Binance.US Halts Direct Dollar Withdrawals (coindesk.com) 31
Sandali Handagama reports via CoinDesk: Binance.US users can no longer withdraw dollars directly from the platform after the exchange updated its terms of use on Monday. "In the event that customers wish to withdraw U.S. dollar funds from their account, they may do so by converting U.S. dollar funds to stablecoin or other digital assets, which can subsequently be withdrawn," the email said.
In early June, the firm suspended dollar deposits, saying the U.S. Securities and Exchange Commission's (SEC) "extremely aggressive and intimidating tactics" against the crypto industry had left banking partners reluctant to engage with the sector. In the same message, Binance.US warned customers that its banking partners were preparing to pause dollar withdrawals as early as June 13.
In early June, the firm suspended dollar deposits, saying the U.S. Securities and Exchange Commission's (SEC) "extremely aggressive and intimidating tactics" against the crypto industry had left banking partners reluctant to engage with the sector. In the same message, Binance.US warned customers that its banking partners were preparing to pause dollar withdrawals as early as June 13.
Shocked (Score:1, Insightful)
Re:Shocked (Score:4, Interesting)
Worthless fake money is a bad idea? I am shocked. SHOCKED!
A lot of people predicted that making it difficult to withdraw to real money is how the government could put the kibosh on crypto. The usual "cryptobro" response to that was that you could supposedly find some creepy dude on Craigslist who'd be willing to trade your magic internet money for the real kind. I don't know about you, but back alley transactions certainly sound like the future of finance to me. /s
Re:Shocked (Score:4, Interesting)
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That's exactly what's happening. The crypto exchanges are having a liquidity crisis. Where they don't have the cash. In 2008 it was sub prime mortgages that were way overvalued. Now it's about sub-prime "currencies" that were way overvalued.
Re:Shocked (Score:5, Insightful)
The crypto is a liquid asset, as long as you only need to buy stuff on silkroad or on craigslist. It's more like a non-Newtonian fluid - it's only liquid as long as you don't try to touch it, but if you need to buy bread or pay the mortgage suddenly it's difficult to use.
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Very apt comparison, as soon as there is pressure on that stuff, it tends to be very non-liquid.
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Welcome to the Hotel Cryptofornia (Score:5, Funny)
You can check out any time you like, but you can never leave.
OK, but... (Score:2, Funny)
Well at least cryptocurrency is free of government interference, and it's completely untraceable.
Other currencies? (Score:1)
I mean as long as you can withdraw North Korean won (KPW) or Russian ruble (RUB) I would say 99% of Bitcoin & Binance active users are fine.
Libertarianism... (Score:1, Funny)
gotta love it!!
Damn it (Score:2)
I will forever read "Binance" as "Beyoncé". I am cursed.
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Is it "Bi" because it fucks both the rich and poor equally?
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No, just Nancy (she goes by Nance).
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That's what I thought at first, but then I checked and Beyoncé says she's quite willing to give me my money back in dollars.
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Same ...
Read: (Score:3, Insightful)
"Our ass is insolvent outside of the stablecoin we actually have"
Fucking scammers.
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Doesn't add to stability of the platform (Score:1)
When I want to convert my crypto to USD, I don't want a multi-step process. I just want to convert my liquid investment NOW.
I'm yanking my binance assets before I finished this sentence.
Re:Doesn't add to stability of the platform (Score:4, Insightful)
When I want to convert my crypto to USD, I don't want a multi-step process. I just want to convert my liquid investment NOW.
Going forward the way to do this is when you're initially about to exchange Dollars into crypto, press "Cancel". Problems solved. :-)
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There's your problem right there. You wanted liquidity, that's in something called *money* by one of four parts of money's definition. A gambling token is not money and is not liquid.
Govt. interference (Score:2)
Govt. is blocking *innovation* in the crypto space. Somebody call the whambulance!
I don't need gub't interference in my bizness. Until I lose my life savings. Then its all gubt's fault for not protecting citizens from scams.
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What's so innovative about binance?
Like the taste of banking with cartels, ya idiots? (Score:3, Funny)
Isnâ(TM)t that what cryptobros wanted anyway? (Score:2)
Theyâ(TM)ve been going on and on for years about how USD is âoeworthless paperâ etc. So why should they care that they can no longer trade their crypto for dollars on the platform?
Hell this news should make them climax uncontrollably. Youâ(TM)re free from the shackles of fiat currency now, little cryptobro! Run wild and free with your stable coins!
Geez what scam, surprised.... (Score:2)
grammar (Score:2)
The only way to decrement this number is to add a positive integer? The only way to take things out of this bag is to add more things to the bag?