Binance 2030 by Along Tusk

No More Dollars: Binance Give SEC A Bloody Nose

By XTRM™ | Cryptopia | 9 Jun 2023

The joyasm of a great SEO introduction - No More Dollars: Binance Give SEC A Bloody Nose - That they did indeed...

SEC Fine Mess by Along Tusk

Hold onto your hats my Internetty Rappers of the world, we have some balmy, tasty, big news coming out of the crypto exchange world today. Binance US has just announced that they will be suspending the deposit of US dollars and pausing withdrawals... Soon!

Yes, I said soon... As in, not right this second. No need to panic and sell all of your crypto just yet (unless you want to, in which case, carry on). But by next week, all US dollar deposits will be suspended and withdrawals will be paused. Now, isn't that just peachy? I can hear the sound of thousands of fingers frantically typing and panic-buying Dogecoin as we speak.

Gensler Spock by Along Tusk

But wait... Cha-ching there's more! It seems that this announcement is in response to the little  Coinbase and Binance Exchange spat with the SEC (in case you've been living under a rock and haven't heard about it yet). The SEC, which stands for the "Securities and Exchange Commission," has been engaging in some good old-fashioned regulatory power plays with companies that don't quite fit into their neat little boxes... Like trying to get a Spandex suit on The Hulk- The SEC just does not work!

I say it a lot... And you know I'm not one to criticize people in positions of power (okay, that's a lie, I criticize everyone), but what's going on here? It's almost like they're making up rules as they go along, slapping companies with fines and regulations left and right without any clear guidance or consistency. It's like they're playing a big game of "guess what's in my head" with the entire crypto industry.

BNB Wresting: Bi Nancy by Along Tusk

And now Binance US is caught in the crossfire. It's not like Binance US has been hiding in the shadows, doing shady deals and trying to skirt regulations. They've been operating within the confines of the law (as far as we know), and now they're being punished for...what exactly? Existing? Being too successful?

The Original BNB-Men by Along Tusk

It's a frustrating situation for those of us in the crypto world who just want to have legit, regulated exchanges to trade our assets on. Is that really too much to ask? Apparently, yes.

Bleat... Ahhh but let's not dwell on the negative... We should focus on the positive. Binance US is not going anywhere (at least, for now). They will still be allowing trading in crypto-to-crypto pairs, so you can still swap your Bitcoin for Ethereum like it's nobody's business. And who knows, maybe this is just a blip on the radar. Maybe the SEC will pull its head out of...the sand...and start providing clear guidance and regulations for the crypto industry.

Or maybe we'll all just move to Mars and start a new crypto society there. Hey, it could happen.

Binance 2030 by Along Tusk

So you lunatics... If you haven't already jumped ship and moved all of your assets to Mars, hold tight. Binance US is still going to be around, despite the SEC's best efforts. And who knows, maybe this will all blow over and we'll be back to business as usual in no time... Or is it SANCTIONS TIME for SEC?

Sooo... in the meantime, let's all light a candle for the poor, lost US dollar deposits and withdrawals. We hardly knew ye... Shame!

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Cryptocurrency Investigator - XTRM™ PR - Taking a laid back look at Crypto while sneaking up on the Cryptocurrency Bad Guys. All investigatory reviews are my own findings during testing - Dig a little deeper! If Carlsberg made Crypto Blogs!


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