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Binance has always delivered. They are ranked number 1 for a reason, namely Trust. I'd be very interested in reading actual proof of them being shady. Please d

Binance has always delivered. They are ranked number 1 for a reason, namely Trust. I'd be very interested in reading actual proof of them being shady. Please do share.

unmole 4y ago
I would have thought they are ranked number 1 because they are lenient about KYC/AML.
- unixhero 4y ago
  Not my experience. Regarding KYC: I have had to redo KYC in intervals and every submission had to be legible and they were picky. Not convinced. AML routines and that game I have no knowledge of. So maybe.
  - kortilla 4y ago
    How much money did you trade though. If you look the other way on KYC, you only do it when there is millions on the table.
    - Stagnant 4y ago
      You used to be able to use binance without KYC in its early years but more recently (around 2019 onwards) it has started requiring KYC even to get on the platform. At the same time they've forced old users to either provide KYC or disable their accounts. This probably only applies to EU users though.
codetrotter 4y ago
Here is an example of why Binance is shady: https://cointelegraph.com/news/binance-proof-of-reserves-is-pointless-without-liabilities-kraken-ceo/amp https://cointelegraph.com/news/binance-proof-of-reserves-is-...
- unixhero 4y ago
  Story written based on input and allegations by one of their main competitors. Not convinced.
  - echelon 4y ago
    Keep your money there and find out soon maybe. I hope they're solvent. But I'm not betting my money on that.
    - unixhero 4y ago
      This is a good start to investigate this: https://t.co/Jm6dVoDqM5 https://t.co/Jm6dVoDqM5 Binance is somewhat transparent about their holdings.
malermeister 4y ago
Here's the proof: https://news.ycombinator.com/item?id=35327996 https://news.ycombinator.com/item?id=35327996
jjeaff 4y ago
There was a reason Bernie Madoff was one of the most respected men in finance. He always delivered high returns and always met withdrawal requests promptly. Until one day he didn't.
RustyRussell 4y ago
Sorry, what? Binance came out of nowhere with massive fake volume, as a China-based exchange pretending to be based in Hong Kong. They've proceeded to thrive by having a reputation for giving accounts to anyone, globally (which, TBH, is not a bad thing as they operate in countries where it's better than trying to save in the local currency). And their home country is "somewhere you are not". There is no basis for believing that they have maintained all the funds: why would they?
- unixhero 4y ago
  There is basis for my postion and point of view. You can see their cold wallets and inspect the wallets for Binance moving funds. If what you stated were facts, we would most certainly agree. But the thing is, they are not true. See data below. --- #Binance published cold wallet addresses and balances for 6 of our 600 coins. More to come. 475K BTC4.8M ETH17.6B USDT21.7B BUSD601M USDC58M BNBThese were public before anyway, but organized together for your ease of viewing.https://t.co/Jm6dVoDqM5 https://t.co/Jm6dVoDqM5 — CZ Binance (@cz_binance) November 10, 2022
grey-area 4y ago
Binance were banned in multiple jurisdictions for fraud. https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-changpeng-zhao https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-c...
- joshuaissac 4y ago
  > Binance were banned in multiple jurisdictions for fraud. > https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-changpeng-zhao https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-c... The link you posted is unrelated to your claim. It is about the US CFTC suing the Binance CEO on allegations of violating trading rules. There is nothing mentioned there about about fraud or being banned in multiple jurisdictions.
  - grey-area 4y ago
    They are banned in the US and the UK. The lawsuit is specifically about illegally trying to evade that ban. That is fraud and there are many many other examples if you choose to do even a cursory search.
Nursie 4y ago
I'll just leave this here - https://twitter.com/web3isgreat/status/1640373566322491393 https://twitter.com/web3isgreat/status/1640373566322491393

Binance has always delivered. They are ranked number 1 for a reason, namely Trust. I'd be very interested in reading actual proof of them being shady. Please do share.

unmole 4y ago

I would have thought they are ranked number 1 because they are lenient about KYC/AML.

unixhero 4y ago
Not my experience. Regarding KYC: I have had to redo KYC in intervals and every submission had to be legible and they were picky. Not convinced. AML routines and that game I have no knowledge of. So maybe.
- kortilla 4y ago
  How much money did you trade though. If you look the other way on KYC, you only do it when there is millions on the table.
  - Stagnant 4y ago
    You used to be able to use binance without KYC in its early years but more recently (around 2019 onwards) it has started requiring KYC even to get on the platform. At the same time they've forced old users to either provide KYC or disable their accounts. This probably only applies to EU users though.

codetrotter 4y ago

Here is an example of why Binance is shady: https://cointelegraph.com/news/binance-proof-of-reserves-is-pointless-without-liabilities-kraken-ceo/amp https://cointelegraph.com/news/binance-proof-of-reserves-is-...

unixhero 4y ago
Story written based on input and allegations by one of their main competitors. Not convinced.
- echelon 4y ago
  Keep your money there and find out soon maybe. I hope they're solvent. But I'm not betting my money on that.
  - unixhero 4y ago
    This is a good start to investigate this: https://t.co/Jm6dVoDqM5 https://t.co/Jm6dVoDqM5 Binance is somewhat transparent about their holdings.

malermeister 4y ago

Here's the proof: https://news.ycombinator.com/item?id=35327996 https://news.ycombinator.com/item?id=35327996

jjeaff 4y ago

There was a reason Bernie Madoff was one of the most respected men in finance. He always delivered high returns and always met withdrawal requests promptly. Until one day he didn't.

RustyRussell 4y ago

Sorry, what? Binance came out of nowhere with massive fake volume, as a China-based exchange pretending to be based in Hong Kong. They've proceeded to thrive by having a reputation for giving accounts to anyone, globally (which, TBH, is not a bad thing as they operate in countries where it's better than trying to save in the local currency). And their home country is "somewhere you are not". There is no basis for believing that they have maintained all the funds: why would they?

unixhero 4y ago
There is basis for my postion and point of view. You can see their cold wallets and inspect the wallets for Binance moving funds. If what you stated were facts, we would most certainly agree. But the thing is, they are not true. See data below. --- #Binance published cold wallet addresses and balances for 6 of our 600 coins. More to come. 475K BTC4.8M ETH17.6B USDT21.7B BUSD601M USDC58M BNBThese were public before anyway, but organized together for your ease of viewing.https://t.co/Jm6dVoDqM5 https://t.co/Jm6dVoDqM5 — CZ Binance (@cz_binance) November 10, 2022

grey-area 4y ago

Binance were banned in multiple jurisdictions for fraud. https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-changpeng-zhao https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-c...

joshuaissac 4y ago
> Binance were banned in multiple jurisdictions for fraud. > https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-changpeng-zhao https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-c... The link you posted is unrelated to your claim. It is about the US CFTC suing the Binance CEO on allegations of violating trading rules. There is nothing mentioned there about about fraud or being banned in multiple jurisdictions.
- grey-area 4y ago
  They are banned in the US and the UK. The lawsuit is specifically about illegally trying to evade that ban. That is fraud and there are many many other examples if you choose to do even a cursory search.

Nursie 4y ago

I'll just leave this here - https://twitter.com/web3isgreat/status/1640373566322491393 https://twitter.com/web3isgreat/status/1640373566322491393