1broker shut down, binance or bitfinex next?

[DabsGalore]

with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?

[OmegaStarScream]

I was just reading about this, I honestly don't think It will be possible with Binance for example being outside the U.S etc.

Besides, these exchanges have legal teams, If they have seen risks, we would've already noticed a modification in their terms of services of something.

[BitMaxz]

1broker is not a well-known exchange site and honestly, never heard about it. There is some news telling that not only Binance and BitMex would be the next also Kraken.

However, I read some news that major exchanges should not be worrying because 1Broker facing a lot of problems such as money laundering, wire fraud, being an unregistered dealer of securities, and operating an unregistered futures commission merchant charges.  Source from here SEC Charges 1Broker With Securities Fraud as FBI Seizes Domain

If the other major exchanges fail and do not pass the investigation from FBI or if they found that these exchanges have illegal activity as 1broker do, then they will be the next to be shut down by SEC.

[mklost]

Honestly, this is the first I am hearing 1Broker's name? What is it? Is it an exchange? Whatever, I don't think Binance, Bitfinex will be shut down like this. They are a centralized exchange and they have license! Everything will be fine. This SEC things is not useful for the crypto!

[demenBTC]

1 broker has been closed and for binance and bitfinex has nothing to do with 1 broker, binance and bitfinex have clear legality and do not have illegal transactions, the SEC has no reason to close both

[dablatair]

Hello,

Never heard about 1brocker. I really don't thing that binance or Bitfinex could be the next one according to their size. they have suffiscient importance and money to take care of everything and respect the laws for the most of the countries. Inverse would be stupid.

[DabsGalore]

BTC-e was an exchange that was seized by the US Govt , but that was also due to money laundering. you guys are most likely correct. I believe US Citizens aren't allowed to use Binance , but the exchange doesn't regulate it, sine there are no KYC. Thank you for the replies

[Wiwendefak]

Binance and Bitfinex exchnages are licensed, they are under terms of centralization! And, Nobody knows which the 1broker exchange is, and it does not seem to have caused any damage to the Crypto market due to this ban. Everything is fine, you don't need to be worry mate. Binance is the number one crypto exchange in the world, they are enough careful about SEC, as they are the centralized exchange, then they are pretty okay.

[LeGaulois]

with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?

Dude, any person or company not located in The USA doesn't have to abide by the US laws. The US doesn't rule or own the world. Binance has nothing to do with America because it's located in Malta and BitMex in the Seychelles.
At worst, they will have to close registration for US residents but nothing more

[coinwizard_]

Big exchanges have big funds. By moving their operations abroad they have basically made themselves invulnerable due to loose financial regulations in their new operating base. if it changes, they can simply move again

[drag0ncrypt0z]

I don't think they will be able to shut down binance. It's too big

[squatter]

with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?

It should be noted that the activity 1Broker engaged in is very different than Binance or Bitmex. 1Broker offered off-exchange security-based swaps to US retail investors -- that's illegal on its face. Such instruments need to clear on a U.S. securities exchange, ever since the Dodd-Frank Act came into effect.

Binance only offers altcoin trading -- no "financial products."

Bitmex changed their terms and prohibited signups and deposits from US IP addresses about 3 years ago. And notably, they only offer cryptocurrency swaps. This may be legally relevant because 1Broker's sister site for Bitcoin futures was left alone by the SEC and CFTC.

I can only speculate, but I don't think the CFTC or SEC have a basis for charging Bitmex-style brokers (even if they accept US customers) under the Dodd-Frank Act because there are no "registered national exchanges" for cryptocurrencies. There are registered national exchanges for instruments that traded on 1Broker -- commodities, securities.

[figmentofmyass]

I was just reading about this, I honestly don't think It will be possible with Binance for example being outside the U.S etc.

that doesn't necessarily matter. what matters is whether the feds perceive binance to be "doing business" in the USA, and further whether they are doing unlicensed/unregistered activity or neglecting to abide by AML/KYC laws.

that's why btc-e was taken down last year. they were allowing americans to trade, while not doing KYC and acting as an unlicensed money transmitter.

Besides, these exchanges have legal teams, If they have seen risks, we would've already noticed a modification in their terms of services of something.

there are a lot of grey areas here, and bitfinex has taken some bold legal positions. as mentioned, btc-e operated as an unlicensed money transmitter (fiat deposit/withdrawal) for 6 years. bitfinex did the same thing for 5 years before axing USA residents last year. you sure they're safe?

[1Referee]

bitfinex did the same thing for 5 years before axing USA residents last year. you sure they're safe?

The thing with Bitfinex is that we depend on what we read on the internet and what Bitfinex decides to publish. It may very well be that Bitfinex is on the edge of being raided at one point in the future, and once we find out about it, just like what happened with BTC-E, it's too late to act.

If people are smart they withdraw their funds from Bitfinex and use an exchange doing its best to comply where possible, or just stick to local services. Seriously, the "hack" back in the days should have been reason enough to ditch Bitfinex, and today we're back at square one with them on top of the market.

If you also add that Bitfinex likely used (freshly printed?) Tether to get rid of its "hack" debt, you know that it stinks even more.

[Pab]

In a case of 1Broker i know from very good US lawyer that undercover FBI agents were working on that about 2 years
But 1Broker customers were investing against US stocks and dollar
not so much legit site it was not related to crypto
i saw legal case opened against Kraken so it may happen
Bitmax was manipulating eth price a lot but investigation will take years
As i know many Bitfinex users is experiencing huge delays when they try to withdrawn
 fiat

[magneto]

with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?

I don't think that 1Broker getting shut down will have anything to do with the future of Binance/Bitfinex/Bitmex.

Sure, there will always be a risk that the US agencies will somehow want to disrupt the services of these crypto exchanges, but I don't think that because of a forex broker getting shut down this risk is going to get higher for them.

As others said, these two companies aren't even located in the U.S.. Perhaps they'll stop US signups from happening at some stage, but that would be it.

[carlfebz2]

with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?

Dude, any person or company not located in The USA doesn't have to abide by the US laws. The US doesn't rule or own the world. Binance has nothing to do with America because it's located in Malta and BitMex in the Seychelles.
At worst, they will have to close registration for US residents but nothing more

But to think on where 1Broker exchange is based? Its outside US dude and this attack or investigation proves out or shows more imperialism on my own view. US laws do make such decisions into smaller countries and these small exchangers will gradually be attacked and its already being started.Ive been wondering which exchange would be the next one?
About Binance I don't see a reason for them to have such similar problem yet this one is already centralized.

[figmentofmyass]

with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?

Dude, any person or company not located in The USA doesn't have to abide by the US laws. The US doesn't rule or own the world. Binance has nothing to do with America because it's located in Malta and BitMex in the Seychelles.
At worst, they will have to close registration for US residents but nothing more

But to think on where 1Broker exchange is based? Its outside US dude and this attack or investigation proves out or shows more imperialism on my own view. US laws do make such decisions into smaller countries and these small exchangers will gradually be attacked and its already being started.Ive been wondering which exchange would be the next one?

exactly. i don't understand how people can watch sites like btc-e and 1broker get shut down by the USA government, then continue with this nonsense about "the USA can't do anything, they don't have jurisdiction in foreign countries!" it's totally ignorant. as if btc-e was located in the USA? we're literally in a thread discussing how an "international broker" whose management resided in austria was shut down by the feds!

the USA enforces its laws in foreign jurisdictions all the time. the only thing that matters is whether bank accounts, servers and domains are held/registered in jurisdictions within their reach. most of the world is within their reach.......

[audaciousbeing]

with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?

For government to have gone after some certain business, then there is something fishy about their activities in my opinion to have attracted such attention which is not known to the public. As to whether Binance or Bitmex is the next, there is no saying for sure although its going to be a fact that they also have their files with the authority. Best way, don't keep the bulk of your funds on exchange sites because you will not be notified when the take down is going to happen and the first thing they will do is to suspend all withdrawals. When you fund is there, you end up being at their mercy which you might not be able to recover especially if you happen to be a US citizen and don't also forget that those exchange sites have implemented their own KYC and all of this they will be forced to turn over to government just by the show of warrant.

[stomachgrowls]

with broker being taken down by the SEC, do you think binance and bitmex next? For those who don't know, Binance and Bitmex isn't not US friendly. I know Binance had an ICO for their coin and it worries me. Any opnions on this?

For government to have gone after some certain business, then there is something fishy about their activities in my opinion to have attracted such attention which is not known to the public. As to whether Binance or Bitmex is the next, there is no saying for sure although its going to be a fact that they also have their files with the authority. Best way, don't keep the bulk of your funds on exchange sites because you will not be notified when the take down is going to happen and the first thing they will do is to suspend all withdrawals. When you fund is there, you end up being at their mercy which you might not be able to recover especially if you happen to be a US citizen and don't also forget that those exchange sites have implemented their own KYC and all of this they will be forced to turn over to government just by the show of warrant.

If you are an US citizen then you should already know on what to do when you are dealing with outside services and due to centralization then it cant really be avoided to mess things up when someone tends to set-in.
You wont really have any choice when they do start to hold up or freeze withdrawals and for sure you are aware on what would happen next when they find out that you are evading such responsibility.
Im expecting already that more exchangers would be easily be seized surprisingly if they would able to find a hole.