Posted on 02/07/2023 4:30:19 AM PST by EBH
Binance, the world's largest crypto exchange, will suspend US dollar transfers from Wednesday, and the move is reportedly fueling millions of dollars in outflows from the platform to rivals.
A company spokesperson told several outlets Monday, including CNBC and Bloomberg, that deposits and withdrawals of dollars would cease indefinitely, without giving a reason for the move. Transfers in other fiat currencies such as the euro were unaffected...
In a tweet, Binance US, the US arm of the group, said it was unaffected by the restriction, indicating the suspension would only affect dollars held by non-US customers.
According to data provided to CNBC by Arkham Intelligence, the announcement caused millions of US-tied stablecoins like Tether and USD Coin to flow from Binance's crypto wallet to rival exchanges.
"We're still overwhelmingly net-positive on net deposits," the spokesperson told CNBC in response to reports of outgoings. "Outflows always tick up when prices start to level off following a bullish market swing like we saw last week as some users take profits."
(Excerpt) Read more at msn.com ...
No reason given, but non-US customers? Cannot exchange for dollars is interesting. Are they perceiving the US dollar as too unstable? Debt ceiling concern?
US is not affected? Basically this reads like they are stopping all fiat exchanges in US fiat currency outside the country. Wouldn't this impact the value of the crypto held?
Maybe it’s me, but I wish the story were written more clearly. Doesn’t make a lot of sense to me, but I haven’t had my coffee.
The start of the dumping of dollars?
Binance is trying to crash the dollar just like they did with FTX.
Looks like they are valuing USD crypto accurately, for the first time.
Crypto is a fraudulent money laundering operation, every single ounce of it. PERIOD.
“Crypto is a fraudulent money laundering operation, every single ounce of it.”
I am pretty sure all of the crypto in existence weighs less than an ounce in total.
Sounds like they ran afoul of U.S. money laundering laws, just like FTX.
My guess is that Binance is trying to minimize interaction with US customers that can give the various Federal authorities an excuse to come after them for some crime or other.
I don’t buy many of the above comments that Binance thinks its large enough to make a difference in the path or ultimate destination of the dollar, or that it is part of their motivation.
No one above knows anything about crypto. They will be buying and selling in crypto within a year or two. Crypto is already written into the tax code.
We are going to war and US doesn’t want US Citizens to be able to transfer money out of the country in case there is an attack on the USD. Simple as that. China has done the same thing.
No, this is affecting non-citizens.
This affects non-citizens? They cannot convert to dollars.
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