The only way available to Binance, though?
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I used to use Binance back in 2017. I can't remember it having any cash depositing or withdrawl. I had to transfer funds to coinbase (via EUR), buy ETH and send the ETH into my binance wallet. Reverse to withdraw. ETH was the preferred method because BTC fees to transfer were higher.
I read earlier that withdrawals were affected and you can guarantee it was related to the FCA ruling.
No updates from Binance which fits in with their whole customer service policy.
I do use Binance so I'm interested to see what the outcome will be with the new ruling.
Hopefully it will make them improve standards a bit and stop CZ from pumping his own interests all the time.
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From Binance website:
https://i.postimg.cc/YCGB3PX5/screen...t-00-30-01.png
I meant stand-alone, in-your-own-name EUR accounts
Starling offer one, I have two with another provider
And as discussed a few posts back - easy to convert to ETH, send to Coinbase (via your own wallet if need be, but I don't see why) and withdraw from there
I’ve been feeling twitchy lately and the fun is over. Upon seeing the BBC article I decided to sell all my remaining crypto. To be fair the Binance app worked perfectly and the funds were in my bank within 10 minutes. It was a fun 6 months ride ending in a 20 percent gain. Wishing all those still in the game good fortune
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OMG.
It turns out, from this article and others now reporting, that the whole charade over Binance being “shut down” this week, is all total FUD BS!!
Just goes to show how the media, the naysayers, the doom mongers and FUD-army will pounce on any hint of news and blow it out of all proportion.
So it seems there was no need to cut your Binance trading short and run for the hills, Raffe.
https://www.newsweek.com/uk-bitcoin-...growth-1605320
It is simply not true what Newsweek writes.
I have not seen a single such report. The news was that the FCA told Binance Holdings they had no authorisation for some of the business they are conducting.Quote:
Many news reports said Monday that the FCA had banned Binance Holdings, the world's largest cryptocurrency exchange.
Tru dat. Binance has offered exactly these services to UK citizens in the past, despite not being allowed to - and to the best of my knowledge still does. So they were willfully breaking the rules and still do. The FCA has told them to make sure they wouldn't actively promote them. Latest this morning I was shown Facebook ads for Binance futures trading. They are not allowed to promote that in the UK or anywhere in the EU. They still do, because they think they are above the law.Quote:
The FCA told Binance to be certain it wasn't actively promoting regulated products such as futures, options and "contracts for difference" (CFD), an agreement between buyer and seller that states the buyer must pay the seller the difference between the current value of an asset such as Bitcoin and its value when the deal was made. "These derivatives products were already banned in the U.K. some time ago," Deane said, "so this is a simple restating of what the rules are."
We shall see.
https://i.postimg.cc/B6c41Q4S/screen...t-17-21-55.png
Hmmmm. It’s certainly an interesting one.
I was thinking it seemed odd all along as you’d imagine that even the crappiest company would send email notifications to their users to warn them of major changes to the use of their services. No such email arrived from them at all, and I could see not changes on my system, and had a friend say he’d made a withdrawal and a new deposit just as usual.
Made me think it’s was all just more FUD.
Anyone else use investing.com and found that their crypto charts have been frozen at the 09.30 point, all day?
I’ve rebooted the app half a dozen times but it’s still stuck. Same on iPhone and iMac.
This chart. It’s been showing $35,019 all day.
BTC/USD (BTC/USD) is at 35,019.0 (-0.89%)
http://uk.investing.com/crypto/bitco...are_instrument
Quick, buy some and become real rich. I mean, what can go wrong, at $0.00000001 it surely cannot go much lower. Just buy 100 Mio for $1 and wait until rich. Or buy a billion, or ten.
Somebody will have pocketed $4 bln+ when all of them have been sold to investors. I promise you, there will only be one person becoming rich. Guess who.
https://i.postimg.cc/RFDxjP1t/screen...t-13-34-13.png
Correcting pocketed amount, coins in circulation are 420,000 trln = 420 qdrln units, I missed that by a factor of 1,000. :highly_amused:
As long as the SEC just sits and watches, this will go on and on and on and on.
About time some handcuffs are applied.
https://i.postimg.cc/FzNCC38S/screen...t-15-00-57.png
Where buy?
The Tether Organisation claims to have bought commercial paper as collateral for the tethers thes have issued:
https://i.postimg.cc/qvkvTFVh/screen...t-23-43-57.png
The problem with that is that if they really had so much commercial paper, they would be the third largest buyer of commercial paper on the planet - however none of the CP sales desk of the large trading houses has ever dealt with them. Market consensus is that either this is an outright lie, or they are accumulating commercial paper which is being issued by the large exchanges (mainly Binance) just for the purpose, effectively creating a merry-go-round ponzi scheme where Binance issues iffy commercial paper, for which Tether issues new tether, which are then used to buy bitcoin via Binance.
Funnily, not a single tether has been created during the past weeks since scrutiny from international observers has increased. Until recently, Tether had claimed they were seeing large institutional buyers of tethers on a daily basis. For some reason those "institutions" have lost all interest in tether.
It's going down. Watch it.
Stay cool. if you're worried about it you can always take out insurance - https://cointelegraph.com/news/stabl...ther-depegging
Cool, except that they are offering to insure 62 billion of tether without any capital of their own. their model foresees that 80% of the insurance premium goes into a coverage pool as reserve for future payouts. That may make sense if you want to insure against theft, but if your promise is to compensate policy holders against a breach of tether/Dollar parity, you'd better have serious reserves to make that claim credible.
And there lies the fallacy: such insurance simply doesn't make sense, even when ignoring the increasing likelihood of the event: If I am to sleep well because I know there is an insurance which will compensate me for loss of parity, that insurance better have 1 Dollar of reserves for every tether I have insured with them. But if that is the requirement, it may be easier to put that money directly into backing tether in the first place and make the insurance obsolete. This setup would require two Dollars of backing for every tether issued, which is complete nonsense.
And just to make your head spin around faster: even with two Dollars in backing for every tether issued, the system still pays you 6% interest for your tethers despite the rate for Dollars being zero.
The name of the insurance seems apt: anyone believing in this b/s is also a top candidate for buying bridges.
Nothing like a touch of distracting obfuscation if the mists start clearing.
You know, Binance is OK because they operate in the Grand Caymans and everything is in order over there. Lax regulator, everything goes, right?
Maybe no longer:
The Cayman Islands Monetary Authority (the “Authority”) wishes to inform the public that Binance, the Binance Group and Binance Holdings Limited are not registered, licensed, regulated or otherwise authorised by the Authority to operate a crypto-currency exchange from or within the Cayman Islands.
Following recent press reports that have referred to Binance, the Binance Group and Binance Holdings Limited as being a crypto-currency company operating an exchange based in the Cayman Islands, the Authority reiterates that Binance, the Binance Group or Binance Holdings Limited are not subject to any regulatory oversight by the Authority.
The Authority is currently investigating whether Binance, the Binance Group, Binance Holdings Limited or any other company affiliated with this group of companies has any activities operating in or from within the Cayman Islands which may fall within the scope of the Authority’s regulatory oversight.
Any company incorporated under the Cayman Islands Companies Act, 2020 or otherwise established or registered in the Cayman Islands that provides virtual asset services or custodian services as a business or in the course of business, in or from within the Islands must either be: (i) registered or licensed in accordance with the Virtual Asset (Service Providers) Act, 2020 (“VASPA”); or (ii) an existing regulated entity that has been granted a waiver by the Authority under the VASPA.
LINKY
In case they are running in trouble in the Caymans, they still got Singapore. Oh, wait:
The Monetary Authority of Singapore (MAS), the country’s financial regulator and central bank, said it is closely watching the regulatory developments surrounding Binance Holdings Ltd. The country’s financial watchdog is expected to “follow up” with the company’s local subsidiary Binance Asia Services Pte., Bloomberg reported Wednesday. The subsidiary has a grace period while it awaits a review of its license application. Binance, in an emailed response to a Coindesk query, said it doesn’t comment on its communications and engagement with regulators.
The move comes hot on the heels of Binance’s showdown last week with U.K. regulators over whether the exchange business had regulatory blessings to operate in the country. Japan had issued a similar notice the day before warning Binance was not registered to do business within the country. Sterling withdrawals from the crypto business’ platform have been reactivated and users are once again able to buy digital coins with debit and credit cards. Singapore, meanwhile, has some of the toughest cryptocurrency regulations in the world. In 2019 the city state passed its Payment Services Act which mandated digital asset service providers must receive licensure from the state.
LINKY
I must say, as much as I disagree with Raffe on the fundamentals of Bitcoin / crypto (I don’t see it as a giant Ponzi scheme, aside from joke coins like Doge etc) — I can’t get my head round this Tether stuff at all. I am highly suspicious of it.
Should it turn out to be a complete fraud, it will damage Bitcoin, perhaps irreversibly, but I still maintain the concept and usefulness of crypto in general is positive.
But I wouldn’t be any more comfortable holding a chunk of Tether, than I would holding any sh1tcoin. That said, there is a lot of FUD around right now IMO
+ Bangkok, 2 July 2021 – The Securities and Exchange Commission (SEC) has filed a criminal complaint against Binance, a digital asset exchange platform provider, with the Economic Crime Suppression Division of the Royal Thai Police (ECD) for commission of offence under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018).
https://www.sec.or.th/EN/Pages/News_...spx?SECID=9017
Why is it only Binance in the doodoo and not any of the other dozen+ similar exchanges?
Maybe it's Coinbase engineering all this FUD against Binance in an attempt to weaken them before a hostile takeover with their newfound billions sitting in their bank accounts post IPO.
I’m with you here. I don’t know how he can still get away with it. It is baffling. You can imagine him sitting at home thinking ‘what dog shit shall I buy today and pump for the sheep to follow’
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Because Binance has its own coin, BNB, which is going to come under SEC scrutiny next. Coinbase has nothing suchlike.
Binance offers futures and options, which is where regulators become very interested. Coinbase doesn't.
And I'd be curious to understand to which newfound billions you are referring - Coinbase raised no capital when they listed recently.
In terms of FUD, it's difficult to beat your posts. They are uninformed and revel in unfounded conspiracy theories.
Changpeng Zhao’s company Binance is everywhere and yet based nowhere. The cryptocurrency exchange has processed trillions of dollars in trades this year as it transfers digital and conventional money around the world through a constellation of affiliates. And yet it has no headquarters. Incorporated in the Cayman Islands, the company has grown at extraordinary speed into a leading player in the fledgling industry. But the 44-year-old Canadian-Chinese mogul’s business empire is now attracting intense scrutiny from global watchdogs as they grapple with new financial entities that act in many jurisdictions but are rooted in none.
Binance has led a peripatetic life since its founding by Zhao, who goes by the moniker “CZ” (pronounced ‘Sea-Zee’), in China four years ago. The company shifted its operations after a broad crypto crackdown by Chinese authorities in 2017. After it landed in Japan, regulators warned in 2018 it was doing unauthorised trading in cryptocurrencies in the country. Malta’s then prime minister Joseph Muscat welcomed Binance with open arms that year, but in 2020 its financial regulator proclaimed that despite the company’s operations in the EU state, it was not responsible for regulating the exchange. Zhao, whose wealth was valued by Forbes at almost $2bn when bitcoin was on the ascent in March, insists the company has no formal headquarters. “You have to have an entity, you have to have a headquarter, you have to have a bank account. All of those things don’t need to exist for blockchain companies,” he told a crypto conference in 2020. He did not respond to a request to be interviewed for this article.
Regulators on three continents are clamping down on the company, one of the world’s biggest cryptocurrency exchanges by volume, as they attempt to police the porous border between the largely freewheeling crypto sector and the more tightly-regulated conventional financial market. The UK’s Financial Conduct Authority last week banned a regulated affiliate called Binance Markets Limited from offering any traditional financial services that fall into the regulator’s remit, such as arranging investment deals in the UK. It also said the group was not authorised to conduct crypto asset business within Britain’s borders and warned consumers that transactions with unregistered companies are generally not covered by investor protection schemes. The move by the UK regulator follows a warning from Japan last month that mirrored the concerns first expressed in 2018. And it comes as the company is preparing to pull out of the Canadian province of Ontario following a broader crackdown by its Securities Commission. The Cayman Islands Monetary Authority said on Thursday that Binance is not authorised to run a crypto exchange there either, and is “investigating” whether any of its operations are based in the tax haven. On Friday, Thailand filed a criminal complaint against the company for allegedly operating without a licence.
LINKY
If you are really interested why the focus is so much on Binance, read the rest of the article. The company is not regulated, it offers services which clearly fall into the remit of regulators but Binance don't give a rat's a** about it. They have no compliance functions and adhere to no rules. I wonder if they are paying any taxes.
Sure. You can use any channel until you can't any longer.
https://archive.ph/zCPOX
Great prospects if all the bitcoin mining is actually moving from China to the US. You don't need warm water in the house anymore because the public lakes will serve that purpose going forward.
Summer on Seneca Lake, the largest of the Finger Lakes in upstate New York, is usually a time of boating, fishing, swimming and wine tasting. But for many residents of this bucolic region, there's a new activity this season — protesting a gas-fired power plant that they say is polluting the air and heating the lake. "The lake is so warm you feel like you're in a hot tub," said Abi Buddington of Dresden, whose house is near the plant. The facility on the shores of Seneca Lake is owned by the private equity firm Atlas Holdings and operated by Greenidge Generation LLC. They have increased the electrical power output at the gas-fired plant in the past year and a half and use much of the fossil-fuel energy not to keep the lights on in surrounding towns but for the energy-intensive "mining" of bitcoins.
(...) In the past 10 years, private equity firms have poured almost $2 trillion into energy investments, according to Preqin, a private equity database. About $1.2 trillion has gone into conventional energy investments, such as refineries, pipelines and fossil-fuel plants, compared to $732 billion in renewables like solar and wind power, Preqin said. As investor criticism prompts some public companies to dump fossil fuel assets, private equity firms are ready buyers. In 2019, for example, powerhouse Kohlberg, Kravis & Roberts, or KKR, acquired a majority stake in the troubled Coastal GasLink Pipeline project, a 400-mile fracking gas pipeline in British Columbia that has drawn citations from a regulator and protests from First Nations people whose land it crosses. In a report last fall, the Environmental Assessment Office, a provincial agency, said the project failed to comply on 16 of 17 items inspected. As a result, Coastal GasLink was ordered to hire an independent auditor to monitor its work to prevent site runoff that can pollute streams and harm fish.
NBC News
Great - let's kill fish to mine sh!tcoins (they're not just mining bitcoin). Honestly a giant asteroid can't come soon enough.
You must be completely misunderstanding this. Did you not know that bitcoin mining is "one of the most sustainable industries globally"?
https://bitcoinminingcouncil.com/
They are not trying to stop clients spending their money, they are legally obliged to assure companies selling financial services are fulfilling their obligations when it comes to anti-money laundering rules and the sale of financial products. Otherwise they become liable for client losses.
I get the thrust of what you're saying, but how are payments providers the judge and jury in this instance?
Surely the people "legally obliged to assure companies selling financial services are fulfilling their obligations when it comes to anti-money laundering rules and the sale of financial products" is someone other than a payment(s) provider?
Has there been a ruling making the providers withdraw services to Binance? Apologies if I've missed it, which is more than likely
Anyhow, makes no difference to me -- if I want to use Binance I can, just transfer in BTC and trade away
If I want to withdraw to GBP, I'll use <insert any other exchange>
I'm afraid the genie is out of the bottle with crypto, I can't see how it can be stopped
Is Bitcoin still big business? The amount of Nigerians & others ringing me from call centres offering me deals in crypto currency, recently is frightening. methinks they might be scammers...