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UPDATE: We have switched to Paxful.com. Read more about it here.
We’ve received an email from Binance.com today with a notification that our SWAPD company account is being terminated due to Terms of Service violations.
We don’t know which rule we have broken, but we’re saddened to see this. Even though we keep the vast majority of your deposited funds safe on a Ledger, we always kept a fraction in an online wallet such as Binance, because it made it convenient for staff to verify and send payments. The convenience is now gone and we’re scrambling to rebuild our internal policies, but because of this fiasco in the upcoming days expect problems and delays in crypto-related tickets.
What does this mean for SWAPD users?
Important! Our crypto addresses will change today!
You will experience delays in incoming/outgoing crypto payments.
On the positive side, many other transactions such as BTC will be a LOT cheaper to move.
Don’t panic!
We’ve moved all our available Binance funds to a hardware wallet. We would like to thank Binance.com for giving us the opportunity to do this within the allocated 72 hours. That’s so convenient! Imagine if the staff was on vacation OR the termination email landed in spam, we would basically be robbed blind by one of the most “reliable” online wallets.
Conclusion
I personally always knew this and had this in the back of my head, but this situation only prompted us to finally accept the fact that YOUR MONEY ISN’T SAFE IN ANY ONLINE WALLET. You don’t own a single penny if you don’t own the keys. On a related note, just a short few weeks ago @Goofy had XXX,XXX of funds blocked (account terminated) by another champ, CoinBase.com. I am sharing his story so all of you start thinking about moving your funds out, because one day, it may be you.
And risk getting canned for circumventing their policies?
Mistakes or not, you have to make a lot more mistakes in order to get hacked via other wallets. I’m sure Metamask is good in some ways, but my experience with Metamask has been disastrous. I would rather light my money on fire than storing it in Metamask
They won’t do ■■■■ believe me, if you make a new one on a new name you have at least a year of business. Every transaction you get transfer from binance to ledger and you are good
@SWAPD, do you know you can keep TRC20 USDT on Ledger? And yes, it costs 1$ to send as well.
The process is simple, just send TRX (not usdt, but the actual coin TRX, send 10$, it’s enough) to your Ledger and it will “enable” it so you can start taking USDT in that network.
I am quite new to it, didn’t see the app for it. I do, however, have a better version that I will fire up later today. Thank you for the tip! Will look into it tonight.
The app is TRX. Then you will need to buy (on binance for example) something like 10$ worth of TRX and send it to your TRX wallet on Ledger. This will “enable” the wallet to start taking payments in USDT TRC20. It will be the same TRC20 address you used for sending the TRX initially.
And yes, it costs 1$ to send as well.