Withdraw and stop using Binance

[AmoreJaz]

How can they seize the binance servers all at once and won't let people withdraw ?

Even if they do that, where will all the money  go that is stored in binance ? If that happens, it will be a black day for crypto.

I heard before that their coins from Binance are split into different wallet addresses I don't know how many wallets but remember the security breach that happened on Binance around 2019?
What I remember is that they store coins on separate wallets from hot wallets to cold storage(Not one but multiple cold storages to assured safe).
Those who were affected by the security breach got refunded so I believe they don't just lock our wallets for withdrawal and if it happens they will announce it immediately just like what happened on the security breach before.

and besides they have SAFU in place, that's one of their selling point when it comes to security of your funds. so if worst comes in this exchange, i believe their users have no problem getting their funds back. but i highly doubt it will happen. even if they are under the scrutiny of several investigations, i don't think the exchange's lawyers are not doing anything to address the potential problem. never underestimate their resources and connections because this top exchange has reached their status because they know what they are doing.

[joniboini]

Even if they have that safu mechanism, counting on it to recover your lost funds would be a terrible idea. It's best to assume any exchange doesn't have reliable mechanism when it comes to that and you should never store your money on exchange. That way you'll be less likely to get affected when something terrible happened, as things should be.

[ethereumhunter]

If the government really wants to shut down Binance (which I think they can do easily), that can be a big crash happen to the crypto market and maybe we will see Mt.Gox part 2 coming to us. That is why we do not have to keep our biggest funds on every exchange, including in Binance as the big and best exchange because that will be too dangerous if the government really closes Binance. We can not imagine what will happen to the people's funds on Binance and how Binance will refund their assets. Hopefully, that will not really happen.

[bbc.reporter]

How can they seize the binance servers all at once and won't let people withdraw ?

Even if they do that, where will all the money  go that is stored in binance ? If that happens, it will be a black day for crypto.

I heard before that their coins from Binance are split into different wallet addresses I don't know how many wallets but remember the security breach that happened on Binance around 2019?
What I remember is that they store coins on separate wallets from hot wallets to cold storage(Not one but multiple cold storages to assured safe).
Those who were affected by the security breach got refunded so I believe they don't just lock our wallets for withdrawal and if it happens they will announce it immediately just like what happened on the security breach before.

and besides they have SAFU in place, that's one of their selling point when it comes to security of your funds. so if worst comes in this exchange, i believe their users have no problem getting their funds back. but i highly doubt it will happen. even if they are under the scrutiny of several investigations, i don't think the exchange's lawyers are not doing anything to address the potential problem. never underestimate their resources and connections because this top exchange has reached their status because they know what they are doing.

SAFU is clearly a marketing and promotional strategy to make themsevles appear more secure and trustable. However, do you know who also said that funds are SAFU? The Lehman brothers before September 15, 2008. I am quite certain other banks have also said something similar before a bank run.

[bittraffic]

Just make sure you don't have large funds inside Binance account. If you are a holder, don't make Binance wallet as a storage of your coins. The trust you give to binance isn't supposed to be that high as you should also trust the CFTC or the IRS, they can enforce things in this world. Politicians are more afraid of IRS than a full geared SWAT team because they could seize everything.

[hugeblack]

I do not think that either CFTC or Binance will reach that point, and therefore I think that Binance will reach understandings by paying money to the government and sending all the required data to it instead of losing a lot of money because of seizing.

Binance is not a small company and they make a lot of profits, so we see them become more fearful and then it is difficult for them to ignore government decisions as they did in the past.

The losing side is the operators, as their data will be in the hands of governments soon and they may have to pay more taxes sooner.

[bbc.reporter]

@hugeblack. It might or it might not, however, it is always safer to be cautious. Binance has also begun to leave Singapore. It appears that they are leaving jurisdictions where they do not have much users hehe. However, it might be harder for them to leave openly those jurisdictions where they earn much of their revenue.



Binance, the world’s largest crypto exchange, is about to introduce severe restrictions on its offering to users in Singapore.

As of Oct. 26, users will not be able to access fiat deposit services or spot trading of crypto, buy crypto through fiat channels or “liquid swap,” Binance announced Monday. On Binance, a liquid swap means the ability to trade instantly and pool tokens to earn rewards.

Source https://www.coindesk.com/business/2021/09/27/binance-to-restrict-offerings-in-singapore/