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Comment by unixhero | Hacker News Reader

Binance has always delivered. They are ranked number 1 for a reason, namely Trust.

I'd be very interested in reading actual proof of them being shady. Please do share.

Sorry, what?

Binance came out of nowhere with massive fake volume, as a China-based exchange pretending to be based in Hong Kong. They've proceeded to thrive by having a reputation for giving accounts to anyone, globally (which, TBH, is not a bad thing as they operate in countries where it's better than trying to save in the local currency). And their home country is "somewhere you are not".

There is no basis for believing that they have maintained all the funds: why would they?

There is basis for my postion and point of view. You can see their cold wallets and inspect the wallets for Binance moving funds. If what you stated were facts, we would most certainly agree. But the thing is, they are not true. See data below.

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#Binance published cold wallet addresses and balances for 6 of our 600 coins. More to come. 475K BTC4.8M ETH17.6B USDT21.7B BUSD601M USDC58M BNBThese were public before anyway, but organized together for your ease of viewing.https://t.co/Jm6dVoDqM5

— CZ Binance (@cz_binance) November 10, 2022

There was a reason Bernie Madoff was one of the most respected men in finance. He always delivered high returns and always met withdrawal requests promptly. Until one day he didn't.

Here is an example of why Binance is shady: https://cointelegraph.com/news/binance-proof-of-reserves-is-...

Story written based on input and allegations by one of their main competitors. Not convinced.

Keep your money there and find out soon maybe.

I hope they're solvent. But I'm not betting my money on that.

This is a good start to investigate this: https://t.co/Jm6dVoDqM5 Binance is somewhat transparent about their holdings.

I would have thought they are ranked number 1 because they are lenient about KYC/AML.

Not my experience. Regarding KYC: I have had to redo KYC in intervals and every submission had to be legible and they were picky. Not convinced.

AML routines and that game I have no knowledge of. So maybe.

How much money did you trade though. If you look the other way on KYC, you only do it when there is millions on the table.

You used to be able to use binance without KYC in its early years but more recently (around 2019 onwards) it has started requiring KYC even to get on the platform. At the same time they've forced old users to either provide KYC or disable their accounts. This probably only applies to EU users though.

Here's the proof: https://news.ycombinator.com/item?id=35327996

Binance were banned in multiple jurisdictions for fraud.

https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-c...

> Binance were banned in multiple jurisdictions for fraud.

> https://web3isgoinggreat.com/?id=cftc-sues-binance-and-ceo-c...

The link you posted is unrelated to your claim. It is about the US CFTC suing the Binance CEO on allegations of violating trading rules.

There is nothing mentioned there about about fraud or being banned in multiple jurisdictions.

They are banned in the US and the UK. The lawsuit is specifically about illegally trying to evade that ban.

That is fraud and there are many many other examples if you choose to do even a cursory search.

I'll just leave this here - https://twitter.com/web3isgreat/status/1640373566322491393

Reply on news.ycombinator.com