Binance US Halts USD Deposits issues a fiat withdrawal warning? SEC vs Exchanges

[Cheema02]

Hi, I hope you are having fun and frolicking. I want to discuss an important update regarding Binance Us trending and hot topic Binance US has suspended United States dollar deposits after an SEC lawsuit and notified customers of a suspension of fiat (USD) withdrawal channels due to aggressive tactics by the United States Securities and Exchange Commission. I think the company has taken this step to protect it users and the platform. Binance.US now only plans to make transactions across crypto exchanges, maintaining a one to one ratio of user assets. There may be downtime in withdrawals which may occur due to elevated volumes and weekend bank closures. Crypto trading, staking deposits and withdrawals are fully operational. Binance.US and Uske Banking Partners Face Challenges as a Result of SEC Campaign US dollar reserves are being suspended on June 9 and US dollar trading pairs will be delisted next week. US dollars can be converted into stablecoins to withdraw online. Binance us ne BTC aur BUSD trading pairs delisted and OTC trading portal services suspended

Source

This news is horrible for the crypto atmosphere. To keep this thing going you need to have easy access you need exchanges like Coinbase and Binance. Self custody with a hardware locker is way too much hassle for 90 % of people. 80% of the dollars last bullrun came in via commercial exchanges with the US market leading the way all over. If the sec gets what it wants it is over with 10X 20X 50X gains. These massive gains is what attracts people to crypto

Hidden Agenda Behind SEC Actions against Crypto Exchanges

First of Sec attack on the Crypto Ecosystem just goes to show you how Gary Gensler the chairman of SEC has a lot of hidden motives and agendas going after Crypto. Gary Gensler's agenda as blockchain professor at MIT Saying Ethereum is not a security and is sufficiently decentralized to know saying the biggest Crypto Exchanges is it beacuse he salty his advisor application to Binance got rejected. Is it because Gensler knows that their chances of winning the lawsuit against Binance is Low or is it because big banks realise that customer is putting their money into crypto and they're losing money Therefore they have a point against their to become their puppets. Personally i think the option is more likely because before FTX collapsed Gary Gensler and Ftx actually had regular meetings so Gensler definitely know what going on with FTX but he never stood FTX the way he is suing coinbaise and Binance right now at the point more regularity compliance Exchanges  the more they will get sued.

Gary Gensler Targeting Crypto Companies to Benefit Big Banks

What is Gary Gensler end game well and what I'm seeing Gary Gensler not trying to shut down Crypto as a whole in the US but he trying to shut down crypto companies in the US because big banks can then swoop in buy it all and take over the reason why I don't think Gensler is trying to shut down crypto as a whole in the US is that this will create a much bigger impact than he can handle
 if Crypto is completely Shut down in the US this will drive millions of talents offshore all Us-based crypto companies will move to countries with clear regulatory guidelines and this will also cause billions of dollars to move out of the US
 The US will be pushing itself back to the stone ages while every other country is flourishing what it looks like he doing is basically creating maximum funds amongst US crypto Investors So US crypto Investors will withdrawals funds from crypto and put them back into big banks

Conclusion
This war between SEC and US crypto Exchanges is very important news to follow because this could determine the future of the American Economy

Note: I collected the above data after reading different articles and trying to write them understandably. If this post contains any misinformation then please let me know. Thanks

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[adaseb]

This actually happened yesterday. Basically banks are separating themselves from binance us and they had no choice. This actually isn’t the first time it happens with binance. Even the Australian banks stopped doing business last month with binance.

Basically it’s a crypto only exchange similar to how bitmex was back in the day. Crypto in and crypto out. And the time line to withdraw fiat is extremely short. Many will simply convert to stable coins and withdraw to another exchange.

[yudi09]

Those of us who hold Bitcoin and keep it in wallets ^{[not on exchanges]} don't really care about BinanceUS case with the Securities and Exchange Commission (SEC).
With the notification made by @BinanceUS via Twitter regarding the suspension, people who have deposited funds there will panic.

The best advice is to withdraw all funds held on the exchange before it is too late.
Those who keep assets on the exchange also need to do the same thing.
For safety's sake, use a trusted wallet to store assets.

theymos made an important announcement after the FTX case:
Reminder: do not keep your money in online accounts

[mk4]

Nothing new — it's just the the typical US SEC trying to move Bitcoin and cryptocurrency development and adoption offshore to other countries. Will probably be one of the worst decisions and fumbles of the US government in this decade.

[SamReomo]

I'm pretty sure that Sec and other governmental organizations are totally against Binance and they are trying their best to shut it down by blaming it for the crime that has not yet been proven. They are basically doing this because the exchange has grown to a huge giant within few years and they don't want it to grow further.

If Binance continues growing like this then that day isn't far when CZ will be the richest person living on the Earth. That thing could be a huge treat to current economic system that is controlled by banks and governments. The governments can't accept the world's richest person to be someone who has reached the level of richness from crypto-currencies because that could be a harmful thing for the fiat system. And, many of the current fiat investors will try to move from it to crypto-currencies and that will certainly cause huge damage to stock exchanges.

[onecall123]

Looks like things might not be so easy when it comes to cashing in. If the SEC and USA continue on their ruthless attitude, we could see a rapid decline in the value of the dollar and the USA becoming less relevant in the coming years. Although it may be frightening, history teaches us that when countries stifle innovation and freedoms, they tend to experience negative consequences. Yet bigger percentage of transactions happen outside the US. So while the SEC is busy destroying US innovation, the rest of the world will move forward.

[davis196]

What is Gary Gensler end game well and what I'm seeing Gary Gensler not trying to shut down Crypto as a whole in the US but he trying to shut down crypto companies in the US because big banks can then swoop in buy it all and take over the reason why I don't think Gensler is trying to shut down crypto as a whole in the US is that this will create a much bigger impact than he can handle

I don't really think that the big banks in the USA care that much about Binance.
Maybe the right decision for CZ would be to leave the USA completely and concentrate his business in other countries. If the US citizens want to still use Binance, they can do so, I don't think that the Security and Exchanges Commission can stop US citizens from investing their money outside the USA.
I don't mind the SEC trying to hit centralized crypto companies in the USA. The entire crypto industry needs to become fully decentralized at some point. Centralized exchanges must become a thing from the past.

[KiaKia]

I read somewhere yesterday that China is welcoming all crypto exchanges to its country for a peace operation, US don't know what they are throwing out of the window right now, crypto isn't the reason why the USD is losing face, they are trying to make it look like that, but I suspect that many US citizens are moving their money off bank accounts into crypto investment and the government doesn't like this.

It's better if Binance leave the US for good, but I think it was not easy for CZ to run the Binance US in the first place, and he believes that the US citizens are playing a major part in the adoption of crypto, that's why he didn't want the US out of the book, this is my own thoughts, nothing confidential.

[dzungmobile]

When you connect your account to commercial banks, you have more risk because banks have to obey more laws and controls from government and central bank.

If you have your money in cryptocurrency, you will have a more powerful tool to move your funds. You can move your funds faster than banks with many cryptocurrencies, not always but mostly.

I am pessimistic about Binance US. because Binance itself is not welcomed by US. government. However, how about Coinbase which is clearly a company which originates from the USA?

I will follow up the lawsuit of SEC. against Coinbase and if they win, they will continue to attack more cryptocurrency projects and cryptocurrency exchanges. I believe that Ripple and Coinbase will win against SEC.

[Ojima-ojo]

When i read the news of binance now accepting direct bank deposits one thing that came into my mind was that, binance is about to become more centralized and controlled by government because direct fiat deposit is only posible when binance have given up some form of control to the fiat financial system and their have to give up some right to the government or the regulators to control it activities.


I have expected this form of attack since the introduction of that feature and this time were binance and the sec i have a legal battle it becomes clear and certain that that service will be halted

[Hamza2424]

Nothing new — it's just the typical US SEC trying to move Bitcoin and cryptocurrency development and adoption offshore to other countries. Will probably be one of the worst decisions and fumbles of the US government in this decade.

SEC is misusing its powers and I have mentioned it many times in my posts, Actually, this law is outdated to declare any Bussnies as security or Community. As far as I know, SEC uses "SEC v. W.J. Howey Co., 328 U.S. 293 (1946)" against crypto projects and their criteria is based on according to this;

⚫ Investment of Money
⚫ Common Enterprise
⚫ Expectation of Profits
⚫ Efforts of Others

Well anyway, Bitcoins Cherectertics are not fit into these parameters, Seems like Satoshi Knew about this law haha that is the reason he made specialized bitcoin in its attributes. A long fight for the Altcoins and other projects.

Stay Safe with BTC -Hamza

[Jating]

I read somewhere yesterday that China is welcoming all crypto exchanges to its country for a peace operation, US don't know what they are throwing out of the window right now, crypto isn't the reason why the USD is losing face, they are trying to make it look like that, but I suspect that many US citizens are moving their money off bank accounts into crypto investment and the government doesn't like this.

It's better if Binance leave the US for good, but I think it was not easy for CZ to run the Binance US in the first place, and he believes that the US citizens are playing a major part in the adoption of crypto, that's why he didn't want the US out of the book, this is my own thoughts, nothing confidential.

Care to share the links though?

As far as I know they too have their crack down way back in 2018, that's why Binance has move out somewhere else. So I will take this with a pitch of salt though, I doubt that China will suddenly make a U-turn and welcome crypto exchanges, specially Chinese based like Binance.

In any case this is expected from SEC though, this might be a on-going battle for Binance and most likely they already have Plan B for this ready to execute just in case SEC attack them.

[flyingcarpet]

I'm pretty sure that Sec and other governmental organizations are totally against Binance and they are trying their best to shut it down by blaming it for the crime that has not yet been proven. They are basically doing this because the exchange has grown to a huge giant within few years and they don't want it to grow further.

If Binance continues growing like this then that day isn't far when CZ will be the richest person living on the Earth. That thing could be a huge treat to current economic system that is controlled by banks and governments. The governments can't accept the world's richest person to be someone who has reached the level of richness from crypto-currencies because that could be a harmful thing for the fiat system. And, many of the current fiat investors will try to move from it to crypto-currencies and that will certainly cause huge damage to stock exchanges.

They don't want anyone and anything to grow up but themselves. I'm not saying Binance is right or wrong, but is everything others do right? Banks may suspend or sever their connection with Binance, but the situation can change at any time. When crypto rises again, banks and governments will step back from their actions to get a share of it. Binance today is another exchange tomorrow, but the result will always be the same. Bitcoin's rise is unstoppable.

[Ultegra134]

I read somewhere yesterday that China is welcoming all crypto exchanges to its country for a peace operation, US don't know what they are throwing out of the window right now, crypto isn't the reason why the USD is losing face, they are trying to make it look like that, but I suspect that many US citizens are moving their money off bank accounts into crypto investment and the government doesn't like this.

It's better if Binance leave the US for good, but I think it was not easy for CZ to run the Binance US in the first place, and he believes that the US citizens are playing a major part in the adoption of crypto, that's why he didn't want the US out of the book, this is my own thoughts, nothing confidential.

Is there a valid source for your statement? Wasn't it China that was aiming to prohibit all mining operations? Now that they're inviting exchanges to settle down in their country, it's kind of contradictory because China was often found to be against cryptocurrencies. Anyway, in my opinion, the SEC won't stop pursuing Binance.us, at least until a solution that benefits the SEC is found. Thus, Binance.us might be better off leaving the US market for good. The market will severely suffer, but the effects will only last for a short time.

Moreover, can someone explain the difference between Binance.us and Binance.com? Why is there a need for USA users to differentiate from regular Binance.com? Is it due to any regulations?

[cabron]

I read somewhere yesterday that China is welcoming all crypto exchanges to its country for a peace operation, US don't know what they are throwing out of the window right now, crypto isn't the reason why the USD is losing face, they are trying to make it look like that, but I suspect that many US citizens are moving their money off bank accounts into crypto investment and the government doesn't like this.

It's better if Binance leave the US for good, but I think it was not easy for CZ to run the Binance US in the first place, and he believes that the US citizens are playing a major part in the adoption of crypto, that's why he didn't want the US out of the book, this is my own thoughts, nothing confidential.

Is there a valid source for your statement? Wasn't it China that was aiming to prohibit all mining operations? Now that they're inviting exchanges to settle down in their country, it's kind of contradictory because China was often found to be against cryptocurrencies. Anyway, in my opinion, the SEC won't stop pursuing Binance.us, at least until a solution that benefits the SEC is found. Thus, Binance.us might be better off leaving the US market for good. The market will severely suffer, but the effects will only last for a short time.

Moreover, can someone explain the difference between Binance.us and Binance.com? Why is there a need for USA users to differentiate from regular Binance.com? Is it due to any regulations?

Seem no difference to me but binance.com may likely block you from using their services if you are a US citizen. For users in US are meant to use binance.us thats the difference.

Prices still plummets though. Traders are also riding the dumps so they could buy more coins after.

[JazzyJester]

I read somewhere yesterday that China is welcoming all crypto exchanges to its country for a peace operation, US don't know what they are throwing out of the window right now, crypto isn't the reason why the USD is losing face, they are trying to make it look like that, but I suspect that many US citizens are moving their money off bank accounts into crypto investment and the government doesn't like this.

As far as I know, China has been banning cryptocurrency for years and companies are forbidden to register for licenses even if they will provide their services to people who do not live in China.

There are other countries that accept cryptocurrency companies, such as the UAE, which facilitate obtaining licenses and erection on their territory.

[BitDane]

Lucky, I am not affected by this case.  It is maybe a blessing of not living in the US, and not experience ego tripping SEC to show how powerful they are in order to control exchanges within their jurisdiction.  If the SEC continue this pursuit against exchanges, they will be missing out and these exchanges will thrive elsewhere.  Many countries are friendly with cryptocurrency so there will be an alternative options for these exchanges to continue their services.

I read somewhere yesterday that China is welcoming all crypto exchanges to its country for a peace operation, US don't know what they are throwing out of the window right now, crypto isn't the reason why the USD is losing face, they are trying to make it look like that, but I suspect that many US citizens are moving their money off bank accounts into crypto investment and the government doesn't like this.

Isn't Cryptocurrency still banned in China?  Probably you are talking about Hongkong?

[royalfestus]

There has been limited media coverage on binanseUS, portraying the entire organization as being affected. The exchange has faced severe FUD, leading to a massive withdrawal of over $100 million in a single day and the delisting of numerous coins. Despite these challenges, the exchange has continuously refuted numerous rumors aimed at undermining its operations.

[jossiel]

This news is horrible for the crypto atmosphere.

Not really.

You'll just get used to it.

The SEC will chase the BinanceUS and has done actions and if you're not from that location, why worry about such? Being worried about the market? Not gonna change a thing or two even if you're too concerned about it.

What will make another panic if they'll make another FUD that crypto is ban in the US but again, you'll get used to it.

[darkangel11]

Nothing new — it's just the the typical US SEC trying to move Bitcoin and cryptocurrency development and adoption offshore to other countries. Will probably be one of the worst decisions and fumbles of the US government in this decade.

I don't think they're targetting bitcoin. It's rather Gensler trying to show himself as a person who had nothing to do with FTX collapse.
If we're to be completely honest, some exchanges were issuing their own tokens that were actually securities. I'm not even going into a debacle about altcoins being securities, but exchange tokens are.
If they were fine with issuing these without licenses they were also expecting to be tergeted by the SEc, but they thought that due to the fact that there's no crypto regulation in the US, they'll be able to fight it.