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Wow, a lot of histrionics in the comments. Like a wise man once said: "First principles, Clarice: simplicity. Read Marcus Aurelius, Of each particular thing, ask: What is it in itself? What is its nature?" The article is dealing with a foreign unregulated crypto-exchange and a US regulated stable coin.
USDC withdrawals have been enabled again, but I don't suppose that's HN front-page worthy as much as the panic inducing titles. https://twitter.com/binance/status/1602708590271385600?s=20&...
Yes, suprisingly people seem to react negatively to being frozen out of withdrawing their cash and those events are newsworthy?
USDC withdrawals have been enabled again, but I don't suppose that's HN front-page worthy as much as the panic inducing titles. https://twitter.com/binance/status/1602708590271385600?s=20&...
> The world's biggest crypto exchange will freeze all withdrawals of USD Coin while it conducts a "token swap" to boost its holdings of the dollar-pegged cryptocurrency, the crypto group's CEO Changpeng Zhao said Tuesday It's worth noting that USDC is not even a token controlled by Binance. It's controlled and issued by Circle. So effectively, Binance is refusing to honor its commitment to depositors to give them the…
> You "need" a stable coin because you're trying to have your cake and eat it too: US dollar-like liquidity and value preservation without US dollar financial regulation. That is not at all why people need/want USDC. People want stable coins because banks are all too happy refusing/blocking/reversing transactions to/from cryptocurrencies exchanges. They hypocrisy of both banks and the states on this one is amazing: "…
Earlier quoted context omitted.
Sometimes wire transfers mysteriously fail for no reason, in particular between US and EU banks. I've had this issue with being paid before, nobody could tell me why the transaction would mysteriously fail.
Agreed, but in this case the OP says that the bank acknowledges receiving the money, and simply won't release it to his account. That means KYC or source-of-income laws are applying (I don't know what country OP is in so I can't say which).
I am not saying this happens all the time, or all SWIFT transactions are flawed by nature, but this occurring even once is enough for me to be in a very stressful situation without any remedy.
Earlier quoted context omitted.
Yes, it's digital already. However banks manage the whole system and they can do whatever they want with your money if you are nobody. I have been waiting for 2 and a half months for an international payment via SWIFT, I worked long hours for that money and I needed it urgently. The money left the sender's account 2 and a half months ago. Neither of us has the money in our accounts while the bank tells us to just wai…
Couldn't the transfer from Binance to your bank account take two months as well in principle?
To be fair, almost all of my international SWIFT transactions, except this one, have been completed in 6-10 business days (it's not so bad and I can live with it, as long as it doesn't take 3 damn months).
Check out the timing And the large transactions This wallet belongs to Bitfinex
This is bad , looks like Binance needed a bailout to cover withdrawals
https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c...
> The world's biggest crypto exchange will freeze all withdrawals of USD Coin while it conducts a "token swap" to boost its holdings of the dollar-pegged cryptocurrency, the crypto group's CEO Changpeng Zhao said Tuesday It's worth noting that USDC is not even a token controlled by Binance. It's controlled and issued by Circle. So effectively, Binance is refusing to honor its commitment to depositors to give them the…
This reeks of US centric privilege. Very similar to "the only people that want privacy are criminals". There are plenty of countries that you can't access UD dollars that would prefer to hold them than their own currency.
If they need to "boost their holdings" in USDC in order for their customers to withdraw these coins, what had they been doing with their customer's deposits ?
Funny, it is an "exchange" that takes a deposit, but doesn't actually purchase the promised cryto holding until a withdraw is made.