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Binance halts deposits and withdrawals for customers in the UK

bloomberg.com

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Re: Binance halts deposits and withdrawals for customers in the UK

#11

Post by capableweb »

anonymouskimmer wrote: post #9
ginja wrote: post #6

It's paywalled for me. Are UK customers' funds SAFU?

This other link works for me. https://www.ibtimes.com/binance-announces-suspension-uk-depo... "Starting Monday afternoon, new users will no longer be able to open accounts with GBP deposits on the platform. "We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP flat services, namely deposits and withdrawals via Faster Payments and card, to Binance users," th…

> I believe the acronym is SNAFU, not SAFU. :P

Different acronym :)

> Secure Asset Fund for Users

> A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe.

Re: Binance halts deposits and withdrawals for customers in the UK

#13

Post by GalenErso »

VHRanger wrote: post #7

Crypto: Going from banking the unbanked to unbanking the banked!

The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so.

But the safeguards and regulations that governments put in place for money are mostly absent for crypto. It should remain this way. I want to see how far crypto can go without government regulations and protections.

Re: Binance halts deposits and withdrawals for customers in the UK

#14

Post by mschuster91 »

GalenErso wrote: post #13
VHRanger wrote: post #7

Crypto: Going from banking the unbanked to unbanking the banked!

The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so. But the safeguards and regulations that governments put in place for money are mostly absent for crypto. It should remain this way. I want to see how far crypto can go without government regulations and protections.

> I want to see how far crypto can go without government regulations and protections.

We have seen enough of that: one rug-pull and scam after the other. Governments are stepping in with crypto precisely because of all the scams.

Re: Binance halts deposits and withdrawals for customers in the UK

#15

Post by anonymouskimmer »

capableweb wrote: post #11
anonymouskimmer wrote: post #9

Earlier quoted context omitted.

This other link works for me. https://www.ibtimes.com/binance-announces-suspension-uk-depo... "Starting Monday afternoon, new users will no longer be able to open accounts with GBP deposits on the platform. "We regret to inform you that our GBP fiat partner, Skrill Limited, has informed us that it will stop offering GBP flat services, namely deposits and withdrawals via Faster Payments and card, to Binance users," th…

> I believe the acronym is SNAFU, not SAFU. :P Different acronym :) > S ecure A sset F und for U sers > A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe.

I didn't know about that. I wonder how much money and/or tokens this is, in what amounts, and whether Binance can prove it (separate from other funds).

Re: Binance halts deposits and withdrawals for customers in the UK

#17

Post by capableweb »

GalenErso wrote: post #13
VHRanger wrote: post #7

Crypto: Going from banking the unbanked to unbanking the banked!

The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so. But the safeguards and regulations that governments put in place for money are mostly absent for crypto. It should remain this way. I want to see how far crypto can go without government regulations and protections.

> The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so.

Does that mean it'll eventually eclipse and live in front of the current timeline of banking, so we'll see banking and finance following the crypto industry at one point, repeating the same mistake that happens in cryptocurrencies?

Re: Binance halts deposits and withdrawals for customers in the UK

#18

Post by adastra22 »

neets wrote: post #16
joosters wrote: post #12

Have Binance decided to let anyone know where their headquarters are yet? Or is it still top secret?

I think the real question is where their servers are.

I think the real question is where their money is.

Re: Binance halts deposits and withdrawals for customers in the UK

#19

Post by latchkey »

anonymouskimmer wrote: post #15
capableweb wrote: post #11

Earlier quoted context omitted.

> I believe the acronym is SNAFU, not SAFU. :P Different acronym :) > S ecure A sset F und for U sers > A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe.

I didn't know about that. I wonder how much money and/or tokens this is, in what amounts, and whether Binance can prove it (separate from other funds).

It is literally the first result in google.

The wallet addresses are linked on this page:

https://academy.binance.com/en/glossary/secure-asset-fund-fo...

Re: Binance halts deposits and withdrawals for customers in the UK

#20

Post by smolder »

capableweb wrote: post #17
GalenErso wrote: post #13

Earlier quoted context omitted.

The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so. But the safeguards and regulations that governments put in place for money are mostly absent for crypto. It should remain this way. I want to see how far crypto can go without government regulations and protections.

> The crypto industry has basically done a speed run of the history of banking and finance over the last decade or so. Does that mean it'll eventually eclipse and live in front of the current timeline of banking, so we'll see banking and finance following the crypto industry at one point, repeating the same mistake that happens in cryptocurrencies?

I think not. Once crypto scammers have retried everything from the history of fiat currency they'll just be in the same boat.

But it would be funny if banks started encrypting my files and demanding ransom.

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