Binance Binance faces Regulatory attacks

[Yugocean]

Already I am reading about the need to send our coins to other wallets as binance could get shutdown due to so many regulatory issues that it is currently facing, though I do not want to let fear take over, but u think they have to settle everything so we do not have to consider other wallets that would help us trade easily without fear.

So you moved your assets out of Binance, but then where did you transferred them? Did you check you didn't transferred to its subsidiary?

The regulations issue are not going to shut down a complete company, did this happens in your country ?

the UK issue has been resolved. We are waiting for the one of Canada and Japan.

UK regulations are easy to solve, issue from other countries will also get solved. Thailand is no stronger side either.

 

[Sherman198]

This is a very bad news for those of us who are really enjoying binance. Their PTP future is something I have been enjoying for a very long time even with the fact that the Nigerian government banned the transaction of cryptocurrency. I hope they get over the case very soon and also get to normal because I enjoy the fact that whenever they want to list a coin the price will skyrocket.

Seriously it's very appalling for Binance....I heard they have this issue of taxation with several countries not only with UK. I don't think this is good for their business. Up to 4 banks if not more, have stopped payment to Binance account in the UK. Just fear for the future of the exchange. My crypto is there and I hope it's safe for future gains.

 

[Mika]

Binance is facing legal troubles even in the place where the head office is based. Binance has been bypassing the laws in the countries where it was operating. However, I believe this is a temporary issue. Binance is a big company with its own smart contracts and native currency and it will soon follow all legal procedures.

 

[Josemendez]

I think the country's regulation of the crypto will occur from time to time because I have read that some countries are friendly with crypto and some are unfriendly and even hostile China. Anyways, if the exchange center is attacked by regulation it is best to stay away while there is an ongoing issue. A ban may be disastrous to the investment.

Ofcourse but this is for the people affected . For someone like me , there is no Regulatory attack on the exchange state in my country ,so there is no need to panic . Even those people that were affected will be given intervals to move out their fund before a given period of time .presently , the issue has been settled in some of these countries

 

[Alexandoy]

I think the country's regulation of the crypto will occur from time to time because I have read that some countries are friendly with crypto and some are unfriendly and even hostile China. Anyways, if the exchange center is attacked by regulation it is best to stay away while there is an ongoing issue. A ban may be disastrous to the investment.

 

[Josemendez]

agree at this point, they have low APR rate, mostly below 1%, even ADA staking is below 0.5%.
I too would like to have better opportunity, yet I am not sure if high APR platform with fees won't take my crypto in name of fees.

I will advise you to check out providing liquidity for exchange sites like Pancakeswap , Julswap etc. Their APR are quite big and attractive.
The only challenge is that it involves two tokens in order to be able to have a one LP token. But it comes with advantage to it as you get daily profit a d can unstake anytime. You also receive Airdrop from the exchange as well

 

[Yugocean]

Binance coin has already lost a lot of value in the past two months. The value of Binance coin was $686 at its highest in the month of May, 2021. Right now its value dropped by more than 54 percent and I have also noticed that its value has decreased a bit.​

This is same with almost every crypto, even Bitcoin was 64k, Ethereum crossed 4k, but value of every coin was dropped.
​

most of the coins they allow staking on are coins that launched on their launchpad and thus they have benefited when the project was launched thus no need for fees. As for other coins staking , their APR is quite low thus they won't have investors if they are fees to it​

I agree at this point, they have low APR rate, mostly below 1%, even ADA staking is below 0.5%.
I too would like to have better opportunity, yet I am not sure if high APR platform with fees won't take my crypto in name of fees.​

 

[Josemendez]

Can you please clear this how Trust wallet is self made?

Last time I was trying to purchase Litecoin, and the platform I tried did not accepted Trust based litecoin wallet, then I tried Bianance deposit address and it was accepted too. Binance charge 0% fees on staking reward, this is the only platform I know which have no fees on staking.

Can you please clear this how Trust wallet is self made?

This is a typo error. I mean that it is not self built and has no one or body controlling the funds in the wallet. As for staking , Trust wallet do not offer staking opportunity but third parties uses trustwallet to do so.
As for Binance not collecting fees for staking , most of the coins they allow staking on are coins that launched on their launchpad and thus they have benefited when the project was launched thus no need for fees. As for other coins staking , their APR is quite low thus they won't have investors if they are fees to it

 

[Good-Guy]

Binance coin (BNB) gained more than other cryptos during recent recoveries; the regulatory attacks didn't affected Binance value. There are much more NFT and Defi projects going on in Binance platform. Most of the sub platforms are also owned by Binance, so if people move their asset from one binance platform to other, it will not effect Binance in any way.​

You are right when you stated that Binance coin is gaining and recovering a lot but I think that Binance coin has already lost a lot of value in the past two months. The value of Binance coin was $686 at its highest in the month of May, 2021. Right now its value dropped by more than 54 percent and I have also noticed that its value has decreased a bit. I think it might be because of the fact that these countries (U.K, Japan, and Canada) have been causing some problems for Binance. However, I still believe that Binance will sort this problem out and the value shall increase more in the future. Binance is really a great coin to invest and this is exactly what I believe.

 

[Yugocean]

Ofcourse trustwallet is self made

Can you please clear this how Trust wallet is self made?

Last time I was trying to purchase Litecoin, and the platform I tried did not accepted Trust based litecoin wallet, then I tried Bianance deposit address and it was accepted too. Binance charge 0% fees on staking reward, this is the only platform I know which have no fees on staking.

 

[Josemendez]

Turst wallet is decentralized, because it does not take custody of your cryptos, but it is not a self built. it was built to provide decentralized features but itself is man made; and founder was Viktor Radchenko, he sold it to Binance in 2018. If there is something really not centralized by others, just create your own wallet.​

Ofcourse trustwallet is self made . My only point was that it is not comfortable for me to have my most values cryptocurrency in a decentralized exchange platform where it is controlled by some persons . I wouldn't want to have a situation whereby I may desire to send out my coin but was unable to do so because the centralized wallet is having an upgrade.

 

[Yugocean]

Trustwallet precisely and then do my trading in centralized exchanges like Binance , kucoin , etc .​

Turst wallet is decentralized, because it does not take custody of your cryptos, but it is not a self built. it was built to provide decentralized features but itself is man made; and founder was Viktor Radchenko, he sold it to Binance in 2018. If there is something really not centralized by others, just create your own wallet.​

 

[Josemendez]

So you moved your assets out of Binance, but then where did you transferred them? Did you check you didn't transferred to its subsidiary?

Actually Binance is not a good place for one to store his fund because it is a centralized exchange platform and as thus funds kept there are at risk ,because they will be lost if the exchange is hacked.

I for example store most of my funds in decentralized exchange wallet , Trustwallet precisely and then do my trading in centralized exchanges like Binance , kucoin , etc .

 

[Josemendez]

News gather from the cointelegraph has shown that Binance in the past two weeks has seen not less than three regulatory attacks from the regulatory bodies of Japan , UK and Canada .

It is believed that these attacks are based on the fact that Binance did not get any regulatory approval to operate in these countries.
The message from the regulatory bodies warns the citizens to seize their dealings with Binance pending when Binance gets legal approval from them .


This indeed is bad news for Binance as this can lead to more investors switching over to other centralized exchange platform like coinbase.

This can also affect the price of their coin . What is your take on this issues?

 

[Josemendez]

This attack will really cause a lot of havoc to business on crytocurrency especially some of us that are using it for P2P because that one of the method that we are using to convert out earning and sell befurr its get in to our local bank Account since our country has come against ctytocurrrncy and uses if PayPal Account.

I think that this issues do not affect any investors that is outside Japan , Canada and UK. These were the countries that are suing for Binance to come and register under them. Fortunately , the UK issue has been resolved. We are waiting for the one of Canada and Japan.

 

[Mataracy]

News gather from the cointelegraph has shown that Binance in the past two weeks has seen not less than three regulatory attacks from the regulatory bodies of Japan , UK and Canada .

It is believed that these attacks are based on the fact that Binance did not get any regulatory approval to operate in these countries.
The message from the regulatory bodies warns the citizens to seize their dealings with Binance pending when Binance gets legal approval from them .


This indeed is bad news for Binance as this can lead to more investors switching over to other centralized exchange platform like coinbase.

This can also affect the price of their coin . What is your take on this issues?

This attack will really cause a lot of havoc to business on crytocurrency especially some of us that are using it for P2P because that one of the method that we are using to convert out earning and sell befurr its get in to our local bank Account since our country has come against ctytocurrrncy and uses if PayPal Account.

 

[Bookwormlux]

Already I am reading about the need to send our coins to other wallets as binance could get shutdown due to so many regulatory issues that it is currently facing, though I do not want to let fear take over, but u think they have to settle everything so we do not have to consider other wallets that would help us trade easily without fear.

 

[sincerem]

Well , you should understand that at times people are paid by competitors to penetrate public groups and cause fear about the other competitor project. The news was only for three countries out of which one has cancelled their petition. The technique here is to always do your own research before accepting any news from public groups

You're right bro, i would have done my own research concerning such disheartening news. Instead i felt lazy, and just believed somehow what they where discussing around Binance closing down anytime soon. That those who have their asset saved there should move it out before unbelievable happens.

 

[Yugocean]

Binance coin (BNB) gained more than other cryptos during recent recoveries; the regulatory attacks didn't affected Binance value. There are much more NFT and Defi projects going on in Binance platform. Most of the sub platforms are also owned by Binance, so if people move their asset from one binance platform to other, it will not effect Binance in any way.​

 

[Josemendez]

So why are people lamenting lie as if Binance is shutting down. Even at a crypto group I'm into, they caused panic by asking people to move their coins out from Binance, saying it is about crashing. Their is nothing one can't see around digital ecosystem, even when things aren't sure they still publicise it like it has already happened.

Well , you should understand that at times people are paid by competitors to penetrate public groups and cause fear about the other competitor project. The news was only for three countries out of which one has cancelled their petition. The technique here is to always do your own research before accepting any news from public groups