Withdraw and stop using Binance

[bbc.reporter]

There are some people on twitter who has followed this story more closely who speculate that the reason why CFTC and the Justice department have not taken action is because they are looking for the locations of Binance’s servers around the world. There might be actions taken and the domains might be seized if they are found. Stop and withdraw, be cautious of Binance.



The commission had previously launched an investigation into the sales of derivatives tied to cryptocurrencies. It's reportedly looking for internal Binance data that might show sales of those derivatives to American customers, breaking regulations that forbid those sales without registrations. The Internal Revenue Service and Justice Department are also probing possible money laundering on the exchange.

There are no guarantees of action. The CFTC and Justice Department have supposedly been investigating Binance for months, and any decisions might take a while longer.

Read in full https://www.engadget.com/binance-insider-trading-probe-184903656.html

[bitmover]

No one should be storing a lot of funds in any exchange.
Binance is a giant in crypto space, and certainly there is more risk than its look at first.

That being said, let's not spread FUD. If binance falls, there will be blood everywhere.  Binance is deeply involved in many crypto projects.  BSC and all defi related, business (the stable coin) bnb and so on. They also hold a considerable amount of btc and eth...

[The Cryptovator]

Shutting down the domain would stop Binance? Imagine what will happen if Binance is suspended. The cryptocurrency market will fall within seconds. The suspending domain wouldn't prevent using apps and still, the site will be accessible from the IP address of the host. And all the data is stored in the host, not in the domain. However, this isn't the time of arguments. For a few days hearing against Binance. Even a small exchange owner told me a few months back that Binance going to encounter a big problem soon and there is the possibility to suspend Binance services. Hope nothing will happen. I never support holding a noticeable amount in any centralized exchange, just not only Binance. If Binance itself do not scam users, then suspending the domain wouldn't lead us to lose funds.

[NeuroticFish]

I agree with @bitmover here:
1. What you are doing with this thread title is not helping anyone. You just make people panic.
2. Whoever keeps big funds at any exchange it's doing it wrong. Sooner or later something bad will happen.

[examplens]

Shutting down the domain would stop Binance? Imagine what will happen if Binance is suspended. The cryptocurrency market will fall within seconds. 

Binance is not the owner of the cryptocurrency market (except BNB and their derivates). that they are probably the biggest players in the market, any possible problem with them would cause a serious shock and temporary fall. but not so big that it could not recover.

otherwise, I wonder, why suddenly there is so much pressure on Binance?
they have been doing business this way for years, why is there suddenly pressure on them right now and exploration of all business segments? why it hadn't happened a year or two before?

[Bitcoin_Arena]

Would it make sense if CFTC and the Justice department (Of the United States of America) decide to shut down binance by seizing their servers there by affecting every customer around the world even in countries when Binance and derivatives trading is not banned?

It certainly wouldn't make a single sense. Maybe what could happen is that the owners of Binance could get arrested and charged but Binance would remain operational with stricter policies just like what happened in Bitmex.

[Bollexz1]

Several warnings have rolled out many times that investors shouldn't buy into the idea of having their cryptocurrencies stored in any exchange as it might easily get hacked. I believe that also concerns Binance even though it happens to be the no. 1 top exchanges.

So I think this in particular solves what the - OP is trying to say here and as well limit the risk of investors.

[electronicash]

Would it make sense if CFTC and the Justice department (Of the United States of America) decide to shut down binance by seizing their servers there by affecting every customer around the world even in countries when Binance and derivatives trading is not banned?

It certainly wouldn't make a single sense. Maybe what could happen is that the owners of Binance could get arrested and charged but Binance would remain operational with stricter policies just like what happened in Bitmex.

well remember Meng Wanzhou arrested in Canada? not a single piece of evidence was shown but she was detained. of course, countries look at it as a political issue.  it could also happen to CZ, he has to avoid public planes now. 

binance had been sued in every corner of the globe and authorities may have been seeking where exactly the location of their server. if i was the one to hide a server, it's definitely gonna be in China.

[Slow death]

USA is behaving like they own the world, I don't understand some things:

1 - binance forced US citizens to use binance? I do not think so

2 - Is Binance located in the US? I do not think so

so why is the usa chasing binance?

[Bitcoin_Arena]

well remember Meng Wanzhou arrested in Canada? not a single piece of evidence was shown but she was detained. of course, countries look at it as a political issue.  it could also happen to CZ, he has to avoid public planes now. 

binance had been sued in every corner of the globe and authorities may have been seeking where exactly the location of their server. if i was the one to hide a server, it's definitely gonna be in China.

Not every corner of the globe. There are still so many Countries that don't have any problems with crypto trading, derivatives trading or Binance in particular. The Countries that are moaning about Binance are probably less than a dozen.

Now why would they want to put down Binance yet over 80% of the world doesn't care

To put this into perspective. It's like China looking for Google servers so that they can put the whole site down just because their government doesn't like it, and yet the rest of the world has no problem with Google.

[BitMaxz]

I just recently trying to analyze the price drop and found that reserve funds are out on Binance according to cryptoquant and glassnode.
No one funding more on their own Binance account(Only few) after this drop so I think this news is the reason why.

Anyway, you don't need to panic if you are not holding some coins on that exchange and the title for me looks like a big FUD.
The price of Bitcoin and other assets are already dropped and stop and beginning to rise again so it might be just a whale trying to manipulate the price by spreading FUD using blogs and news.

Actually, they have two domains so which one will be affected by this?
If this is only related to the US then the only affected are those who use Binance US?

[Darker45]

Centralized exchanges, however large they may be, are castles built on sand. So it is always just a matter of time before they start to crumble down. That is why it is always wise and prudent to avoid storing funds in exchanges.

However, the amount of fear, uncertainty, and doubt that this post is sowing is a little too much. Are these people on Twitter supplied with reliable information coming from the Justice department itself? Do they have knowledge on classified information such as the department's plans? If not, they are simply cheap rumor-mongers.

By the way, Binance is a giant so perhaps it won't just fall easily and immediately even with the arrest of CZ himself.

[bbc.reporter]

Shutting down the domain would stop Binance? Imagine what will happen if Binance is suspended. The cryptocurrency market will fall within seconds. The suspending domain wouldn't prevent using apps and still, the site will be accessible from the IP address of the host. And all the data is stored in the host, not in the domain. However, this isn't the time of arguments. For a few days hearing against Binance. Even a small exchange owner told me a few months back that Binance going to encounter a big problem soon and there is the possibility to suspend Binance services. Hope nothing will happen. I never support holding a noticeable amount in any centralized exchange, just not only Binance. If Binance itself do not scam users, then suspending the domain wouldn't lead us to lose funds.

However, would you continue to use the exchange and continue to deposit to the site while the government is taking the exchange down and while much of the users are withdrawing their funds? We should be more cautious.

@Darker45. Anyone can call this fud but it might also be a warning that we should be more cautious.

@BitMaxz. The dump on bitcoin is not because of fud. China might be in danger of a financial crisis that might spread across the world. Read about Evergrande property developer.

[cafucafucafu]

There are some people on twitter who has followed this story more closely who speculate that the reason why CFTC and the Justice department have not taken action is because they are looking for the locations of Binance’s servers around the world. There might be actions taken and the domains might be seized if they are found. Stop and withdraw, be cautious of Binance.



The commission had previously launched an investigation into the sales of derivatives tied to cryptocurrencies. It's reportedly looking for internal Binance data that might show sales of those derivatives to American customers, breaking regulations that forbid those sales without registrations. The Internal Revenue Service and Justice Department are also probing possible money laundering on the exchange.

There are no guarantees of action. The CFTC and Justice Department have supposedly been investigating Binance for months, and any decisions might take a while longer.

Read in full https://www.engadget.com/binance-insider-trading-probe-184903656.html

Yeah, definitely.

If you are still using Binance you are already behind. It's clear that regulators are all their ass now and you should be withdrawing as much as you can outside of regular trading.

It's really a shame that there is going to be a cycle like this essentially every four years. Previously it was Poloniex, Bittrex, etc. and now it's Binance. Who's next?

[enhu]

Seizing Binance servers is drastic action, it will really drag the prices down. I'm still maintaining small amounts in binance just to make sure I can still profit whenever the price goes up again.

The SEC also shut down the plan of Coinbase Lending plan which is also making those people on Twitter very paranoid about this kind of action towards crypto. And this isn't a fud too.

[Darker45]

@Darker45. Anyone can call this fud but it might also be a warning that we should be more cautious.

Yes, of course, but that's always the case when dealing with exchanges, especially centralized ones. By default, we should be cautious. And, yes, caution should actually be heightened these days in the face of tightened regulatory policies. But then I don't think caution means stopping or quitting altogether. Let's just closely monitor the news and other official channels for the latest updates. Binance is, or perhaps was, one of the best options out there. They've been hounded with regulatory demands but it seems they are trying to make certain adjustments.

[SFR10]

I wonder, why suddenly there is so much pressure on Binance?

They paid the price for ignoring various warnings from the regulators and that led to them attracting way more attention than they should've had in the first place.

Maybe what could happen is that the owners of Binance could get arrested and charged but Binance would remain operational with stricter policies just like what happened in Bitmex.

This! Regulators just want a piece of the pie, so they would probably arrest and penalize involved employees and maybe even CZ ^{[if there was insider trading and other stuff]}.

Actually, they have two domains so which one will be affected by this?
If this is only related to the US then the only affected are those who use Binance US?

Based on the fact that they're still looking for the location of their servers ^{[they're still not sure if they could do something]}, then it's safe to say that they're "not" after the one with .us extension.

[noormcs5]

There are some people on twitter who has followed this story more closely who speculate that the reason why CFTC and the Justice department have not taken action is because they are looking for the locations of Binance’s servers around the world. There might be actions taken and the domains might be seized if they are found. Stop and withdraw, be cautious of Binance.

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.

[BitMaxz]

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.

[Gambit2s]

You're severely underestimating the shock wave that will result from shutting down binance,you should probably change the title to "sell all your crypto right now" if you even believe the FUD you're spreading.