Quick Recap
The largest cryptocurrency exchange platform has been under the spotlight for months by regulatory authorities around the world, especially by the USA which has sued the company for violating federal law, or rather for having collected money from US citizens without the necessary license. Not only that, in June of this year, the SEC accused Binance of deceiving investors and authorities, by diverting money to a company controlled by CZ himself.
Following these allegations, many companies are leaving Binance, including VISA which will no longer issue cards for European customers from this summer and Mastercard for South American customers.
The withdrawal partner has also been changing, it is now Paysafe.
All of this has highlighted what is the main problem in the cryptocurrency sector, namely how vulnerable Binance and the whole sector is.
WHAT WILL HAPPEN THEN?
Binance could solve all the problems by complying with the regulations, otherwise it will be fined or even shut down.
The situation is extremely serious, but not irreversible.
What to do if you have funds on Binance?
Only two things:
- withdraw to a private wallet or another exchange (still assuming the risk that this will be affected by regulations such as Binance and Coinbase)
- keep the funds within Binance but carefully monitor the situation on a daily basis, clearly the riskiest choice.
It's helpful to remind everyone "invest only what you are willing to lose".
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