I haven’t written about crypto for a little while. I was just waiting for the open Ponzi like Binance and Tether to implode. But the end might be near. It appears some users based in Europe are not able to withdraw their funds. Binance originally posted a tweet as shown above but later retracted and said the fiat ramp in Europe is still available until 9/25. But apparently some users are still not able to access their funds.
In the past week, $BTC and $BNB prices also flash crashed 11% and 11.6% respectively with $30M worth of BNB liquidated after $BNB price dropped below $210. I would imagine many users are withdrawing their funds from Binance. We are probably close to the moment of truth to know if Binance has enough liquidity to meet user withdrawals. But my bigger question is when the official government crackdown will happen. A lot of evidence points to Binance’s violations of AML and commingling of user/company funds. It boggles my mind Binance is still allowed to operate in the current form. I hope something will be done soon and Binance/Tether scam can be stopped so other law abiding players could acutally thrive.