023. Due to elevated volumes and weekend bank closures, ACH withdrawals may take longer than usual to process (e.g. up to several days); we appreciate your patience.
USD DEPOSITS: To ensure a timely USD withdrawal process, we are suspending USD deposits and recurring buy orders today and beginning the transition to a crypto-only exchange. Any deposits already initiated will be processed.
USD TRADING PAIRS: Beginning next week, we will start delisting USD pairs (e.g., BTC-USD) on our platform, while continuing to support stablecoin pairs (e.g., BTC-USDT).
USD BALANCES: Any USD balances remaining on the platform after June 15, 2023 may be converted to stablecoin that can be withdrawn on-chain.
Cryptocurrency services remain fully operational, including: crypto trading, staking, deposits and withdrawals.
Until we secure more stable banking partners, Binance.US will remain a crypto-only exchange–at least for a time. We will continue to provide you with updates via our status page.
Thank you for your continued support as we fight for a path forward for those who want a thriving digital asset marketplace in America.
The Binance.US Team"
As many media already said, CZ and Binance is getting sued. In this post I try sum the most important info!
HERE IS THE OFFICIAL ANNOUNCEMENT OF THE SEC: https://www.sec.gov/news/press-release/2023-101
IF YOU CLICK ON THE ANNOUNCEMENT THE OFFICIAL PDF DOCUMENT OF THE COMPLAINT IS AT THE RIGHT OR BELOW. (DESKTOP/MOBILE)
Most important info:
"The Complaint also charges violations of critical registration-related provisions of the federal securities laws:
Binance and BAM Trading with operating unregistered national securities exchanges, broker-dealers, and clearing agencies;
Binance and BAM Trading with the unregistered offer and sale of Binance’s own crypto assets, including a so-called exchange token, BNB, a so-called stablecoin, Binance USD (BUSD), certain crypto-lending products, and a staking-as-a-service program; and
Zhao as a control person for Binance’s and BAM Trading’s operation of unregistered national securities exchanges, broker-dealers, and clearing agencies."
ALLEGATIONS IN GENERAL:
UNREGISTERED EXCHANGE, BROKER, AND CLEARING AGENCY
UNREGISTERED OFFER AND SALE OF CRYPTO ASSETS
FAILURE TO RESTRICT U.S. INVESTORS FROM ACCESSING BINANCE.COM
MISLEADING INVESTORS
BNB AND BUSD ARE SECURITIES ALONG THESE TOKENS/COINS: SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI
ESCAPE THE REGISTRATION REQUIREMENTS OF THE FEDERAL SECURITY LAWS
EVADING US REGULATORY
CZ's reactions:
https://i.redd.it/lcm2zh0r284b1.pnghttps://twitter.com/cz_binance/status/1665742100845961217
What do you guys think?
BlackRock, Fidelity Management, and Big US Banks like Bank of America, Morgan Stanley, etc are buying crypto at such low levels. These banks are buying into MicroStrategy stock, with MSTR the largest holder of Bitcoin worth some $3+ billion in BTC and BlackRock is rumored going to file for a Bitcoin ETF application in partnership with Coinbase, Coinbase who is hated by SEC!. And Standard Chartered Bank has predicted Bitcoin to hit $100K in 2024.
Source - ( BlackRock Close to Filing Bitcoin ETF: Source (coindesk.com) )
All of this is taking place while the SEC! attacks major exchanges like Binance and Coinbase and banks play down the legitimacy of Bitcoin to dismiss it as a phoney economy while simultaneously buying it in masse.
and in Hongkong, Banking regulators are reportedly exerting pressure on banks such as HSBC, Standard Chartered, and Bank of China to engage with crypto clients. They are inviting exchanges to set up their base in Hongkong, lawmakers asked Coinbase to set up their despite ongoing legal action.
Source -( HSBC, Standard Chartered face pressure from Hong Kong to take on crypto clients (moneycontrol.com) )
Are they all making fool out of Retail?
Almost 2 months ago, the CFTC charged Binance with, among many other things, mass insider trading on a massive scale. The lawsuit outlined over 300 'house' accounts directly and indirectly affiliated with Binance who were trading on the platform.
In addition to this, the CFTC lawsuit outlines wash trading by Binance. The wash trading was done by entities that functioned under CZ's direct control and influence.
In particular a single entity in Sigma Chain was responsible for washing trading using a network of dozens of accounts. The SEC lawsuit outlines a particular token, COTI, where Sigma Chain wash trading responsible for 30% of total volume on Binance at a point.
There are also quotes of communication by Binance employees where they appear to admit requesting Sigma Chain to deceptively increase trading volume on Binance where they had gone as high as faking 50% of trading volume.
Hi everyone,
Binance decided to disable trading of privacy coins in France on June 26th. This is a measurement to comply with the local regulatory requirements. The privacy coins that will be disabled from trading are DCR, DASH, ZEC, ZEN, PIVX, NAV, SCRT, XVG, FIRO, BEAM, XMR, MOB.
Users from France got this e-mail today:
It's really a step backwards to regulate privacy cryptocurrencies. This means the local governments are trying to regulate things because of bad actors. Meanwhile bad actors are also using more cash FIAT than privacy cryptocurrencies.
Will this be the start or will it only stick to France?
Source:
EDIT: Binance users of Italy, Poland and Spain will have the same issue.