CoinGeek reported a few days ago that the cryptocurrency exchange Coinbase went offline during another market drop. On Monday, Binance twice put a hold on all digital currency withdrawals because of a backlog, and they did it again.
In the beginning, withdrawals were stopped and then restarted about 25 minutes later. They were then stopped and restarted again.
Shady Business by Binance
Zhao likes to think of himself because he is one of the people who love the crypto movement. He often tweets about things that aren’t true, like decentralization, permissionless access to digital currencies, uncensored transactions, and so on.
However, a closer look at Binance and how it acts shows that it’s almost the exact opposite of what it appears to be in public. There are many bad things about this company, and these withdrawal suspensions are a good example of that.
A lot of law-abiding countries have blocked or banned it, and it has moved from country to country as it tries to avoid rules. Even though Binance says it wants to regulate the digital currency market, its actions show a very different picture.
The Cause of Suspension
The fact that Binance said that there was a lot of work to be done dispels a lot of misconceptions.
We can tell that Binance users are unhappy. Many others retweeted the discussion. Others argue that token trades should be made using decentralized protocols, not corporate-controlled ones.
Everything Is a Lie
The fact that a prominent digital currency exchange momentarily suspended withdrawals illustrates that much of what people assume about crypto is false.
There are a lot of self-interested criminals in charge of the industry. Binance and other exchanges like Coinbase and BitMEX have shown this repeatedly. They charge extortionate fees for people to use the new financial system they say will be more inclusive and accessible.
This is how it is right now: The digital currency space is nothing more than a global, unregulated casino, and Binance is more than happy to keep taking fees to make this happen. Regulated: If it had to back up its backlog claims, it would have to do so. But as things stand, it won’t have to do so and will keep misleading newcomers and people who haven’t yet caught on to the game.
Despite the best efforts of everyone involved, the Wild West period is coming to an end. Court fights may show differently, despite global authorities’ claims. As crypto-anarchists fall one by one under the weight of the law, more and more individuals are doubting their worldview.
When Binance stopped people from withdrawing money, it’s hard to say for sure what the reason was. But as more nations pass regulations, it will become simpler to discern the truth from the falsehoods.
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