Binance Throws In The Towel
You may have heard of the attack on Binance by the United States SEC. I called it an "attack" because thats what many people are calling it. There is an ongoing onslaught on centralised crypto exchanges and, to an extent, the SEC is winning.
I got an email from Bittrex today saying they will be closing down shop in the UK. Bittrex has already closed down in the US following the attack on them by Gary's SEC. They just ran out of money. Many of us on here got our first taste of centralised exchange trading on Bittrex back in the day when they and Coinbase were the only ones allowing us to trade from the UK. They also gave us a nice on-ramp and off-ramp to the old blockchain as an alternative to Bloctrades. I think it's sad they've been bullied to bankruptcy - as was LYBRY - one of the then promising blockchain video platforms.
It looks like Binance is going to settle to the tune of over $4 Billion! That's a lot of money. Most companies would have to close down under that kind of fine. Binance has deep pockets though, so that may be affordable. Perhaps they've done the maths and just decided to cut their losses now. That money will be made back in a matter of months during the coming bull market. Heck, the banks will pay the money back to Binance in fees and backhand deals anyway.
Gary's SEC has also set their eyes on Kraken, the very popular crypto exchange. It will be interesting to see if they are up for a fight like Coinbase or not. Will they just fold under the pressure and threat of potential bankruptcy? Like Bittrex? Time will tell.
I got the Bittrex email too. I must have used them at some point as it seems I still have 29c in there. I need to check what it is, but I'm not that bothered. It is concerning that we have less options for moving funds.
I have some dust amount in there too. Probably some Steem or Litecoin haha.
I wouldn't put in the same basket LBRY, and these two crooks, Bittrex and Binance... They have been "good" to us when we had a split from the old chain, but we paid the price... Bittrex had huge withdrawal fees (not just for HIVE) and CZ did help JS in taking over the chain... He was pretending to be innocent and stupid, which he definitely wasn't... 🙂
I don't want to say anything about Gary as he is in the "politicians" team and they are at the bottom of my list always... lol...
haha Yeah I remember this.. especially him playing dumb. He was probably having coffee with Justin while replying to some of those messages and laughing at us.
Jesus H Christ! This is a shocker 😱 looks like I’ll be removing my hive from bittrex asap. I’m glad I caught your post as the email attached to my bittrex account is one I rarely use or monitor. I knew that the US exchanges where taking a beating but until now I thought the UK ranches where surviving. Looks like that’s not the case.
Thanks for sharing the info @adetorrent 👍
Yeah best take the Hive off. You can't do anything with them after December 4 anyway. Thankfully we have an inbuilt wallet on this platform.
Seems like almost all of my usual cash out routes have closed. Looks like there’s nothing left to do but trade and hodl.
They're closing us in. Binance is still quite liquid. For now.
I suppose we have to concentrating on utility now, as in ways to use Hive directly without having to trade it first. There was an Amazon.com card/plugin that was quite nice some time ago, not sure if that's still a thing.
That’s a huge fine that Binance have had to stump up but I guess there’s money to be made and they understand that, after all btc has pumped regardless of all the heat 🤷♂️
Kraken, for now has a fiat conduit.
"For now" 😅
Thanks @slobberchops, that’s good to know. I have a feeling that somewhere along the line I may have created myself an account.
Yep I was get also e-mail from Bittrex ☕👌 but I feel this bull market is not more very far. What can fix lot things.
But this what Binance must pay it seems to me that this can also be asked back 🤔🍷👌. since there was no logic to this whole show, Mr.Bank man just was try to get power nothing more.
I read somewhere that the US government needs more money to finance the many wars they're righting. $4 Billion is nothing much, but it will buy a few rockets I guess :/
This is 100% true .... but I also believe that they are trying to cause whenever possible and lot economic damage to everywhere on this world ... because their plan is to bankrupt everyone, because then they can grow up again in front of all the systems and present themselves as the leader of the world like all time , and they won't let the new systems like Binance work properly who can own also in long run lot things in this world, and Binance they not think and move like this old Bank families :)
It’s so funny how I have never taken Bittrex seriously even though I have an account
Thanks for the information
Hahah. That's probably a good thing.
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I hope Kraken survives this, because I mainly use their services as they are the best for my country. (After I got mysteriously banned from Coinbase).
They send you out from there ?
Yes
What did you do there ? :))
Don't know, just the usual, buy and sell.