Amid one of the best bull run in recent months new has come out that Binance, the world’s largest crypto exchange is suspending deposit and withdrawal services via bank transfers and card payments for UK customers. This announcment comes after its local banking partner stopped providing support for transactions in British pounds.
Paysafe their local banking partner, said it would stop providing one of its products to Binance’s customers in the UK, citing local regulators. Paysafe didn’t say whether it would drop support for other crypto companies as well. They said they would halt its services from May 22, impacting all Binance customers. how ever transfers for new users were stopped on Monday.
Binance is working to ensure that affected users are still able to access their GBP balances. At this point, these changes will affects less than 1 percent of Binance users. Being that we are in a short term bull run this new is being over shadowed. I think that we need to remember we are still in tough economic times with the largest bank failures in recent history, regulation weighs on the entire market, and there is plenty of uncertainty around the Federal Reserve. I don't want to say don't make money while crypto is pumping, but remember to be strategic and don't get caught up in FOMO.
I want people to learn from my mistakes. I know there are a lot of people out that that will tell you what to do with your money, but I am not one of those people. Everyone needs to come up with their own trading strategy.
The only piece of advice I'm willing to give right now is don't listen to Jim Cramer. This fool told you to sell your Bitcoin just before this pump...
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You are absolutely right that unless I know about this market we will never make money from it. Because 90 percent of the people who are on top of it only lose because they put money into it without thinking and then they lose and the way we have seen that after the bullish tweet. There is a lot of pump in the market and we can see that whoever owns this time number exchange is also putting money into it. Every person has to make his own strategy and think about where to buy and where to sell then he will be able to date successfully. The way we see a lot of banks defaulting these days. The work done by the CZ will also be for the good of the people as he is the master of crypto.
It tough to be a trader I have lost a lot of money but hopefully you learn from your mistakes.
Yeah Man always learns from his mistakes.
It is harder than you think.
It sucks to hear that and the fiat on or off ramps are very important. There isn't much they can do when the regulators get involved but I am sure they will try to find a different alternative soon enough.
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If they are needed governments have more control than we think. Until P2P is bigger we are stuck with them to transact.
It was only a matter of time.
Changes are coming and we cannot sit by idle. I'm trying to make sure all my crypto is in order if any sweeping regulations take place. Cold storage is key!
:) :) :) I told you so... almost all exchanges deeply tide to banks, FIAT. I just sent to you the answer I got from a crypto exchange, when I asked their bank connections in any meaning, mostly investor, investing, assets holding kind. I got no answer from any. You just find it out later, when it is already too late. Probably not in this case.
This is their 'answer' - I asked few, this one from ByBit:
as i wrote, my favorite part: since the beginning, they haven't halt withdrawals, thats the ultimate proof... :):):) well, it happens once only, and that's more than enough, and that time it is already too late...
I really just get more info about exchanges, but Binance looks like tied to banking, monetary system deeply. Do you know its investors? Still couldn't figure out the amount, but the 2 California based big ones are probably put big money in Binance. (Sequoia, Vertex Venture) I did not check the rest. These investor companies highly depends on banks, so not a sci-fi to imagine domino effect what reach crypto exchanges very fast.
https://app.dealroom.co/companies/binance
https://en.wikipedia.org/wiki/Sequoia_Capital
It would not surprise me, if these investors put billions in Binance... what happens if they can't access to their money in the banks??? Don't mention what happens if Binance directly can't... and pretty much all crypto exchanges directly or inderectly look very similar.
It all goes back to not your keys not your crypto.
That's really a cool measure
It’s all about making money. Just make sure they don’t make much off you.
I don't think I would ever listen to someone who tells me to sell my BTC! :) Very interesting times ahead... I don't expect this will end just at the UK.
The inverse Cramer trade seems to work a lot of the time.
Tit for tat, I'm sad for UK users, But i'm pretty sure CZ will come out with the better solution for this situation.
Yes, he is always thinking about the future of crypto because that means he gets more power and moeny so I'm sure something will be done.
yes , he is one man army.
This is temporary and we all know it will get better and we hope that it gets fixed as soon as possible.
I thing it is too. I this the exchanges are trying to reduce risk at the moment.
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