Is Binance in a risk of being shut down?

[Get-Paid.com]

I was reading this article here posted 3 weeks ago:
https://coingeek.com/crypto-crime-cartel-bye-bye-binance/

And yes, I've seen several articles trying to "bury" Binance even years ago, and so far they were all wrong. But let's get into it:

Binance limits every account to make a withdrawal of up to 2 BTC every 24 hours without verification.
2 BTC today is around $27,500 which is quite a huge amount.
And if you easily open up 3-4 accounts you can transfer over $100,000 without verification!
It's quite concerning thinking governments around the world would let this continue like this without any sort of regulation or some draconian rules in place.

So far Bitcoin is on the rise and so is Binace Coin - now listed #7 in CoinMarketCap.

Is it only me or does it feel like the next crash is going to come from Binanace?
Would you trust Binance today or would you take your money out of there?

What do you think? Is Binance a safe place to use today or not?

[witcher_sense]

It seems to me that this source is spreading fake news, misrepresentation, and misinformation. You should not take it seriously.

There are hundreds of online publications that describe what Bitcoin is in great length, but most still miss the mark. The best source for learning is to read the document Dr. Craig S. Wright wrote while using the pseudonym Satoshi Nakomoto.

On October 31st, 2008, he released the whitepaper titled Bitcoin: A Peer to Peer Electronic Cash System. Its purpose is to explain the decentralized electronic payment system based on economics.

https://coingeek.com/bitcoin101/what-is-bitcoin/

What do you think? Is Binance a safe place to use today or not?

Binance, like any other reputable centralized exchange, is a safe place to trade small amounts.

[pooya87]

any centralized company is at risk of being shut down or getting hacked or going bankrupt or the most common case to scam its users. the shadier the business, the higher the chance and Binance has been shady in a lot of things including their location!

Is it only me or does it feel like the next crash is going to come from Binanace?

crash of what? bitcoin?
Binance is first and foremost an altcoin exchange and has very little to do with bitcoin. and the day they shut down is going to be the repetition of dozens of other bigger exchanges shutting down in the past and won't affect bitcoin.

[Get-Paid.com]

Binance is first and foremost an altcoin exchange and has very little to do with bitcoin. and the day they shut down is going to be the repetition of dozens of other bigger exchanges shutting down in the past and won't affect bitcoin.

You said "and the day they shut down" - so in your opinion it's only a matter of time before they shut down or there is a chance their business can last for years and years from now on?

How do you see their chances of staying in the market?

[avikz]

Nah! I don't think Binance is at risk of being shut down anytime soon! Also the 2 BTC withdrawal limit is huge, if I am not wrong, then Binance used to have a tier based withdrawal system where the new accounts are automatically placed at the lowest tier which used to have the 1 btc trading volume allowance. Has it been changed recently? I don't see any email came from Binance regarding this change! (Probably because I have a KYC verified account)

But that doesn't mean Binance will be closed down by the government. However, regulation is inevitable! Not only on Binance but on crypto market. Sooner or later, regulation will take place to curb the illegal crypto activities! Binance is not alone to face such risk!

[imstillthebest]

Is it only me or does it feel like the next crash is going to come from Binanace?

what crash ? the shutdown of binance or the crash of the price ? they are an exchange but i dont think binance are responsible for the crash on the price but it was the traders , investors or the crypto users that are dictating if what will be the price of cryptos  . many times binance was taken down by scammers and hackers but its still alive so i dont think binance will crash anytime soon .

Would you trust Binance today or would you take your money out of there?
What do you think? Is Binance a safe place to use today or not?

i trust binance , binance is trusted but i prefer to pull out my money on binance or to an any exchange and store them on my wallet where i  can hold my key because i think that is more safer to me .

[davis196]

Binance limits every account to make a withdrawal of up to 2 BTC every 24 hours without verification.
2 BTC today is around $27,500 which is quite a huge amount.
And if you easily open up 3-4 accounts you can transfer over $100,000 without verification!

This is not a pretty significant reason for shutting down one of the biggest crypto exchanges in the world.
The authorities might just force Binance to change their verification and withdrawal rules and require ID verification for every withdrawal.Shutting down the entire crypto exchange for such a small problem seems like an overkill.
I guess that some secret competitor is trying to hit Binance by paying for such articles and launching a negative media campaign against Binance around the crypto news platforms.

[The Sceptical Chymist]

Binance limits every account to make a withdrawal of up to 2 BTC every 24 hours without verification.
2 BTC today is around $27,500 which is quite a huge amount.

Yeah, that is a lot and I'm also surprised that hasn't been noticed by regulating agencies all across the world.  My guess is that it probably will be eventually, but I don't think that'll cause Binance any huge troubles.  They might have to lower the withdrawal limit, but it's not something that's going to put them out of business.

Is it only me or does it feel like the next crash is going to come from Binanace?

Nah.  They seem to be one of the exchanges that are trying to play by the rules.

Binance, like any other reputable centralized exchange, is a safe place to trade small amounts.

I agree.  Binance is one of the exchanges I trust, but I'm not naive enough to think it's safe to leave large amounts of funds in their hands for more than a day.  I've been around the crypto space long enough to know that crazy shit happens sometimes with "trusted" exchanges.

[Harlot]

Will we really believe what Coingeek is saying that Binance is involve in a big crime like this just because BitMex got caught? I'm not saving Binance's ass here but we can't just believe what articles popping out here and there as they will always create this kind of articles just so they can create a buzz and give them more views/visits for their website. If we won't be seeing news or statements coming from any government authority linking them to any crime I think we should calm down for a bit and don't assume anything just because we see crypto news websites linking them.

[Slow death]

This:



went too far. this person who wrote this article should be more professional and not denigrate CZ's image

Is it only me or does it feel like the next crash is going to come from Binanace?

don't worry too much about it, Binance has the
binance.us, if they did this Is because they know that US regulators are very demanding and this case of Bimex certainly must have opened the eyes of many exchanges and I doubt that an exchange like binance does not have lawyers to give them legal advice about US laws

Would you trust Binance today or would you take your money out of there?

I trust on binance, of course i wouldn't leave much money, in fact i wouldn't leave much money on any exchange

What do you think? Is Binance a safe place to use today or not?

Yes is safe!


this article was written by someone who likes BSV and hates Binance. look:

I pointed out in our Crypto Crime Cartel coverage of the BitMEX indictments that a clear sign that your organization is involved in criminal activity is whether or not they are attacking the pro-regulation, anti-crime approach of Dr. Wright and Bitcoin SV. That model holds here.

Binance was one of the exchanges who collaborated with Roger Ver (who happens to be among the first investors in Binance) in taking the extraordinary step of delisting BSV at a time when it was a top-five asset in terms of market capitalization.

Changpeng doesn’t even pretend that the move was based on anything other than ideology, admitting to Cointelegraph that months after the delisting, he still had not bothered to look at the Bitcoin SV codebase and couldn’t say whether or not the platform was useful.

[ronaldo40]

ive been using binance since then I could say that it's really easy to create account in binance and the limit is really high it could use by any users including scammers to trade their coin and have a clean coins i think i've seen a topic like this before, i think the government really should take actions to this or at least the binance team.

[Fritwakky]

I was reading this article here posted 3 weeks ago:
https://coingeek.com/crypto-crime-cartel-bye-bye-binance/

And yes, I've seen several articles trying to "bury" Binance even years ago, and so far they were all wrong. But let's get into it:

Binance limits every account to make a withdrawal of up to 2 BTC every 24 hours without verification.
2 BTC today is around $27,500 which is quite a huge amount.
And if you easily open up 3-4 accounts you can transfer over $100,000 without verification!
It's quite concerning thinking governments around the world would let this continue like this without any sort of regulation or some draconian rules in place.

So far Bitcoin is on the rise and so is Binace Coin - now listed #7 in CoinMarketCap.

Is it only me or does it feel like the next crash is going to come from Binanace?
Would you trust Binance today or would you take your money out of there?

What do you think? Is Binance a safe place to use today or not?

Indeed, it is quite interesting how Binance has the ability to allow its users to make such large transactions of money without KYC verification. I think that sooner or later they will be forced to make smaller limits or demand KYC verification from all users.
I don't think Binance is planning to scam anyone, but in history already happened few very strange situations, so remember to never keep your money in the exchange and use it only to make transactions.

[safari88]

what could happen next especially to the users who uses binance? probably changing their platform the limits on binance is really high in my opinion and can really be used by some scammers who wanted to hide their track by creating multiple accounts.

[sunsilk]

Is it only me or does it feel like the next crash is going to come from Binanace?

You're overthinking. The next crash would probably come from the combination of them. Big exchanges, whales, and other forces that can easily turn the market down. If it's just Binance, they can make a little move but it will recover quickly.

Would you trust Binance today or would you take your money out of there?

I trust them but I don't stay that much amount in my account there.

What do you think? Is Binance a safe place to use today or not?

It is safe to use them as an exchange but if you're going to use them as a wallet or cold storage, you're using them in the wrong use.

[Kupid002]

what could happen next especially to the users who uses binance? probably changing their platform the limits on binance is really high in my opinion and can really be used by some scammers who wanted to hide their track by creating multiple accounts.

Even they do ,the exchange have all the details from the address send and where they widraw that money  they have recorded that can help the case incase there are complain that scammers use their exchange . But I agree to lower the minimum limit requirements to 1BTC it is the same limit from other exchnage that doesn't ask or required kyc verification . But if lower than that is not that acceptable for mesince more of investors/traders also want to hide their details and want to be complete anonymous to other.

[Oilacris]

Is it only me or does it feel like the next crash is going to come from Binanace?
Would you trust Binance today or would you take your money out of there?

What do you think? Is Binance a safe place to use today or not?

Its just your feel because having that 2 BTC limit isnt really just right to presume that this will be a great factor that will make Binance fall.

It might not really being noticed by now but if the price will stay along these levels then there might be some changes or alterations when it comes to limit and yes
2 btc is equivalent to $26k limit for a day with an unverified account.

Being shut down? I dont see it that way.

[icopress]

I've been around the crypto space long enough to know that crazy shit happens sometimes with "trusted" exchanges.

You are absolutely right, People who have been working with cryptocurrency for several years are aware of the risks even when working with such large exchanges.

And I want to remind everyone who forgot ^[1] ...

We have discovered a large scale security breach today, May 7, 2019 at 17:15:24.
The hackers were able to withdraw 7000 BTC in this one transaction: https://www.blockchain.com/btc/tx/e8b406091959700dbffcff30a60b190133721e5c39e89bb5fe23c5a554ab05ea

Few people really understand how exchange wallets and API trading work. When you deposit bitcoin into your account, the exchange gives you a cold address. The hot wallet is not in use.

While you are trading, the amount of the initial deposit on the cold address does not change. For example, if you deposited 1 bitcoin, but after a while you doubled your deposit, you will still see only 1BTC when checking the input address, (although the terminal will show 2BTC).


The magic begins when you need to withdraw your bitcoin. When you submit a request to withdraw your two bitcoins, the algorithm that manages the hot wallet removes 1BTC from your starting address. I'm not sure exactly how the cloud works, but the algorithm finds 1 more bitcoin and sends a total of 2 bitcoins to the address you provided.

Limitations on the maximum amount of withdrawal are needed for this algorithm to work normally, (at the same time, in order to have time to replenish the fund that covers the difference displayed in the terminal). Depending on the load, the hot wallet algorithm will usually send 50/100 bitcoins to clearing.

Since withdrawal requests are processed in turn, their algorithm had to take into account the balance of the cloud fund anyway, (in order to compensate for the shortage of bitcoins by transferring funds from a cold wallet). And from time to time, Binance fixes profits by sending bitcoins from a hot wallet to a cold one, or vice versa in case of covering losses. Therefore, I doubt that the withdrawal of 7000BTC, consisting of 45 addresses, was completed in one transaction.

It's like the David Copperfield show, a distraction and here's a reason to block withdrawals for one week...

[Shallow]

The reason why Binance is the biggest exchange today is that the team tries their best to offer the best of services to their users. They know quite alright most people finds it difficult releasing their personal information, hence by limiting withdrawal without verification, they succeeded in accommodating everyone, moreover Binance is not the only exchange doing that. Just like you stated, there have been many of this articles which are trying to create fud against Binance but yet, the exchange keeps growing. And lastly, Binance is safe to use for your trading activities however, I have never been a fan of keeping funds on exchanges, so no matter how big an exchange is, keeping your funds in your personal wallet is the best security step you can ever take.

[pooya87]

Binance is first and foremost an altcoin exchange and has very little to do with bitcoin. and the day they shut down is going to be the repetition of dozens of other bigger exchanges shutting down in the past and won't affect bitcoin.

You said "and the day they shut down" - so in your opinion it's only a matter of time before they shut down or there is a chance their business can last for years and years from now on?

How do you see their chances of staying in the market?

my prediction is that all centralized exchanges will become obsolete in somewhere between 5 to 10 years from now specifically the altcoin exchanges such as Binance. there simply is no reason for anyone to go to a centralized exchange to trade bitcoin vs. altcoins or altcoins vs. stable coins. the movement has already started too with the decentralized exchanges growing slowly for now.

but more specific to Binance prediction is that it will have the same fate as all its predecessors. there simply is no difference between Binance and Mt-Gox, Cryptsy, Btc-E, Poloniex, Bittrex, .... each of which were gigantic in their time and some day they either scammed and went away or scammed and lost their #1 position (replaced by another).

[mexite]

Binance has diligently worked its way to the top of global cryptocurrency exchanges, so it's normal to see some posts targeted at the platform just to discredit it. Centralized exchanges like Binance have played significant role in pushing crypto to the front burner.

If you mean that the exchange stands the risk of being shut down by the government, that will only be possible of they flout government rules in certain countries. That's why some countries are restricted from registering on the exchange. The government would still prefer centralized platforms to totally decentralized exchanges in order for them to be able to monitor some transactions. This was what happened to IDEX that made it request for users to sign up.

I think Binance will still persist for a long time due to CZ's influence in the blockchain space and its wit to bring in new features from time to time.