Exchanges being attacked in the verge of BTC ETF

[PaulPeterPedro]

One of the possible reasons is that they want to wipe off this traditional crypto exchanges that are not fully regulated and controlled by Governments, and they want to push people into using platforms that they have full control of.
The Idea is to get people to abandon bitcoin which they can not also control and then trade those ETFs on exchanges that Governments can control and manipulate any time they want.

Your perspective on governments potentially aiming to steer users away from decentralized cryptocurrencies towards platforms they can regulate is thoughtful. It's obvious with the increasing regulatory scrutiny they're bringing, but from exchanges that have been compliant so far, they still try to give this decentralised vibe in how they have merged DEX features into the platform, like web3 swaps and the likes.

What cryptocurrency exchanges are there that you know are regulatory compliant? How certain can we be that the SEC won't go after them?

[o48o]

What an eventful week it has been regarding cryptocurrency exchanges! We witnessed CZ stepping down, Bittrex announcing the suspension of its operations starting from December, and Kraken facing a significant lawsuit. There are a few key points to consider:

1) Is the recent decline in exchanges' fortunes a result of natural market forces or deliberate manipulation? This question might seem rhetorical given the circumstances.

Attacking some exchange because it's guilty of money laundering is different from just attacking an exchange without any proof.
I mean it was found guilty so how making someone paying for their crimes some kind of manipulation?

Obviously they have to drain the swamp before whole scene is ready for BTC ETF. That just means they are taking this field seriously enough and want to make it ready for it.

2) With Bittrex shutting down, many users are left wondering where they will migrate their activities. Have you made any decisions regarding your future exchange of choice?

Bittrex shut down their operations in most countries in 2019. It was already in life support as it was. This was just pulling the plug as they eventually needed to do that anyway.

3) Could these exchange-related developments potentially trigger a major unforeseen event (a "Black Swan" event)? Or will the approval of a Bitcoin ETF override all other concerns and become the focal point of attention?

These have been long time coming. They weren't sudden. I thought that the attack against binance was personal, but deeper study made me realize that every exchange were going trough same things. Just like with crypto debit cards. They weren't eu compatable in the first place. Bitcoin rises now because people see centralized exchanges in danger and actually decentralized cryptos are something that are supposed to be resilient against this. But ironically people are waiting for bitcoin etf which i see a danger to bitcoin's original idea.

I am not sure what you mean by black swan event here. How would it present itself?

[martinex]

What an eventful week it has been regarding cryptocurrency exchanges! We witnessed CZ stepping down, Bittrex announcing the suspension of its operations starting from December, and Kraken facing a significant lawsuit. There are a few key points to consider:

2) With Bittrex shutting down, many users are left wondering where they will migrate their activities. Have you made any decisions regarding your future exchange of choice?

It's sad, but that's the reality. In point 2 above, in my opinion, this is where it is necessary to choose a strong exchange and have a license in this case from the government. So if there is an issue, there will be many media who will confirm the follow-up and what about customer funds will be safe and the commitment from the exchange we choose.

[goldkingcoiner]

Yeah, things have been a bit funny... Poloniex "hack", Binance issue...

It is obvious manipulation to drag the price of certain cryptocurrencies down. And of course, once the price goes down again, all of a sudden we see the same whales gobbling up discounted Bitcoin.

I really do wonder sometimes about all the different ways that big players try to manipulate the smaller investors for the sake of more profit.

Everyone has their tricks...

[ShinyStarPrincess]

Thanks all for supporting this Thread, BTC didn't suffer that much, Hopefully, this is going to last. In my case, I am accumulating the king and other Altcoins from Arbitrum like $VRTX. THanks to all again we are getting closer to the most anticipated Halving

[yazher]

That why like others have suggested, we should get back to the old traditional way of trading cryptocurrencies and that is using decentralized exchanges instead of centralized ones. Just because we have more convenience in centralized exchanges, people already forget that this is not the right way of trading bitcoins or any other altcoins. Now the SEC is going to terrorize every centralized exchange because of their involvement in illegal activities, especially money laundering. They are attacking this side of the exchanges and making it more of their total control and so the idea of total financial freedom for us is jeopardized by this attack nowadays.

[el kaka22]

I really do not think that this has anything to do with that, yes Blackrock is rich enough to make this work and they can definitely pay the right people to make this happen, but I also believe that they do not really care about it neither. Remember, we are talking about a company that deals with rich people, they are not going to take 100 bucks from someone who lives in a far away nation, so exchanges still have their part, and the only people these ETF people really want to get is the ones that invest millions and millions into it, maybe even over a billion dollars.

This is why they do not really need to do this, I understand they may do this if they want to, but they do not have to do this and that's important. I believe that it is going to be quite important to make it work, otherwise if we keep focusing too much on what went wrong and who did that and what we should be looking for etc etc, we will miss what's happening right in front of our eyes.

[jacafbiz]

I have a feeling the attack on Binance is from the US Government, especially the role CZ played in the collapse of FTX last year, SBF was one of the major donor to the Democrat and for you to think CZ do not step on the wrong foot is understatement, the attack has been coming for years now, and I believe CZ did the right thing by stepping down and putting his exchange first, if it is true that CZ owns 80% of Binance then he is set for life not to talk of the investment they made in other crypto related businesses, he is by far one of the richest ugy in the world

[ShinyStarPrincess]

That why like others have suggested, we should get back to the old traditional way of trading cryptocurrencies and that is using decentralized exchanges instead of centralized ones. Just because we have more convenience in centralized exchanges, people already forget that this is not the right way of trading bitcoins or any other altcoins. Now the SEC is going to terrorize every centralized exchange because of their involvement in illegal activities, especially money laundering. They are attacking this side of the exchanges and making it more of their total control and so the idea of total financial freedom for us is jeopardized by this attack nowadays.

The only issue is the lack of investment in security of some DEX, I still think that a strong Ethical Hacking Department is mandatory not for DEX but for all crypto

[VicManton]

What an eventful week it has been regarding cryptocurrency exchanges! We witnessed CZ stepping down, Bittrex announcing the suspension of its operations starting from December, and Kraken facing a significant lawsuit. There are a few key points to consider:

1) Is the recent decline in exchanges' fortunes a result of natural market forces or deliberate manipulation? This question might seem rhetorical given the circumstances.

2) With Bittrex shutting down, many users are left wondering where they will migrate their activities. Have you made any decisions regarding your future exchange of choice?

3) Could these exchange-related developments potentially trigger a major unforeseen event (a "Black Swan" event)? Or will the approval of a Bitcoin ETF override all other concerns and become the focal point of attention?

If I may give my own opinion in response to your points , I'd say;

1. Most of the exchanges, have allowed some of the things befall them, because I believe they're not new to the game and should have found a way to get fully accredited for operations which they didn't do for reasons best known to them, and we have seen some exchanges do this.

2. Users can always find alternatives from other operating CEXs.

3. Both go hand in hand and the effect of one could either intensify the other or reduce its impact. The most important thing would be that, exchanges should brace up and prepare themselves well for every circumstance.

[Silberman]

I have a feeling the attack on Binance is from the US Government, especially the role CZ played in the collapse of FTX last year, SBF was one of the major donor to the Democrat and for you to think CZ do not step on the wrong foot is understatement, the attack has been coming for years now, and I believe CZ did the right thing by stepping down and putting his exchange first, if it is true that CZ owns 80% of Binance then he is set for life not to talk of the investment they made in other crypto related businesses, he is by far one of the richest ugy in the world

He is definitely being targeted, however the exact reasons for this is not something we will ever known, after all the theory that this is about his role on the demise of the FTX exchange makes sense, because as you mention SBF went out of his way to try to get powerful allies at the highest levels of the US government, however this could also be about the ETF that we believe may be released soon, and finally this could also be about the interest governments have about releasing their CBDCs and they want to destroy any competition they may have.