4 ms·

Crypto exchange Binance temporarily suspends payments from EU's Sepa network

46 points by tenslisi 5y ago

johnnyApplePRNG 5y ago
Binance is resilient towards these kinds of hiccups. Looking forward to see their solution.
- adflux 5y ago
  this is good for bitcoin /s
Tenoke 5y ago
It's pretty sad how much they are getting attacked (which this is in response to) given that they haven't suddenly done anything to deserve it. They have ~ the volume of the other 9 from the top 10 exchanges combined so these attacks are really going to hurt if they succeed plus make crypto much worse for trading by removing the cheapest option with biggest volume. Also as someone that uses Binance exclusively via SEPA this is particularly tiresome to me.
- qeternity 5y ago
  > It's pretty sad how much they are getting attacked (which this is in response to) given that they haven't suddenly done anything to deserve it. What? How is that relevant? If I’m a career criminal, does that make it any better just because I’ve always been bad? Would you advocate not prosecuting someone just because they’ve gotten away with something for some period of time?
  - Tenoke 5y ago
    They haven't always been bad. They've been pretty fair in their dealings and the current wave is using their trading of derivatives (which is questionable whether is a crime given that they stop when asked) to attack the rest of their business, too.
    - qeternity 5y ago
      No, and this is incredibly naive. Their entire business model is based on evading KYC/AML requirements. Hell, CZ even sued to cover up the leaked “Tai Chi” document that outlined their strategy. Binance is bad to the bone.
      - Tenoke 5y ago
        > Their entire business model is based on evading KYC/AML requirements. Except you can't put money in without them, and if a government like the US is unhappy they go out of their way to prevent their citizens from trading there. This is definitely not what their 'entire business model is based on'.
- NicoJuicy 5y ago
  What do you think about binance trading tokenized stocks like Tesla and Apple? For a company being this big, not even sharing where they are hq'ed raises big red flags. Even the simple fact that binance uses mainly Tether is very concerning too. In combination with a lot of users limited to withdraw funds, i suspect most of their "backed" money is just a fad.
  - Tenoke 5y ago
    The US had a problem with their offerings so they pulled out. The UK has a problem so they've started setting up a version without those. I see nothing bad in general about attempting to offer more products and they do try to comply with governments which do not allow those offerings.
    - NicoJuicy 5y ago
      I'd be amazed if it's just 1 problem? I already mentioned a couple of them above. Have you even read the leaked Tai Chi document mentioned before? Binance literally tried a bait and switch.
supergirl 5y ago
I bet this is due to lobbying from coinbase investors. for coinbase to not flunk, they need to get rid of binance and lobby for more crypto regulations. I guess coinbase wants to get more EU customers. binance was already all but banned in the US I think
71a54xd 5y ago
I'm completely okay with this. Binance still hasn't explained why basically none of their leveraged tokenized assets nearly all failed to perform as intended[0]. Whole heartedly - fuck Binance. 0 - https://www.coindesk.com/binance-leveraged-tokens-crypto-crash-traders-fuming https://www.coindesk.com/binance-leveraged-tokens-crypto-cra...

46 points by tenslisi 5y ago

johnnyApplePRNG 5y ago

Binance is resilient towards these kinds of hiccups. Looking forward to see their solution.

adflux 5y ago
this is good for bitcoin /s

Tenoke 5y ago

It's pretty sad how much they are getting attacked (which this is in response to) given that they haven't suddenly done anything to deserve it. They have ~ the volume of the other 9 from the top 10 exchanges combined so these attacks are really going to hurt if they succeed plus make crypto much worse for trading by removing the cheapest option with biggest volume. Also as someone that uses Binance exclusively via SEPA this is particularly tiresome to me.

qeternity 5y ago
> It's pretty sad how much they are getting attacked (which this is in response to) given that they haven't suddenly done anything to deserve it. What? How is that relevant? If I’m a career criminal, does that make it any better just because I’ve always been bad? Would you advocate not prosecuting someone just because they’ve gotten away with something for some period of time?
- Tenoke 5y ago
  They haven't always been bad. They've been pretty fair in their dealings and the current wave is using their trading of derivatives (which is questionable whether is a crime given that they stop when asked) to attack the rest of their business, too.
  - qeternity 5y ago
    No, and this is incredibly naive. Their entire business model is based on evading KYC/AML requirements. Hell, CZ even sued to cover up the leaked “Tai Chi” document that outlined their strategy. Binance is bad to the bone.
    - Tenoke 5y ago
      > Their entire business model is based on evading KYC/AML requirements. Except you can't put money in without them, and if a government like the US is unhappy they go out of their way to prevent their citizens from trading there. This is definitely not what their 'entire business model is based on'.
NicoJuicy 5y ago
What do you think about binance trading tokenized stocks like Tesla and Apple? For a company being this big, not even sharing where they are hq'ed raises big red flags. Even the simple fact that binance uses mainly Tether is very concerning too. In combination with a lot of users limited to withdraw funds, i suspect most of their "backed" money is just a fad.
- Tenoke 5y ago
  The US had a problem with their offerings so they pulled out. The UK has a problem so they've started setting up a version without those. I see nothing bad in general about attempting to offer more products and they do try to comply with governments which do not allow those offerings.
  - NicoJuicy 5y ago
    I'd be amazed if it's just 1 problem? I already mentioned a couple of them above. Have you even read the leaked Tai Chi document mentioned before? Binance literally tried a bait and switch.

supergirl 5y ago

I bet this is due to lobbying from coinbase investors. for coinbase to not flunk, they need to get rid of binance and lobby for more crypto regulations. I guess coinbase wants to get more EU customers. binance was already all but banned in the US I think

71a54xd 5y ago

I'm completely okay with this. Binance still hasn't explained why basically none of their leveraged tokenized assets nearly all failed to perform as intended[0]. Whole heartedly - fuck Binance. 0 - https://www.coindesk.com/binance-leveraged-tokens-crypto-crash-traders-fuming https://www.coindesk.com/binance-leveraged-tokens-crypto-cra...