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SEC asks for emergency order to freeze Binance US assets anywhere in the world
- AISnakeOil 3y agoNot your keys, not your crypto.
- deleted 3y ago[deleted]
- EscapeFromNY 3y agoNot sure why this is downvoted. It's the official stated position of the SEC. https://youtu.be/hmPpIjfC9DY?t=178 https://youtu.be/hmPpIjfC9DY?t=178
- sdfghswe 3y agoThis is HN. Doesn't matter how correct you are - if you say it in form of a meme you'll get downvoted.
- deleted 3y ago[deleted]
- mgbmtl 3y agoI think the position of the SEC is that these companies should comply with the law. Which is what is said just a few seconds later. And that's the problem with slogans: we lose track of the wider issues.
- wsatb 3y agoThe statement cracks me up. Without these exchanges, crypto would still be a small blip on the radar. It would continue to be nothing but a hobby for techies, libertarians, and techie libertarians, forever. If it's ever going to become more than a playground for scam artists, the industry needs real leadership that doesn't just brush every scam away with a meme.
- cypress66 3y ago"Not your keys not your crypto" doesn't mean a world without exchanges. Exchanges should be used to exchange, not as a bank where you store your crypto.
- barking_biscuit 3y agoBut then how would you loan out all your customers money to your shell companies?
- HaZeust 3y agoWell that's what Bridges were intended for
- adrr 3y agoWhy crypto will never be mainstream. Be dependent on storing a private key that can get lost or stolen. Need to store a hard copy at a bank in a safety deposit box. Can’t even trust the hardware wallets you buy off Amazon since it could have been returned with malware loaded.
- matheusmoreira 3y agoIt's really not any different than traditional cash. "Not your cash, not your money" also holds true. Storing lots of cash at home is even more difficult and risky. Keep your money at the bank? The govern can simply turn off your money for any reason. You're literally posting in a thread about the US government seeking to freeze Binance's accounts.
- ninepoints 3y ago> The govern can simply turn off your money for any reason. This obviously happens so often /s
- matheusmoreira 3y agoHappened in the 90s where I live. Hyperinflation set in and government just froze everybody's accounts in a desperate attempt to stop it. It's 2023 and people are still afraid it might happen again, especially with a literal communist in power. Cryptocurrency is absolutely valuable as a defense against government idiocy. That fact cannot be denied.
- ninepoints 3y agoAnd an easy way to lose everything because you sent tokens to the wrong address, forgot your passphrase, lost your hardware ledger, fell prey to some scam or another, house burned down, etc.
- matheusmoreira 3y ago
- JetSpiegel 3y agoYour keys, your worthless private keys.
- ftxbro 3y ago[flagged]
- EA-3167 3y agoOnce again the use-case for crypto turns out to be... large scale criminality and fraud. Shocker.
- dang 3y agoPlease don't post tedious flamewar repetitions to Hacker News. It's not what this site is for, and destroys what it is for. We want curious conversation here. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- yieldcrv 3y ago“a” use case that is indistinguishable and unquantifiable from use cases you respect which is a major difference from “the” use case and just a use case for that company, which in any other industry we would talk about the company’s behavior not the entire asset class and industry, I find it disingenuous to have that “use case” auto reply on any article that happens to be about crypto but is really about a company
- EA-3167 3y agoThat was an "ok" argument maybe 5-8 years ago, now there's too much evidence that no legitimate use case exists, and every alleged one turns out to be a fraud or a get-rich-quick scheme.
- yieldcrv 3y agoeveryone goes through a disillusionment phase with crypto from my perspective, there is simply a lack of coverage of things that function without incident, which are very numerous and solve frictions for a lot of people, whether you’re in the market for that or not like construction sites that showed “how many days since an incident”, because people only heard about the incidents
- jvanderbot 3y agoWhere are these mystical things that function because of crypto that wouldn't function with regular money, and which also are not fraud?
- BrandoElFollito 3y agoI may be missing something but where is the "world" in the article?
- detrites 3y ago> The freezing order only applies Binance’s two U.S. holding companies, not to the non-U.S. regulated international exchange. Yeah. I guess that's it right there. o_O
- unyttigfjelltol 3y agoIt's a rabbit hole around the word "repatriate" in the article. The U.S. subsidiary appears to have entrusted the funds to someone else. The SEC apparently wants the U.S. subsidiary to repatriate those funds, the details of course being very important.
- deleted 3y ago[deleted]
- vkou 3y agoAs the saying goes, this is good[1] for Bitcoin... As people are buying it, presumably in order to be able to flee their Binance positions. Nothing breeds confidence in the ecosystem like the world's largest exchange getting its funds frozen. [1] When it'll drop in price, I'll be here to provide different post-hoc justification for why that market swing happened. Tune in tomorrow, as the SEC keeps unraveling this rat's nest.
- PretzelPirate 3y ago> Nothing breeds confidence in the ecosystem like the world's largest exchange getting its funds frozen. Binance.US isn't the world's largest exchange.
- wmf 3y agoThis is true, but given the total commingling of assets the SEC will have to (try to) freeze everything.
- BLKNSLVR 3y agoTo be fair, this has been allowed to grow into a rat's nest by a decade of ignorance and inaction on something that obviously needed attention and action by these authorities that have, only as a result of the FTX, Celsius, Voyager, and BlockFi debacles, been woken from their hibernation-deep slumber.
- thelastparadise 3y agoThe quality of discourse at this stage of the thread (2 hours, 20 comments) is incredibly disappointing. Hn usually has high quality discussions. What is it about crypto that causes us to lose our minds?
- make3 3y agoit's not because you disagree with them that the quality is bad. Saying that crypto is very heavily linked to scams is an empirical fact at this point
- coralreef 3y agoI feel like this is a weak point. There are countless spam/scam websites out there, because anyone can spin up a page and publish something. That’s why you exercise a bit of caution and skepticism. That’s the tradeoff of an open web. When you have a limitless design space, you get lots of trash. But saying “websites are a scam” is just disingenuous to the fact that some websites are very legit and very useful.
- viro 3y agoAre you American?
- redsky880 3y ago'heavily linked' is a subjective phrase. It cannot be a 'fact'. Is the Internet 'heavily linked', 'lightly linked', or just 'linked' to scams? Your research would be appreciated.
- USB5 3y agoThe same thing about housing that causes us to lose our minds. Under capitalism, investments (risky and otherwise) are commonly working people's only hope for a taste of freedom. If you don't like it, you have a friend in me.
- matheusmoreira 3y agoThere's some kind of bias against crypto here on HN. I've seen people here who revel in rubbing it in whenever the market crashes just because some so called "crypto bros" were smug about their profits.
- downWidOutaFite 3y agoI'm perplexed that BTC's price dropped 5% yesterday and bounced right back today. How does the market not care that the biggest exchanges keep collapsing?
- codehalo 3y agoBinance collapsed???
- scrlk 3y agoSEC going after the remaining players post-FTX is priced in.
- matheusmoreira 3y agoBTC simply went on sale yesterday.
- wmf 3y agoIt has been argued that Binance themselves manipulates the price to drive sentiment.
- cypress66 3y agoBecause BTC aren't stocks in Binance? Even if binance and many other exchanges close, there'll always be at least a few exchanges to operate, it's not like you won't be able to sell your BTC. Also some people that had USD balances in Binance might have bought BTC so as to withdraw their funds to their wallet.
- tylersmith 3y agoNeither Binance nor Coinbase collapsed. They've just been sued.
- deleted 3y ago[deleted]
- crtified 3y agoIt's no more illogical than, say, the progression of the SPX500 and Dow Jones Industrial stock market indexes between 2019-2020-2023. "How does the market not care vis-a-vis the gruelling recent pandemic, ongoing supply shocks, mounting climate change disasters, population curve declines, military instability ....... ?" In Bitcoin's case, it needs be remembered that: * Bitcoin as the original (and, in some ways, least sullied) crypto asset will have the greatest resilience * Despite these exchanges having the greatest Trade Volumes, they are each only involved with a minority of the total global assets. That is, most Bitcoin that exists, has never touched Binance. Even more, most Bitcoin that exists, existed before Binance did. * Markets aren't that predictable - attempting to trade a market in a buy/sell manner based upon whether today is a seeming Good News Day or Bad News Day ... well, if it was that easy, we'd all be doing it trivially * The previous point is also adjunct to the fact that, for example, "obvious selling time" is most often leapt upon (with leverage) by amateur traders - whom the market then liquidates with a sudden contrary movement. A cynical manipulation certainly not unique to crypto markets, but yes absolutely ripe for them.
- inconceivable 3y agowhat if shutting down all the exchanges is the thing that causes people to start using bitcoin directly as a currency?
- wmf 3y agoIf you have the downside risk of volatility without the dopamine hit of gambling you might as well just sell it all.
- deleted 3y ago[deleted]
- devoutsalsa 3y agoIs Bitcoin worth anything if you can’t convert it into fiat currency & vice versa?
- redsky880 3y agoYes. You don't believe BTC was ever used directly between two parties for a sale of goods/services?
- andrewstuart 3y agoYou did take all your money out of Binance (and all crypto) after the Sam Bankman Fried collapse, didn't you? Right? right?
- marcell 3y agoUnder SEC logic, this action is meant to protect the users of Binance US who. According to SEC logic, those users the victims of malfeasance by Binance US and it's decuitful, fraudulent actions. I would ask: is there even a single Binance US user that wants the SEC to take custody of their assets? instead of sticking with Binance US?
- thryg 3y agoOf course not but the same users would blame the SEC when they loose money. Just like silicon valley bank depositors
- politician 3y agoSVB went down due to the Fed’s aggressive interest rate hikes that left their loan portfolio underwater. “Management” or Any other explanation is pure propaganda, especially considering how it happened to FRB and how the government responded by implicitly guaranteeing every depositor in the banking system. Is every bank mismanaged? It was Kremlin levels of double talk.
- thryg 3y agoEveryone knew interest rates would go up at some point in the near future. SVB management didn't care about it.
- WheatMillington 3y agoBy that revisionist version of events, every other bank should also have failed by now.
- politician 3y agoThe government created a special guarantee for all depositors precisely to prevent runs on banks. JP Morgan was granted a special waiver to buy FRB. It’s pretty obvious that what happened was that SVB and FRB management teams were set up as scapegoats to save face while the government worked in the background to halt the sector from unwinding. I happen to agree that this was the right thing to do.
- 51Cards 3y agoHave to confess the first couple times my eyes scanned the headlines today I wondered what Beyoncé had done to get in trouble.
- WhereIsTheTruth 3y agoAnywhere in the world? Another case of competition suppression by the US, that's sad.. Fun read from the former French Minister of Economy: https://twitter.com/RnaudBertrand/status/1665370246126125060 https://twitter.com/RnaudBertrand/status/1665370246126125060
- firstSpeaker 3y agoI wished to see some analysis by smart people on HN if this is a lawful request, can they do it and what are the local/global consequences. So far not that much discourse in that regard.