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Binance, the world’s largest cryptocurrency exchange, and its chief executive are being sued by the US’s top financial watchdog, which has accused them of making billions of dollars while “placing investors’ assets at significant risk”.
In a court filing, the Securities and Exchange Commission (SEC) accused Binance of mixing “billions of dollars” in customer funds and secretly sending them to a separate company controlled by its founder and chief executive, Changpeng Zhao.
So, in short, the US government claims that Binance is using your money for some high risk financial gambling.
If you have any money in there, move it out before they block withdrawals, because the news is still fresh and panic may ensue.
I don’t think this will effect main Binance since they’re a worldwide business with no headquarters and CZ is chilling somewhere in Dubai anyways. They’re definitely market manipulators and crypto will be much better without them, just don’t see it happening though.
Always wise to hold your crypto in a cold wallet anyways.
Aren’t you all panicking a little bit? this will only affect binance.us so the worst case scenario would be binance shutting down its US presence (that is not that huge).
They will be issued a huge fine (that they absolutely can pay) and that’s it
Maybe. But even a slight chance of losing my money isn’t worth any risk. Would be safe to move some of your funds out of there (if they’re substantial).
They can literally freeze them from the SEPA/Switf networks, along with MC/VISA.
this will only affect