A friend of mine received this email from Binance this AM.
Dear Valued Customer,
As you may be aware, Binance.US, alongside other companies in our industry, has become the target of aggressive tactics by the United States Securities and Exchange Commission (SEC). The SEC has brought unjustified civil claims against our business, from which we will continue to vigorously defend ourselves, our customers, our partners and industry.
Irrespective of the baseless claims, and in light of the Commission’s increasingly aggressive tactics, our payment and banking partners have signaled their intent to pause USD fiat channels as early as June 13, 2023, meaning our ability to accept USD fiat deposits and process USD fiat withdrawals will be impacted. As part of our customer-first commitment, we are notifying users promptly so you can take necessary actions as we transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets, so customer funds are always safe, secure, and available.
Please note the following changes that will impact the platform:
ACH WITHDRAWALS: We encourage customers to withdraw their USD via bank transfer (ACH) by June 13, 2023. Due to elevated volumes and weekend bank closures, ACH withdrawals may take longer than usual to process (e.g. up to several days); we appreciate your patience. USD DEPOSITS: To ensure a timely USD withdrawal process, we are suspending USD deposits and recurring buy orders today and beginning the transition to a crypto-only exchange. Any deposits already initiated will be processed. USD TRADING PAIRS: Beginning next week, we will start delisting USD pairs (e.g., BTC-USD) on our platform, while continuing to support stablecoin pairs (e.g., BTC-USDT). USD BALANCES: Any USD balances remaining on the platform after June 15, 2023 may be converted to stablecoin that can be withdrawn on-chain. Cryptocurrency services remain fully operational, including: crypto trading, staking, deposits and withdrawals. Until we secure more stable banking partners, Binance.US will remain a crypto-only exchange–at least for a time. We will continue to provide you with updates via our status page.
Thank you for your continued support as we fight for a path forward for those who want a thriving digital asset marketplace in America.
The Binance.US Team
This is why the DS hates crypto. They can stop USD withdrawals, but they can't stop crypto
Correct. There are plenty of other exchanges that will still do business in the US besides Bianace and CB. It will be interesting to see if this scares people into switching exchanges or withdrawling completely.
Kraken?
The Deep State hates gold and silver - the only honest money....hated by dishonest men.
My credit union just posted on social media about entering the crypto space with Bitcoin. My financial advisor laughed at me when I told him about investing in crypto 10 years ago, but now he's shilling for it.
Nary a word about protecting your wealth with real assets. Consider why that would be.
They need to stop fiat outflows. If no longer fiat they no longer can track but more importantly tax it. They're also attempting to keep as much money in the system so they can stop the bank liquidity issues they are experiencing now.
Not "seize."
But rather "cease."
BIG difference, OP.
Correct you are.
I will now sit in the penalty box and feel shame for making a mockey of the English language.
KEK.
Would be nice if mods could edit the title, with permission of the OP.
Perms granted.
Well, this does not support those, who believe BTC is deep state.
But the DS used crypto to hide some of their money laundering. So is this structured by the DS to push everyone towards crypto?
I don't care for FIAT $, and it is traceable in and out of the banking system. I'm not convinced crypto can't be traced either.
IMHO, Crypto is not real money, it's just digital FIAT designed to make the originators wealthy (like a pyramid scheme).
Real $ is silver and gold. Block chain makes sense for tracking finance transfer among institutions and large businesses, where trade and real goods and services generally equal out the balance.
Mark my words, if we are forced to use crypto, everyone's location and transactions will be tracked in real time. You won't be able to make a purchase or exchange goods and services without a digital device tracking your every move. You won't be able to do anything without a signal to that digital device. And there will be a way to disable that digital device from half a world away. Disabling up close will be easy, signal jamming is old tech.
Hence the reason why all financial institutions are starting to shill and enter the crypto space. It's always been Deep State/Cabal controlled. They want people to funnel their fiat that isn't into the stock market or other paper assets into crypto, where they can rugpull everyone just the same.
Use Kraken or go overseas. Or get out all together. I believe in silver. And lead.
... ' Until we secure more stable banking partners ' says it all ...
It’s shifting blame from them to “partners.”
They can’t cover deposits.
They want to crash the crypto market once more so they can buy up as much as they can before the next bull run.
Didn't just start today, fed lawsuit started a few weeks ago, Trump said. One day it will just go away.
This must happen to get back to sound money. Metal backed dollars.
I believe this is part of their move to implement a carbon credit system. They can't have any competing financing systems like crypto. Everything has to be locked into their new system, otherwise they can't track your carbon credits. It's the same reason they want to do away with gas appliances. It's much easier to put a cap on electricity than have to maintain an electric tracking system and a gas tracking system. I imagine the reason they want an increase in IRS agents is so they can crack down on any black markets that arise. Everyone is going to try to avoid this demonic system.
Zhao made a booboo when he called out FTX. Of course they're under investigation, they interfered with the deep state money laundering.
Stating the obvious before Binance gets crushed: They aren’t maintaining 1:1 deposit levels which is why they say “several days.”
Watch.
There are other exchanges, maybe Binance also has this facility, that have the equivalent of a debit card. You can spend your crypto in local currency without having to go through the process of liquidating your crypto into fiat, then to your bank.
I am so confused.
So is it going to be the new coin practically?
Their own easily trackable, easy to turn off super surveilance digital currency. Dont want a way out.
Can they just replace USD fiat with another currency?
I am not sure on that one. They did force users to move to Binance US when things were getting heated about two yeears ago. Something along the lines of the government classified certain cryptos as securitys which requires special licensing to trade in the US. I know at this point, US customers were no longer able to access their coins in Binance International.
Buy XRP….
How? XRP is not available on any of the US exchanges that I’m aware of.
Yes, you would need an global exchange - eToro, Kraken, Huobi Global
The easy way is to buy bitcoin (or another compatible coin) and use https://changelly.com to easily exchange from one crypto to another. This is an exchange but the interface is dumb easy.