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Proposed SEC order to freeze, repatriate Binance.US assets

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Re: Proposed SEC order to freeze, repatriate Binance.US assets

#21

Post by yieldcrv »

djfergus wrote: post #14

FYI Binance Australia had their banking removed from 1 June. Screws are tightning globally. Assuming coinbase gets taken down too, do Americans have any options left to convert their crypto to fiat? Or do they need to perform offshore transactions?

PayPal, CashApp, Kraken, many OTC trade desks

https://cointelegraph.com/news/sec-coinbase-binance-lawsuits...

Just convert whatever you want to Bitcoin and Ethereum first in a decentralized exchange like any AMM, and then sell the Bitcoin or Ethereum on a fiat route. Assuming you even want fiat, but when you do you can.

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#22

Post by redleader55 »

WatchDog wrote: post #16

This is good for bitcoin.

If you can't exchange it for fiat, its USD value is going to decrease - bad.

If you can't exchange it, payments that don't use fiat might be developed - good, imo.

Why do you think this makes it a net good?

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#23

Post by ignoramous »

aikinai wrote: post #9
tararara wrote: post #6

Earlier quoted context omitted.

Do you have any insights into why they act like this? Is it the founders vision?

That’s the strategy they explicitly chose. Probably because of the founder’s preference or vision. They wanted to position themselves as the legal crypto exchange which is a great differentiation in that market.

> position themselves as the legal crypto

Not saying that it couldn't be, but the greatest trick the devil ever pulled was convincing the world he didn't exist.

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#24

Post by pabloarteel »

Alupis wrote: post #11
allears wrote: post #4

Well, there goes crypto. With this precedent, Coinbase is next. Bitcoin will probably survive, but the landscape will change radically.

For the casual bystander with crypto parked in Coinbase vaults, and maybe some eth staked - what's the consensus among those more knowledgeable? Move assets now or just stay the course? It doesn't look like anyone is going to outright lose assets - but perhaps not the able to withdraw for some period of time?

One of the few benefits of crypto is to "be your own bank" and not needing 3rd party permission to move your assets.

Withdraw to cold storage, dump everything except bitcoin, and of course, do your own research.

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#26

Post by yieldcrv »

silisili wrote: post #17

I'm pretty anti-crypto, but tested the water with Voyager USDC because of the absurd APY. Took my money and ran when Celsius hinted at having issues, luckily. Funnily enough there was some amount, less than a dollar IIRC, left in Voyager when they folded. I received an email telling me it was being taken over by...Binance. Never bothered to login and even check it. Guess it really is scams all the way down.

Binance walked away from that deal like twice

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#27

Post by andrewstuart2 »

redleader55 wrote: post #22
WatchDog wrote: post #16

This is good for bitcoin.

If you can't exchange it for fiat, its USD value is going to decrease - bad. If you can't exchange it, payments that don't use fiat might be developed - good, imo. Why do you think this makes it a net good?

Pretty sure they're referencing the meme that everything is good for bitcoin even when it's very clearly bad.

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#28

Post by EscapeFromNY »

Alupis wrote: post #11
allears wrote: post #4

Well, there goes crypto. With this precedent, Coinbase is next. Bitcoin will probably survive, but the landscape will change radically.

For the casual bystander with crypto parked in Coinbase vaults, and maybe some eth staked - what's the consensus among those more knowledgeable? Move assets now or just stay the course? It doesn't look like anyone is going to outright lose assets - but perhaps not the able to withdraw for some period of time?

Self-custody is the way to go. Send your assets to a private key you control. Not your keys, not your coin. I sleep like a baby no matter what sketchy exchange is in the news any given week.

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#29

Post by myfirstacchere »

silisili wrote: post #17

I'm pretty anti-crypto, but tested the water with Voyager USDC because of the absurd APY. Took my money and ran when Celsius hinted at having issues, luckily. Funnily enough there was some amount, less than a dollar IIRC, left in Voyager when they folded. I received an email telling me it was being taken over by...Binance. Never bothered to login and even check it. Guess it really is scams all the way down.

[flagged]

Re: Proposed SEC order to freeze, repatriate Binance.US assets

#30

Post by elkos »

reedofearth wrote: post #20

Last time the SEC did this: “I was told by the banks that if I did not agree to settle with the SEC, that they would, the banks would, cease providing working capital and Tesla would go bankrupt immediately” Elon Musk @ TED in Vancouver Also from TuongVy Le(@TuongvyLe12), former Chief Counsel at SEC: "Let’s be clear: the @SECGov complaint doesn’t mention this, but there is currently NO way for a platform like @coinba…

Would trading only Bitcoin and Ethereum which last time i checked aren't securities be a probable way out of this mess for Coinbase?
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