edit for clarity: this is mainly for for Binance.us
This is a red alert to all bitcoin holders not to use the binance.us exchange. You can assess the facts yourself by going to the r/binance subreddit, and seeing all the support requests for locked accounts. If you look for a pattern, you will notice that accounts trying to transfer money out are locked down, and nobody trying to transfer money in.
A convenience sample:
- https://old.reddit.com/r/binance/comments/n4i0yr/weekly_binance_support_thread/
- https://old.reddit.com/r/binance/comments/n5subl/hello_i_have_been_trying_to_contact_your_services/
- https://old.reddit.com/r/binance/comments/n5lafl/account_locked_on_121_no_email_response_no/
- https://old.reddit.com/r/binance/comments/n5crvt/please_release_my_money_to_me_ticket_1045567/
- https://old.reddit.com/r/binance/comments/n5nmw5/i_need_help_this_is_all_the_money_i_have/
- https://old.reddit.com/r/binance/comments/n5q5nt/cz_admitting_on_twitter_that_binance_has_issues/
Those are the facts. I don't have any additional information about binance, and can't make a statement of fact. However, the best possible explanation to fully explain their actions is that binance is insolvent, and should be treated as such.
It pains me greatly to say it, because I need your deposits to achieve my own withdrawals, but I can't in good conscience be silent about this.
If it adds anything to my credibility, I am a MtGox survivor, and managed to get my funds out just in time back then. In large part due to listening to warning like this one.
Remember kids: not your keys, not your bitcoin.
edit for a prediction:
if there is any truth to this, the next thing that happens is their exchange rates start to diverged other exchanges, as they try to entice depositors with more crypto per dollar, or exchange fees near zero.
if you see this happen, it's an even bigger red flag.
second edit: I would think that financial news services like the WSJ would be all over this given their recent interest in reddit, but they can see all the same submissions on r/binance, and aren't connecting the dots.
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