Binance US Halts USD Deposits issues a fiat withdrawal warning? SEC vs Exchanges

[Zaguru12]

When i read the news of binance now accepting direct bank deposits one thing that came into my mind was that, binance is about to become more centralized and controlled by government because direct fiat deposit is only posible when binance have given up some form of control to the fiat financial system and their have to give up some right to the government or the regulators to control it activities.


I have expected this form of attack since the introduction of that feature and this time were binance and the sec i have a legal battle it becomes clear and certain that that service will be halted

Hmmm this might be one of the major reasons why the US SEC is strict on getting them to register so that they could be under the government regulations. Almost thing is actually happening to Binance subsidiary in Nigeria because just a day after they announced the pair trading of bitcoin with the Nigerian Naira the next day the country’s SEC immediately announced that the exchange is yet to register and as such is illegal and all transactions with them is at the users risk. I just feel too that the exchange just doesn’t want to be controlled by the government but that can’t be possible if they are looking at direct bank transfers at least the government would like to have it registered and probably taxed them

This news is horrible for the crypto atmosphere.

Nothing to worry about I don’t think it will have any impact to the crypto space since there are many exchanges currently operating and this is not even happening to the global exchange. The impact it would have had was if something like an attack was attempt or done on the exchange and it lead to hackers stealing funds from it

[nelson4lov]

There has been limited media coverage on binanseUS, portraying the entire organization as being affected. The exchange has faced severe FUD, leading to a massive withdrawal of over $100 million in a single day and the delisting of numerous coins. Despite these challenges, the exchange has continuously refuted numerous rumors aimed at undermining its operations.

It's clear that it isn't just an attack against Binance alone but somehow it spans all of crypto even though they didn't explicitly name ETH and Bitcoin on the list of securities. In my opinion, all of these are just cascading effects of the FTX collapse last year as well as other collapses that has happened in recent times. My opinion is that, when it eventually cools down, most if not all of the Exchanges will move away from serving US customers. Nothing like opening a US subsidiary as it seems that is no longer enough.

[Nwada001]

This is just a preparation for what's to come, and this precaution is a nice move in order not to take its US customers by surprise. Stopping direct deposit is a good thing to do; they are playing safe and at the same time trying to save their bank partners some trouble.

This also happens when restrictions are given to crypto firms associating with banking sectors in the country. Direct deposit and withdrawal are always the first things to be suspended, then a temporary or permanent solution will be created depending on the increase in demand from the restricted areas. P2P can go a long way. Aside from direct deposit, P2P is still working and can be used as a means of buying and withdrawing for those who still care about using the centralized exchange.
 
 
 

[Ojima-ojo]

This is just a preparation for what's to come, and this precaution is a nice move in order not to take its US customers by surprise. Stopping direct deposit is a good thing to do; they are playing safe and at the same time trying to save their bank partners some trouble.
 

The government have every right to get binance sunsidaries located within their jurisdiction registered and taxed adequately and this is what it is no matter what the exchange just have to comply, i guess this is not a big deal for them and their legal team should be able to handle this and get the exchange a certificate unless for places where their services are totally banned and restricted labeled illegal.

Stopping direct bank deposits is the best form of protection there can offer their clients within the US because the bank or government may take some actions against the exchange and depositors' money may get frozen in the process.