I recently read an article about the SEC accusing Binance.us of not having 1:1 of customer funds, relying on main Binance, association with the custody platform Ceffu and undisclosed important documents. I’m curious to hear what other people think about this.
Do you think the SEC is justified in their accusations? Do you think Binance.us is doing enough to protect customer funds? What do you think about their association with Ceffu and the undisclosed documents?
I’m interested to hear what other people think about this situation.
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Bye bye Binance US. Let’s hope the rest of Binance is doing a better job.
Binance US is looking like its dissolving, what this sue actually did is pushing CZ out of the US
I would also be interested in a proper audit for sure.
Also, fuck the Sec.
the SEC is so desperate for a win.
I’m sure of one thing. The peak of the bear market is now.
The SEC alleges that Binance mixed billions of dollars in customer funds and secretly sent them to a separate company controlled by Binance’s founder, Changpeng Zhao.
I don’t see the problem. Do all banks hold the amount of cash that they say they do on paper? Why are exchanges held to such lofty standards
For anyone panicking over BinanceUS fud, just remember the net share of BinanceUS in overall US crypto market is just 0.9%
Even though I agree Exchanges should have 1:1 customer funds, the same banks in the US are having fractional reserves and can become unsolvent really fast.
Besides that, Binance US is very small, not really FTX type of disaster if it does become unsolvent.
I know Binance is shady and all that shit. But it’s so ironic that the US government accuses others of not holding 1:1 after removing the gold standard from fiat, AND allowing banks to not hold 1:1.
And so the dominos begin to fall. I’ll wait and see before making a bunch of claims about binance but the quicker we determine if they are or are not fraudulent, the better for the space as a whole.
Let’s hope that at least the rest of Binance is not doing shady business. Very cold winter otherwise
As long as funds are safu and there is no no.4..
It’s really not looking good for Binance US. This will definitely cause more skepticism in the crypto space once they go down. Hopefully it won’t cause any long term damage.
gonna be a showdown
how many people in here still use binance.us???
After the recent removal of FIAT ramps (during which I withdrew as well), Binance.US has been pretty dead already, I doubt this will have much of an impact on anything if they dissolve. Now, if the actual Binance goes under, that’s another story.
Incredible how many people in this sub believe Binance.US and Binance are completely separate entities and that one failing would have no impact on the other.
In other news, I have some bridges to sell if anyone’s buying.
Binance US is already dead. SEC is just trying to make sure it sticks.
COUGH* fractional banking * cough cough the irony