Bye Bye Binance
Some of you have surely heard the rumors: from "US politicians are planning an act of revenge against Binance because of the FTX disaster" to "Binance is accused of money laundering" to "Binance is insolvent, customers' deposits are gone" you have read everything today.
@FDIVIB had written about it this morning already briefly and succinctly on GetQuin: https://app.getquin.com/activity/nsytVgWIvc . A guy with a blue hook (A BLUE HOOK!!!) and a bit of reach on Twitter, spreads neat FUD: https://twitter.com/mikealfred/status/1602461226550063105 And also some more or less serious media, like heise.de, report about it: https://www.heise.de/news/Ermittlungen-gegen-Kryptoboerse-Binance-Justizbehoerden-uneinig-ueber-Beweislage-7392562.html
Binance is currently the largest exchange for cryptocurrencies. If Binance goes under, it will make much bigger waves, cause bankruptcies and drag down crypto and bitcoin prices as well. There will be a lot of blood on the blockchain. Bitcoin will survive (see also my post "Bitcoin is crypto and crypto is dead. Long Live Bitcoin!" https://app.getquin.com/activity/FYtgJmTHNP ).
Personally, I think an insolvency of Binance is relatively unlikely. However, it is not out of the question. It wouldn't be the first major exchange to become insolvent. The Mt. Gox hack in 2014 is unforgettable, in which investors (including a certain GetQuin donkey) lost their deposits and which resulted in years of legal proceedings. At least the creditors can now hope to get at least part of their deposits back in 2023.
Nevertheless, I took this as an opportunity to calmly and relaxedly transfer my last remaining coins from Binance to my hardware wallet - which, by the way, was all possible without any problems. No trace of insolvency.
Specifically, I still had my $HBAR (+0,37%) coins on Binance. My hardware wallet only supported a beta version for a long time, which is why I was in no hurry to transfer the coins. In the meantime, however, there is a regular version. So today I created a https://www.hashpack.app/ Hedera account and sent my tokens to my wallet. Now only the staking in combination with Ledger has to work, then I'm happy. But on Binance anyway there was only 0.5% interest on $HBAR (+0,37%) Deposits, so no big loss.
Then I still had a few $BUSD (+1%) lying on Binance. This is my version to bet against the Euro and on the USD (worked) and at the same time still good to pick up interest. But they have been lowered more and more in the last months. Which is why it didn't bother me to withdraw my coins here either. These I exchanged before but still against $ETH (+1,11%) . Wanted there, on occasion, anyway still put a few euros. So why not now? The annoying thing was only that I had to be verified before at Binance (now for the 3rd time 😏). What do you do not everything.
Last but not least I had a few $BTC (+0,26%) from a gambling with Binance Dual-Investment lying around, whose value had halved in the meantime. Since Bitcoin flies to the moon by 2025 and recovers the loss, I also saw no point in not sending it to my hardware wallet.
On Binance are now only a few $BNB (+1,96%) (not tracked in my GetQuin portfolio). But they can stay there. If Binance goes down, goes $BNB (+1,96%) goes with it. So there is no reason to store them somewhere else.
Even though, as I said, I think the risk of Binance going bankrupt is relatively low, it feels good to finally have the remaining coins safely stored on my hardware wallet. I completely don't care what happens to Binance with this. Bye Bye Binance 🙂.
Based on the news in the last few weeks, who has decided to transfer their coins to their own wallet after all? Or who is at least thinking about it?
If you are a big fan of centralized exchanges and now really want to invest in Binance, take a look at my profile. There you will find an invitation link for Binance 😁🚀
