Binance.US goes down, assures users funds are safe

[hugeblack]

In brief

 - Binance.US has halted all trading and orders following an “incident” of some sort.
 - CEO Catherine Coley tweeted, “Your funds are safe.”
 - She added that the incident was not a hack.

All trading and order operations on the Binance.US platform have stopped due to an unknown system error:

“At 11:26am EST, we noticed our systems not functioning as intended. To protect our users, we will be stopping trading, order processing, buy crypto, deposits, and withdrawals. We will let users cancel their orders 30min before we reopen trading. We expect this will take 6 hours,”

It was not clear what the cause was yet, but the only certainty was that it was not a hack. (all user funds are safe)

Read more and source ---> https://decrypt.co/37956/binance-us-goes-down-assures-users-crypto-funds-are-safe?utm_source=reddit&utm_medium=social&utm_campaign=sm

https://twitter.com/cryptocoley/status/1291769760028467200?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1291769760028467200%7Ctwgr%5E&ref_url=https%3A%2F%2Fdecrypt.co%2F37956%2Fbinance-us-goes-down-assures-users-crypto-funds-are-safe

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[The Sceptical Chymist]

I don't know anything about Binance's US operations, but there was a huge storm yesterday on the east coast of the US that knocked out power and internet over a very large radius.  Just thinking out loud, I'm wondering whether them going down had anything to do with that. 

Hopefully they're telling the truth when they say it wasn't a hack.  My guess is that it wasn't, but who knows.  Binance might be one of the most trusted exchanges, but after seeing all the BS that's transpired over the last few years I don't trust any of them completely.

[sheenshane]

Let's just hope that this isn't about hack incidents. But I think there are no worries because there is a safe fund that's called SAFU for their costumer.

It might have a connection to this "Binance Chain Forum Maintenance" Binance dex was in maintenance shortly. And I think that little patch was supposedly today.

The reason why we should learn not to leave our fund on the exchange wallet even how trusted it is. We really don't know what will happen next if there is a scam attack.

[suchmoon]

To be fair, "funds are safe" would likely be the standard first reaction regardless of whether that's true or not. It would be very unlikely for any business to come out and say "we're fucked, your money is gone, we'll be back in six hours". And if they have funds to cover the losses quietly, you wouldn't ever know what really happened. It's only when they need to socialize the losses you start hearing the evil hacker tales.

Also "funds are safe" is little consolation if you need those funds soon because despite funds being allegedly safe they stopped withdrawals... go figure.

I don't know anything about Binance's US operations, but there was a huge storm yesterday on the east coast of the US that knocked out power and internet over a very large radius.  Just thinking out loud, I'm wondering whether them going down had anything to do with that.  

Binance uses AWS, or at least they've blamed AWS in the past for some screw up IIRC. AWS East 1 region (Virginia) doesn't seem to have had any issues yesterday or today.

[Slow death]

I remember once I heard the owner of Biance say that it was not necessary to have a physical office for things in the cryptocurrency market, so now I wonder what the requirements are for obtaining a license in the USA and how people can rest assured that the funds they are really safe if we are talking about an exchange where it is not known where it is located.

[figmentofmyass]

I remember once I heard the owner of Biance say that it was not necessary to have a physical office for things in the cryptocurrency market, so now I wonder what the requirements are for obtaining a license in the USA and how people can rest assured that the funds they are really safe if we are talking about an exchange where it is not known where it is located.

binance.com ≠ binance.us. the former is registered in the seychelles and is hiding its operational infrastructure in multiple countries. the latter is registered in the USA and has physical offices in the presidio in san francisco.

this is from their FINCEN MSB registration:

MSB Registration Number: 31000159813807
Registration Type: Initial Registration, Corrected Report
Legal Name: BAM Trading Services Inc.
DBA Name: Binance US
Street Address: Letterman Digital Arts Center, One Letterman Drive, Building C, Suite C
City: San Francisco
State: CALIFORNIA
Zip: 94129

[leea-1334]

Apparently Binance also had a flash spike on their futures a few days ago where Bitcoin was selling for $100,000 but the platform stopped the error from executing any orders. Which seems to me a fair example of how Binance is really quite aggressive in monitoring the platform. Good and bad,,, but I wonder if they also use the same strictness to monitor wash trading?

[stompix]

binance.com ≠ binance.us. the former is registered in the seychelles and is hiding its operational infrastructure in multiple countries. the latter is registered in the USA and has physical offices in the presidio in san francisco.

Offices, where a rat would get claustrophobia, are now a proof of legitimacy?
How many times have we heard the same story about Binance?
They are moving to Japan to escape the evil Chinese gubbermint.
Then, they moved to Malta to escape the evil Japanese government.
Then, surprise, it turned out the Maltese government was evil and Binance decided they will not ask for a license from this corrupt government and decided to flee again.

I would rather believe the non-sense a flat earther posts than a word coming from CZ.

To be fair, "funds are safe" would likely be the standard first reaction regardless of whether that's true or not.

The moment you hear that the best course of action is to test it yourself by getting or trying to get everything out of that platform,  if he was right, you've lost nothing, but if only a part of the funds was "SAFU", only the early bird will get his worm BTC back.

[hugeblack]

Offices, where a rat would get claustrophobia, are now a proof of legitimacy?
How many times have we heard the same story about Binance?

I hope this ends well, they present themselves as reliable and a lot of them services depend on trust while they try to hide the simplest information from them, it is very strange behavior.

this is them last update:

For additional clarity, this was not a hack. We noticed an error that was not allowing users to see their orders and we did not want users trading blindly. Fixing this requires suspending platform activities. We will provide additional updates as they become available.

It seems that the technical error is small because I did not find much fanfare about it, but I do not see a strong reason for the orders to be suspended and withdrawn.

[figmentofmyass]

binance.com ≠ binance.us. the former is registered in the seychelles and is hiding its operational infrastructure in multiple countries. the latter is registered in the USA and has physical offices in the presidio in san francisco.

Offices, where a rat would get claustrophobia, are now a proof of legitimacy?
How many times have we heard the same story about Binance?
They are moving to Japan to escape the evil Chinese gubbermint.
Then, they moved to Malta to escape the evil Japanese government.
Then, surprise, it turned out the Maltese government was evil and Binance decided they will not ask for a license from this corrupt government and decided to flee again.

rats getting claustrophobia in here?



what you're saying applied to binance.com, not binance.us. since day 1, binance.us was based in san francisco. no virtual offices, registered with FINCEN, can easily be served legal papers. you can easily find at least a half dozen of their executives/managers in san francisco. it's nothing like binance.com, which is completely shrouded in secrecy.

[stompix]

rats getting claustrophobia in here?

Oh, I thought you're going to show me their office, not the buildings where their office is situated.
The confusion might have been caused by the fact that you didn't post the entire address first as the last part is clear giveaway:

BAM Trading Services, Inc. One Letterman Drive, Building C, Suite C3-800

Because you see, there is a :
Francisco Partners, ONE LETTERMAN DRIVE, BUILDING C- 410 ,SAN FRANCISCO CA 94129
a
Gordon & Betty Moore Foundation. One Letterman Drive – Building C – Suite 320
another:
Founders Fund IV Principals Fund, LP ONE LETTERMAN DRIVE BUILDING C, SUITE 420
and:
Park Presidio Capital Partners, ONE LETTERMAN DRIVE BUILDING C, SUITE C3-900

I'm not going to copy-paste all of them but you get the idea, approximating the search results there are about 50 companies located in that building dividing the floor room by that and it's well below your average Subway , if we say there are double the number than the space goes below your one-bedroom apartment, not enough for a rat to get claustrophobia but enough for a chipmunk.  

As for the binance.com ≠ binance.us , that's just hilarious.
Is binance,us run by CZ's good twin or what?  

I remember I had the same discussions with other users when they were trying to tell me how Binance moving to Malta will change things how Malta will get millions in return in taxes and so on and on, and they had the same arguments, fully regulated, office, people working there,  people never learn! Binance fleeing from country to country and jurisdiction to jurisdiction is more predictable than the seasons these days.

[figmentofmyass]

The confusion might have been caused by the fact that you didn't post the entire address first as the last part is clear giveaway:

BAM Trading Services, Inc. One Letterman Drive, Building C, Suite C3-800

that's because they list only "suite C" in their FINCEN registration.

I'm not going to copy-paste all of them but you get the idea, approximating the search results there are about 50 companies located in that building dividing the floor room by that and it's well below your average Subway , if we say there are double the number than the space goes below your one-bedroom apartment, not enough for a rat to get claustrophobia but enough for a chipmunk.

you listing a few companies who also have offices there (yes, that's the point of office park!) doesn't prove your point.

what matters is they have a physical presence for legal service, widely known executives located in the USA, and legal registrations in a jurisdiction that can actually come after them in both civil and criminal court. literally none of that applies to binance.com. all of it applies to binance.us.

your assertion that "binance.us has a small office (something you can't even begin to prove) so they must be illegitimate" is rather uncompelling. if you feel the need to keep taking about square footage as a measure of business legitimacy, your points will fall on deaf ears.

As for the binance.com ≠ binance.us , that's just hilarious.
Is binance,us run by CZ's good twin or what?  

we're talking about legal jurisidction. binance.us is subject to american legal jurisdiction. binance.com is not.

if you want to sue binance.us, you easily can, assuming you have a case. if you want to sue binance.com........lol, good luck even finding out how to serve them, let alone enforcing a judgment!

I remember I had the same discussions with other users when they were trying to tell me how Binance moving to Malta will change things how Malta will get millions in return in taxes and so on and on, and they had the same arguments, fully regulated, office, people working there,  people never learn! Binance fleeing from country to country and jurisdiction to jurisdiction is more predictable than the seasons these days.

binance never had any legal presence in malta. they were just lying to everyone. they never registered any entity there. of course they wouldn't pay taxes there or be subject to EU jurisdiction.

in contrast, you can pull up binance.us's registrations. they openly operate from the USA, they are legally registered in the USA, they openly serve american customers---good luck to them if they are trying to dodge USA legal jurisdiction!

[suchmoon]

you listing a few companies who also have offices there (yes, that's the point of office park!) doesn't prove your point.

You haven't proven that "BAM Trading Services Inc" has any significant assets to be sued for, or anything else for that matter beyond the bare minimum needed to satisfy fincen requirements. It's a Delaware corp so the worst can be assumed until proven otherwise.

[figmentofmyass]

you listing a few companies who also have offices there (yes, that's the point of office park!) doesn't prove your point.

You haven't proven that "BAM Trading Services Inc" has any significant assets to be sued for, or anything else for that matter beyond the bare minimum needed to satisfy fincen requirements. It's a Delaware corp so the worst can be assumed until proven otherwise.

first i need to prove the square footage of their san francisco office, and now i need to locate their assets? lol, the goalposts keep moving further and further!

if having a physical, legal presence registered with regulatory agencies (along with the 2nd biggest, if not the biggest, brand in the industry, plus FDIC insurance) isn't enough to suggest legitimacy, then what is?

what exactly makes kraken, for example, so much more legitimate? do you have proof of their assets? what about coinbase, bitflyer, gemini, and the other regulated USA exchanges? can you please provide all the data points that prove they are legitimate, but binance.us is illegitimate? what is the square footage of all their offices, while we're at it?

or is the assertion that no exchanges are ever legitimate, in which case this whole argument is totally fucking pointless, and there is zero point to singling out binance.us?

[stompix]

you listing a few companies who also have offices there (yes, that's the point of office park!) doesn't prove your point.

I have a feeling you're selectively reading parts of my posts and take only a few bits, randomize and replace the letters as you like and then reply to it.
My point was that they had a 10 square feet office in there, the number of companies in that building point to me being right, on the other side nothing points to biannce having real workers there.

first i need to prove the square footage of their san francisco office, and now i need to locate their assets? lol, the goalposts keep moving further and further!

No, you didn't have to prove anything, you're the one that tried to contradict my assumption of a rathole office with the picture of a building.
Besides, you didn't prove anything in the first place! You showed me a building, so?

what exactly makes kraken, for example, so much more legitimate?

binance never had any legal presence in malta. they were just lying to everyone. they never registered any entity there. of course they wouldn't pay taxes there or be subject to EU jurisdiction.

I love how you ask questions that you have previously answered yourself!
Why should I trust a liar? Why should I trust somebody who was threatening he is going to sue newspapers for misinformation while he was packing his stuff and fleeing in the middle of the night?

[suchmoon]

first i need to prove the square footage of their san francisco office, and now i need to locate their assets? lol, the goalposts keep moving further and further!

You don't have to prove anything. You're the one making the claim that binance.us is totally different from binance-not-US because they can be sued but you base that claim almost entirely on them having an office in San Francisco. It's a flimsy claim if you can't substantiate it. We're offering ways how you could potentially do it, but you can just call it "moving goalposts" and not feel obligated to prove it.

if having a physical, legal presence registered with regulatory agencies (along with the 2nd biggest, if not the biggest, brand in the industry, plus FDIC insurance) isn't enough to suggest legitimacy, then what is?

Would that be the same brand that is lying about their legal status elsewhere, but somehow magically is totally above board in the US? Ok.

BTW it's pass-through FDIC insurance so it doesn't say much about binance.us itself. They deposited their customer-owned USD in a real bank, that's about it.

what exactly makes kraken, for example, so much more legitimate? do you have proof of their assets? what about coinbase, bitflyer, gemini, and the other regulated USA exchanges? can you please provide all the data points that prove they are legitimate, but binance.us is illegitimate? what is the square footage of all their offices, while we're at it?

or is the assertion that no exchanges are ever legitimate, in which case this whole argument is totally fucking pointless, and there is zero point to singling out binance.us?

What a nice bunch of straw people. Let's sum it up.

Not red flags: FinCEN registration. Office address in San Francisco.
Red flags: Delaware corporation. Office address can be anything from a maildrop to perhaps a room. FinCEN registration doesn't require much - filing some paperwork once in a while. Associated with a liar that is CZ/Binance.

Anything else?