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Binance US No Longer Allows USD Withdrawal for Users
- gloosx 3y agoAs long as you can find a peer and cash out your hashes, we are good. Banks are scam, regulators are scammers. Someone who wants to truly own his money and move it around the world without barriers can only rely on crypto today. Same people who fear criminal use neglect those in real need of crypto to survive their day. Discrimination is everywhere, for as long as it is true – crypto stays as a firm monolyth.
- samanthahdahlia 3y ago[dead]
- uLogMicheal 3y ago[flagged]
- coding123 3y agoTry posting as a conservative.
- kouru225 3y agoI mean considering the modern conservative agenda is to literally commit crimes, I don’t really have much sympathy.
- xaffhsbduuwu 3y ago[flagged]
- coding123 3y agoThat's as disingenuous as me saying the modern liberal agenda is to literally allow (and encourage) people to commit crimes.
- GaryNumanVevo 3y agoTry posting as a Maoist.
- vitehozonage 3y agoIt is interesting. I'm surprised moderation here doesnt try to nudge people to stay on-topic to some extent
- automatic6131 3y ago> Stinks of manipulation. Yeah, we're all paid by BIG FIAT to descredit crypto on a technical news comment site.
- uLogMicheal 3y agoPretending that incentivized manipulation of social media does not exist is odd.
- xaffhsbduuwu 3y ago[flagged]
- sickofparadox 3y agoCryptocurrency was (and still is to an extent) a really interesting idea that has a ton of real world utility, especially as government surveillance continues its march towards panopticon. It's a shame that the "get rich quick" grifters and speculators took ahold of it and have killed any chance of normal people adopting it as a regular form of payment.
- simonw 3y agoNormal people were never going to do well with a payment system where if you forget your password you've irretrievably lost access to your funds. (I've heard all of the arguments about backup phrases and social recovery wallets and suchlike, and I have yet to see evidence that these will work for anyone other than the most technically sophisticated of users.)
- TurningCanadian 3y agoYou also irretrievably lose access to your funds if an attacker steals your credential. Not a problem as long as you have flawless security. /s
- rprospero 3y agoHonestly, this is more of a problem for blockchain than it is for the old system. Let's say that an 80's movie villain gets his goons to beat you until you sign over the deed to your house (he wants to open another dojo). Today, you could go to court, present your evidence that you made the transaction under duress, and you get your house back. Even if he won't sign the deed back to you, the court can just print a new one on a laser printer, give it a fancy stamp, and the house is yours again. In the blockchain world, there's two options. The first is the "code is law" option. Since you sent him the house, it's his and there's nothing you can do about it. The court might arrest him, but there's no way of ever recovering your house. If he's particularly spiteful, the villain might kill himself. With proper security, his private key is lost forever and that property becomes inaccessibly for eternity. The other option is the "reasonable" option. Here, you go to court and have his token for your house officially invalidated. Additionally, a new token is minted for the property is minted and sent to your account, making you whole again. However, this only works with a modified blockchain that allows a centralised authority to invalidate and mint new tokens. Since we're already trusting this centralised authority, then we're back to the old laser printer and stamp, just with extra steps.
- px43 3y agoGreat, Binance was fundamentally not built to service US citizens. Coinbase and maybe Gemini are basically the only ones who have gone through the legal hurdles to actually service US citizens. The intended market for Binance, and exchanges like it, is the other 95% of the human population without US citizenship, and that's fine. Kind of a bummer that US regulations make it incompatible with the financial infrastructure that the rest of the world is moving towards, but that's just the world we live in. We (the US) have enjoyed a certain level of economic dominance in the world, and aren't excited to give that up, but at some point the unsustainability of our financial infrastructure will catch up with us. Edit: Quick example. In the US, there is an adversarial relationship between commodities regulators, and securities regulators. They frequently fight for territory, which spills over onto us, in the form of contradictory lawsuits and regulatory uncertainty. No other country in the world is set up like this.
- ericjmorey 3y agoWhat makes you think that the world is moving towards cryptocurrencies in any significant way?
- ElectricalUnion 3y agoThis logic sounds strange to me. When I hear about a government being "protective", I associate that with "The Brussels Effect" and EU, not with Washington. Let's take a bad analogy in food additives; Brussels will often ban things they science points but don't have confirmation yet if they're really dangerous. Washington will often only ban things once they unequivocally confirm that is a very serious short-term poison. On a side note, you can't use Binance from (most?) of the EU either.
- floren 3y agoSo you're saying this is good for Bitcoin?
- carstenhag 3y agoBinance "voluntarily" retracted the license application in Germany: https://www.btc-echo.de/schlagzeilen/binance-kryptoboerse-zieht-lizenzantrag-in-deutschland-zurueck-168426/ https://www.btc-echo.de/schlagzeilen/binance-kryptoboerse-zi... Binance retracts license application in Austria: https://de.beincrypto.com/binance-rueckzug-aus-oesterreich-droht-das-europa-aus/ https://de.beincrypto.com/binance-rueckzug-aus-oesterreich-d... Binance has been unable to get a license in the Netherlands: https://twitter.com/binance/status/1669628787267624961 https://twitter.com/binance/status/1669628787267624961 Binance to discontinue services for UK customers https://www.binance.com/en/feed/post/1374447 https://www.binance.com/en/feed/post/1374447 No, it's not the world moving towards crypto except for the US. Binance just doesn't comply (enough) in many countries apparently. Maybe it's a very shady company? Who knows.
- keep_reading 3y agoTL;DR they're forcing the customer to do the currency conversion instead of them doing it automatically at the time of withdrawal?
- MuffinFlavored 3y ago> to do the currency conversion from what to what? BTC to USDT to USD?
- charcircuit 3y agoYou can withdraw USDC, USDT, etc. But you can't have Binance send you actual USD to your bank account. You will have to find somewhere else who will send you real money for your stablecoins.
- jy1 3y agoTL;DR You cant offboard USD with binance, but you can offboard crypto. It forces binance US users to Coinbase or kraken etc
- glimshe 3y agoI thought that crypto was the asset of last resort, independent from the fluctuations and manipulations of the market. Better than gold, better than oil, better than SP500...
- buildbuildbuild 3y agoSome projects aim to be that. This is a stablecoin backed by a centralized entity, it was not intended to be a decentralized project. All cryptocurrencies are not the same.
- cabirum 3y agoIf a cryptocurrency becomes subject to any regulation, it stops being a good cryptocurrency.
- josefresco 3y agoThis (USD withdrawal) has been disabled in the app for US users for a while now. I have like $15 there (in BNB) and check it once-in-a-while just for curiosity.
- spuz 3y agoHow long is a while?
- josefresco 3y agoA few months? I can't say for sure.
- shuntress 3y agoSeeing some "this is good for crypto, actually" comments here. Keep holding that bag.
- 1970-01-01 3y agoThis is just more evidence that exchanges are bad for cryptocoin. What crypto needs to be healthy is direct user to user transactions, with absolutely nothing in between. That was the original vision with bitcoin. Everything layered on top and in between the transactions fundamentally results in harming adoption.
- rchaud 3y agothere's a difference "healthy" as per the philosophy of $coin and "healthy" as it relates to a market. P2P Bitcoin with no exchanges or ACH-based fiat offramps will reduce the number of coin holders to probably what it was in 2011. That in turn will reduce the credibility of the currency and overall market liquidity as there are so few holders that would be willing to accept it as a medium of exchange. This is playing out right now in Russia, which accepts INR for oil exports, in a bid to limit the dollar's influence.The problem this has created is that Russian banks are flush with Indian rupees that aren't accepted by other vendors. Everyone takes dollars and euros and yen, but the INR isn't considered as portable.
- coding123 3y agoWhen I was interested in trading a long time ago it was common to move shit around in Eth or BTC or whatever until you found your USD exchanger, typically coinbase. Why would this be news?
- llm_nerd 3y agoEvery bit of evidence is that the crypto boom has crashed to Earth. In tech it is basically a dirty word now and is overwhelmingly associated with the worst products, the worst teams and the worst get rich and quick sorts. In the rest of the market it has made little to no impact. Yet somehow BTC is still trading at close to historic highs. Now to be fair the market cap of all of BTC is 1/4 Apple, but if it were remotely a functioning market or were at all "real", it would be trading at a tiny fraction of that amount. The fact that it still holds is the best demonstration of how illusory the whole sham is.
- tempodox 3y agoWhy would anybody buy something that they can't sell for real money any more? Shouldn't that convince even the dumbest acolytes that there is no value to be had?
- tim333 3y agoYou can still sell for USD. You just have to use another company like Coinbase or Kraken.
- EVa5I7bHFq9mnYK 3y agoAnd yet the longest and most passionate threads on HN are on crypto topics. Even Rust doesn't come close.
- nmitchko 3y agoBTC =/= crypto at large. Despite all the bad press, shady exchanges, bubbles and busts, a large amount of BTC owners don't sell, and that alone will drive it's price up. Other cryptos, I can't speak for.
- tromp 3y ago> that alone will drive it's price up Wrong; you need people buying the roughly $25M worth of daily new bitcoins just to maintain the current price.
- demondemidi 3y agoIf all you have to do is convert to a stablecoin then convert to USD, isn't that the same thing? Or do you need to take your stablecoin somewhere else and convert that? I'm not a crypto guy. (obviously)
- SilasX 3y agoYes, the latter. It’s an inconvenience in that you have to take the stablecoin to some other provider (incurring a blockchain transaction fee) and then sell/redeem it there. Which is annoying since conversion to USD is a core role of an exchange. It would be like if you wanted to write checks on your bank account, and your bank helpfully told you that you could transfer money to an account at another bank and write checks on it there. You still have access to the funds, you can still write checks, but … thanks for nothing.
- doubleg72 3y agoI have had a little money stuck with them since they banned US customers to the original site. There has been absolutely no way to transfer the money out of my account, even to Binance US, and I eventually had to just call it a loss.
- jzig 3y agoConvert to a stablecoin and transfer out?
- doubleg72 3y agoIf only I had thought of that.. Unfortunately, you were only allowed to convert to the Binance coin. That option did not work for me, I can't recall what the specific issue was now but I am guessing had something to do with KYC.
- tim333 3y agoUnless the exchange has collapsed you should be able to withdraw crypto and cash it in at Kraken or wherever.
- deleted 3y ago[deleted]
- tiznow 3y agoWasn't this the case months ago? I signed on months ago to see if my $15 had vanished and they weren't allowing cash withdrawals
- tibbydudeza 3y agoSo how is dodgecoin doing - it is amazing how some of the peddlers of shitcoins made so much money :).
- deleted 3y ago[deleted]