Binance gets banned by UK regulator

[Martin Everson]

It's hard to say at the moment we have to wait for further info but just incase i got my stuff out of binance
One thing is true, their AML is a joke. You can withdraw around 80k USD worth of crypto without any KYC a day and another blatant breach is although they say you can only withdraw fiat to a bank account in your name that's not the case at all. You can withdraw fiat to any account it doesn't have to be in your name lol.

This is damning then of their KYC and AML . Wise to move assets and not wait around to see what happens if you got other options.

Do you think Binance is going out of business ?

Depends what US decides to do. They may work with foreign governments to seize their domain and servers like they did with 1broker.io etc in Marshall Islands.....lol.

 

[Martin Everson]

Barclays stops card payments to Binance now.

Barclays tells cardholders it’s stopping payments to Binance

On the heels of an FCA consumer warning against Binance Markets Limited, Barclays and other UK banks are halting payments to the crypto exchange.

cointelegraph.com

Is it fake a hack and dash time for Binance . Seriously every man and his dog is distancing themselves from Binance...lol.

 

[kappakek]

SEPA deposits disabled! Some users now getting proof of wealth declaration requests! The doors are closing, at this pace they will be CRS compliant by the start of the next year! Better clear your accounts lol

 

[vincentlopez]

I believe Martin think that all crypto is a big scam, no matter who involved there.
Despite the fact that he said same in 2018 when bitcoin costs 5k$, and now with a lot of adoptions in crypto world and price of btc at 35k$

It,s not really a scam. But a good source of income.

 

[Martin Everson]

SEPA deposits disabled! Some users now getting proof of wealth declaration requests! The doors are closing, at this pace they will be CRS compliant by the start of the next year! Better clear your accounts lol

Yeah the bad news keeps coming for Binance.

Pretty sad as Binance is worlds biggest crypto exchange and a quick look at coinmarketcap shows it has the most volume. If anything happens to it other regulated exchanges like coinbase etc will benefit. Maybe thats the goal of regulators to force clients off the exchange and on to exchanges they supervise .

If your thinking of getting into crypto you may want Binance to collapse as it will bring down the entire crypto market and give you a large dip to buy into .

 

[backpacker]

Maybe thats the goal of regulators to force clients off the exchange and on to exchanges they supervise .

Such a move would be beneficial for the crypto market. And yes, I suppose that this is the ultimate goal of relevant western governments.
They can not follow the example of China and other authoritarian regimes as they would then just be in the same category together with the former. Specifically the US does not want that.
So, a bumpy road ahead on the way to a much more regulated (and legitimate) crypto space which will ultimately solve the main issue: Transforming crypto wealth into fiat wealth.

you may want Binance to collapse as it will bring down the entire crypto market

No, this train has left the station when China banned crypto. Moreover, a collapse of Binance in its current form is already anticipated.

 

[John Spectre]

Why you are so serious?

Exchange got problem with their banking relationship? Pff. This going over all time for crypto with almost every exchange.

Exchange got problem with depositing via bank cards? Pff. This going over all time for crypto with almost every exchange.

Exchange got problem with AML or some goverment? Pff. This going over all time for crypto with almost every exchange.

Name me at least couple top tier crypto exchanges who was on market few years and don't have single problem. It non exist.

Most of all banks in the world are banned crypto in their capabilities.
I have account in number of banks and *ALL OF THEM* hate crypto, no matter what exchange will be used: binance, bistamp, coinbase, bitfinex, etc.
So, it's a binance such bad? I don't think so. If we ask banks - their answer will be all exchanges are smell

Binance introduce FIAT gateways are recently and it was massive and very big update.
If you look deeply on the number of FIAT gateways for different countries and different currencies, you would found that its literally dozens of times more that some kind of sepa/swift gateway only in exchange like bitstamp.
Sure it lead to some problems with AML, KYC and other stuff. Not a problem, some gateways will be closed.
They are pure reason for all this compliance problems.
Not a last people resort with them. It would rollback for a few months of crypto adoption, not more.

Why you not move your assets with your stock broker when it fined for millions because of AML? You closed your IBRK accounts? No
Why you not move your assets with your bank when it fined for billions because of AML/TF? You closed your A+ banks accounts? No

If you hold crypto - just hold in wallet.
If you trade crypto - don't start to say that binance bad, it literally much better than competitors. sure not ideal, but definitely top tier on crypto market.
And 100% better that exchanges which claim to be regulated by SWISS/LUX/EU/and other country and have absolutely 0 liquidity for market (hello for people who will switch to trade crypto from binance to kitchen like a swissquote, dukascopy, etoro, exante and other regulated BS

 

[JackAlabama]

Such a move would be beneficial for the crypto market. And yes, I suppose that this is the ultimate goal of relevant western governments.
They can not follow the example of China and other authoritarian regimes as they would then just be in the same category together with the former. Specifically the US does not want that.
So, a bumpy road ahead on the way to a much more regulated (and legitimate) crypto space which will ultimately solve the main issue: Transforming crypto wealth into fiat wealth.

No, this train has left the station when China banned crypto. Moreover, a collapse of Binance in its current form is already anticipated.

That dude from coinbase might did a good job lobbying some of the us entities to go after binance. That is not entirely out of the question

Fiat wealth (or whats left thereof) will be in the form of cbdc's according to that dude here: For Investors, Business Owners, Professionals... "How to Avoid Missing Out On the Crypto Bull Market (and Make a Killing), Without Buying a Single Bitcoin, Ethereum, Litecoin, Or Investing in Any Other Cryptocurrency... You're Invited to join the WORLD'S FIRST (and ONLY) Crypto-Stock Newsletter and Advisory... (the newsletter is not mine )

And yet, as we speak, I am doing calls with an african countries interesting in following el salvador, so these are surely pretty interesting times indeed.

 

[Martin Everson]

That dude from coinbase might did a good job lobbying some of the us entities to go after binance. That is not entirely out of the question

I actually wouldn't be surprised. US shale gas producers tried to so same with Nord Stream 2 . If you can't compete then ask your gov for help to eliminate competition...lol.

 

[Tr0nad0r]

Perhaps that's one of the things discussed in this meeting:

Fed's Powell May Have Met With Coinbase CEO in May

Brian Armstrong is listed on the central bank's calendar, public records show.

www.coindesk.com

 

[Martin Everson]

Never stops

Binance banned in Malaysia, given 14 days notice to shut down operations

Binance has 14 business days from Tuesday to comply with the order that includes disabling its website and mobile apps, as well as discontinuing any media campaign for its services in the country.

cointelegraph.com

Binance to shut down crypto derivatives trading in Europe

Binance officially announced Friday that it would suspend its derivatives trading across the European region, starting with Germany, Italy and the Netherlands.

cointelegraph.com

 

[John Spectre]

at what stage we are now?

 

[Rzeznik]

Are binance allow stock trading? NO
Are binance registered at Thai? NO

Depends on laws. In case of binance they register so many crap ponzies who payed for entry.
Many of those tokens are securities companies try to brand them as good investments and give best returns.
If some Thai-people were burned on PnD they went cry to local SEC because someone sold them unregistered securities and they want refund.
That was not their foult that investment has failed... no NEVER... it is Binance foult.
Since USA have some enforcement power over world financial markets, they pressure all ICOs (ponzies or not) close door to US investors.
But some small countries can do s**t about it like Thai/CaimanIslands maybe those laws are in place in form like US if you have X nation investor as client you should enforce our rules bla bla...
But what they can do in reality - just CZ has less place to be able travel, or fly over some place if he don't want fall to prison.

Cz is guy on target for his best moves in space like his 2BTC limit was outstanding and forced exchanges like coinbase/kraken to corner.
What is worth noting that Binance was best mixer ever you throw there 2BTC buy Tether buy 1.99 BTC and you have clean BTC used on random mail,
same time people around was overthink with samurai wallet, coin-join...
I will miss old Binance will see what will replace it - there is high demand for no KYC , i see defi in rise.

PS: (Bielorus just lately forced landing airplane with some opposition guy to put him in jail they faked terrorist attack and forced to land)

Not your key not your coin.

Yea but that sadly not working when you have to pay taxes XD

 

[Member]

It is how a true stand-alone, purpose-built cryptocurrency exchange operates worldwide without selling its clients. It's sad to see their clients leaving off all sorts of negative reviews all over the web without even acknowledging the challenges Binance is facing from dirty authorities.
Soon the time will change completely

 

[369]

18.10 and all account on binance will be KYC'ed or frozen

 

[Martin Everson]

Like just insider trading, front running and market manipulation is all Binance has been up to .

US Investigation of Binance Widens to Include Alleged Market Manipulation

The U.S. investigation into crypto exchange Binance has expanded to include possible insider trading and market manipulation.

www.pymnts.com

 

[Member]

Like just insider trading, front running and market manipulation is all Binance has been up to .

US Investigation of Binance Widens to Include Alleged Market Manipulation

The U.S. investigation into crypto exchange Binance has expanded to include possible insider trading and market manipulation.

www.pymnts.com

You guys say just what you hear, no more than this.

Are you a trader? Do you have any solid proof?

Nowadays, it is a time where you shouldn't believe or judge anything unless you see it with your naked eyes. There are tons of haters, corrupt and dirty authorities who misguide you with their non-sense only to benefit themselves.
What the US says, what the UK says about whom... these are the types of bulls**t you shouldn't believe at all.

I'm a professional leverage day trader and have engaged in Binance since 2019. I haven't experienced such a thing. And then someone comes with a link and talks non-sense. Heh

If you want to waste your time, play games, please.

 

[369]

You guys say just what you hear, no more than this.

Are you a trader? Do you have any solid proof?

Nowadays, it is a time where you shouldn't believe or judge anything unless you see it with your naked eyes. There are tons of haters, corrupt and dirty authorities who misguide you with their non-sense only to benefit themselves.
What the US says, what the UK says about whom... these are the types of bulls**t you shouldn't believe at all.

I'm a professional leverage day trader and have engaged in Binance since 2019. I haven't experienced such a thing. And then someone comes with a link and talks non-sense. Heh

If you want to waste your time, play games, please.

Its known that binance does dirty games and their system breaks when there is high volume.
I lost a lot in may when the market moved massivly down because my sell order was not being executed by binance.

 

[Martin Everson]

What the US says, what the UK says about whom... these are the types of bulls**t you shouldn't believe at all.

My friend from Pakistan criticism is ok but please do not swear . I have just given you a warning regarding language. I see also you do not know too much about Binance. However if your happy using them then ignorance is bliss for you. Major authorities that have shown concern have got them all wrong I guess .