Binance Halts All Crypto Withdrawals
cryptobriefing.com
cryptobriefing.com
Look up the meme and phrase “funds are safu” that covers this.
Fraud is when an exchange runs away with the customers' funds. If you had a legal money printing machine like Coinbase or Binance, would you keep your money press printing cash or would you steal your customers funds and risk prison?
Its up to the user to keep their funds offchain so they never have to guess.
Funds on exchange (by quantity of assets) are at or near an all time low, so users are learning. No sympathy to other users, unless their funds were in transit.
A bank halting withdrawals would be shut down. Massive difference between putting a hold on an account and freezing across the board.
And for good reason. From the outside, it’s impossible to determine if they’re having liquidity or operational issues. Let that question fester and you get a run.
Paypal sometimes withholds funds to check some transactions. They are legally a bank in europe.
A bank temporarily halting withdrawals may not be shut down, but it would be massively fined.
https://www.investopedia.com/articles/markets-economy/082316...
https://www.irishtimes.com/life-and-style/homes-and-property...
Anyway , i ve been burnt by banks enough in the past to know that binance is better than banks. I can't be preached about it.
Then again, binance is an exchange, not a bank, and exchanges do halt transactions. Some companies even freeze people's buy buttons, and go unpunished.