Bitcoin Thread

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The distinction between ownership of BTC in custodial accounts and interest bearing investment accounts presumably has to do with the fact that TRANSFERS to interest bearing account after BlockFi declared bankruptcy were investments in a bankrupt company. This would be a risk for investment into any company or scheme and not specific to BTC or where wallets were held.
 
Binance is exiting the Canadian market. They say it is due to regulations concerning stable coins and investor limitations. I don't know how it will impact Canadian users.
 
Fulcrum29 said:
For those that have crypto in an Atomic Wallet:

https://twitter.com/x/status/1664946301815910400
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I guess it is serious:

https://twitter.com/x/status/1665324342467543041

Update: The investigation is still ongoing in a joint effort with the leading security companies. The team is working on possible attack vectors. Nothing yet confirmed. Support team is collecting victim addresses. Reached out to major exchanges and blockchain analytics companies to trace and block the stolen funds.
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Security risks were raised in the past by the Least Authority:

www.coindesk.com

Least Authority Discloses Security Risks in Atomic Wallet

The disclosure is intended to "appropriately warn users without putting them at even greater risk," the security audit company said.
www.coindesk.com www.coindesk.com

Least Authority Discloses Security Risks in Atomic Wallet​

The disclosure is intended to "appropriately warn users without putting them at even greater risk," the security audit company said.​

Funds held in Atomic Wallet, a crypto wallet that supports over 300 coins and tokens, may be at risk, according to a comprehensive security audit conducted by Least Authority.

...

"... we strongly recommend that the Atomic Wallet team immediately notify users of the existing security vulnerabilities. In addition, until the issues and suggestions outlined in the report have been sufficiently remediated and the Atomic Wallet has undergone subsequent security audits, we strongly recommend against the Atomic Wallet’s deployment and use."

Least Authority blog post
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Crypto is going to take a knock. The SEC now securely put both Binance and CZ in their iron sights. I have not seen the charges, but I guess embezzlement is a top charge. Peeps on Twitter say that CZ channeled billions to another company in his name. Don't know, but the waves could be rough to ride out.
 
Binance response:

www.binance.com

SEC Complaint Aims to Unilaterally Define Crypto Market Structure | Binance Blog

We are disappointed that the U.S. Securities and Exchange Commission chose to file a complaint today against Binance seeking, among other remedies, purported emergency relief. From the start, we have actively cooperated with the SEC’s investigations and have worked hard to answer their...
www.binance.com www.binance.com

I don't see anything about CZ in there.
 
The Voice said:
Oof. Mate of mine works for them.
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Binance is implicated, but they can still prove their case. It is Binance.US which will take the hit. The US government have taken a strong stance against crypto so much that they want to see a end to the Ripple/XRP case too.

Tough times to own crypto, but crypto have had worse. It is clear to me that the US wants more than to regulate crypto. Perhaps they see it as a tool their adversaries use to circumvent restrictions...
 
Interesting. Binance put it on the record that they haven't even received the SEC complaint. The media was privy to the compliant prior to it being issued.

The SEC is currently making moves on Binance, Coinbase, Kraken and Ripple. They have signalled that various cryptos are illegal securities.

In short, these are the crypto in their sights, could be more, but is quoting:

BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, COTI, AMP, REP, UST, TRX
 
Fulcrum29 said:
Binance is implicated, but they can still prove their case. It is Binance.US which will take the hit. The US government have taken a strong stance against crypto so much that they want to see a end to the Ripple/XRP case too.

Tough times to own crypto, but crypto have had worse. It is clear to me that the US wants more than to regulate crypto. Perhaps they see it as a tool their adversaries use to circumvent restrictions...
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Tough times are (often!) good times to stock up on the most significant cryptos.

IMO the USis mooving to establish their own CBDC as the major crypto currency.
 
https://twitter.com/x/status/1666129111025324035

Regarding the SEC complaint against us today, we're proud to represent the industry in court to finally get some clarity around crypto rules.

Remember:
1. The SEC reviewed our business and allowed us to become a public company in 2021.
2. There is no path to "come in and register" - we tried, repeatedly - so we don't list securities. We reject the vast majority of assets we review.
3. The SEC and CFTC have made conflicting statements, and don't even agree on what is a security and what is a commodity. 4. This is why the US congress is introducing new legislation to fix the situation, and the rest of the world is moving to put clear rules in place to support this technology.

Instead of publishing a clear rule book, the SEC has taken a regulation by enforcement approach that is harming America. So if we need to avail ourselves of the courts to get clarity, so be it.

Btw, in case it’s not obvious, the Coinbase suit is very different from others out there – the complaint filed against us is exclusively focused on what is or is not a security. And we are confident in our facts and the law.

We'll get the job done. In the meantime, let's all keep moving forward and building as an industry. America will get this right in the end.
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Cardano is being hammered though. IIRC, it is the second time that Cardano is in this position. Robinhood has also stated to delist Cardano amongst others.

Say they do prove their case, and a lot is riding on the Ripple/XRP case, then there is going to be massive bottom scoops. Could almost be deliberate...
 
For those interested in Hoskinson's view:

https://twitter.com/x/status/1665780536177217537

With respect to Binance, I'm reading through the SEC complaint. It's over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life.

A regulatory event is where you have a debate about compliance with a law or guidance. This event seems to be a polticial philosophical disagreement with the very existence of cryptocurrencies and what they represent. An unelected group of people have decided that concepts like self-sovereign identity, owning your wallet, and the freedom to control your economic agency should be removed from the masses and given to the "enlightened" few.

Honestly, what is happening isn't anything new. It's always the same fight between freedom and authoritarianism just with different players, technology, and words. It does seem like this event is a perfect opportunity for the entire industry to set aside it's fragmented nature and unite for a common sense set of rules and guidelines that can prevent the United States from slipping into a distopia that would make 1984 look like a vacation.

I'll have more to say later, but will close with we are going to be fine. Everything's alright and the future is bright for the industry.
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Now that recession conditions are being realised. I am curious to know whether it played part in the SEC's hammered approach? Not the Binance case per se, but the 'securities'. Could it be an attempt to veer people away, to prevent their money leaving a shrunken economy? Just some wild speculation, since recessions drive people to be more liquid, so money would be withdrawn anyway. People panic, and then oddly still overspend.
 
Fulcrum29 said:
Now that recession conditions are being realised. I am curious to know whether it played part in the SEC's hammered approach? Not the Binance case per se, but the 'securities'. Could it be an attempt to veer people away, to prevent their money leaving a shrunken economy? Just some wild speculation, since recessions drive people to be more liquid, so money would be withdrawn anyway. People panic, and then oddly still overspend.
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I think you are correct - that is the issue. I dont believe that they realized, at the onset, the amount of funds that would leave the traditional banking system to crypto markets. Now they are trying to use hard handed tactics to get rid of these organizations, who we have to give some credit to for revolutionizing the payment and transaction space, and start they own CBDC and establish greater control, for themselves - again.
 
Kumi_2020 said:
Incidentally, I read an article this morning that stated that Gary Gensler applied for an advisory role at Binance in 2019 & even met with CZ in Japan. Looks like he did not come right there:)

Perhaps there are other issues at hand here - personal?? Gensler is seemingly on a mission:)

https://cryptoslate.com/gary-gensle...offered-to-serve-as-exchange-advisor-lawyers/
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Having read about Gensler's ways of handling other situations, when I read that article today, I also wondered about hidden motives behind his zeal in containing the crypto space.
 
https://twitter.com/x/status/1669628787267624961

We regret to announce that Binance is leaving the Dutch market as we have been unable to register as a VASP with the Dutch regulator.

We continue to be committed to working collaboratively with regulators around the world and are additionally focused on getting our business ready to be fully MiCA compliant.

Dutch users have received an email on how this impacts them and any steps they will need to take.
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