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OpEdNews Op Eds    H2'ed 11/4/19

Crypto Banking and Binance - what really happens to your funds and data

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Although many praise Binance for the variety of coins it offers, this advantage is reportedly due to an overwhelming commission gained from partnerships with altcoins. The platform reportedly charges up to 400 BTC in listing fees. The exchange platform attempted to conceal their listing price instead of being completely transparent, a move that many in the crypto community fail to understand.

Anti-Binancism has been steadily growing. Communities and customers are known to complain about the failing 2fa security measures that are often faulty, time-consuming, and ultimately unreliable. One trader noted that his balance completely flat-lined. "I found my wallet was still 0 when I updated firmware. It is clear, one transition happened at 7:54pm on 9/09/2018, while I was abroad," said the trader. Another user had all his altcoins sold at market rate.

While the exchange pushes forward in the US, crypto connoisseurs are weary. An increasing number of frustrated users on Reddit are directing their complaints at Binance, as reports of accounts being frozen and mysterious transactions increase.

The bottom line? While trading on the platform may be convenient, one thing is for certain--Binance holds the keys to all accounts in a highly centralized business deal where the bank can shut you out simply because of server down time.

Refusal to comply with regulation

The New York State Office of the Attorney General (OAG) launched a Virtual Markets Integrity Initiative in 2018. According to their report, the initiative is based on a simple principle that "consumers and investors deserve to understand how their financial service providers operate, protect customer funds, and ensure the integrity of transactions."

Today, while Binance officially launched in the US in September 2019, New York is not an authorized trading state since they refused to join the initiative. The report also confirmed that the exchange is in fact violating New York's virtual currency regulations. Out of the 13 exchanges listed in the report, only 3 exchanges refused to respond to the NY AG's investigations.

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