Cryptocurrency: SEC Binance Virtue News etc...

[grarpamp]

Saylor: "Ultimate humanitarian act? Put all your money in bitcoin, die
with your keys. Because you know you have made a pro-rata distribution
to the virtuous."

I'm from third world country and i just reached 0.2BTC😁 Been DCA a
lot for last 3 years.

Is it me, or are the governments and media really doing everything in
their power to get us to sell our crypto?

Isn't it a bit odd that a collective action against Binance starts at
the exact same time frame at which BlackRock is filing for a BTC ETF?

NatWest, a bank that explicitly restricted crypto-related transactions
post-SVB,now requires prior notice for withdrawals over £2000, as well
as an interview and "documentation" like an invoice. It now seems
clear crypto was made a scapegoat for ailing and failing banks(or
certainly for NatWest)

Police tell Bitcoin ATM firm to 'go to hell,' take scam victim's cash
from machine

Binance Reaches Deal With Government to Avert U.S. Shutdown (nytimes.com)
by Marketing_Usual

[–]kryptoNoob69420Platinum | QC: CC 608 77 points78 points79 points 13
hours ago (23 children)

Under the agreement, funds belonging to customers of Binance.US would
go into special digital repositories accessible only to the U.S.
exchange — and not to Binance’s larger international operation, or its
founder, Changpeng Zhao. The deal stipulates that Binance.US can
transfer company assets “solely to make payments for expenses or to
satisfy obligations incurred in the ordinary course of business.”

Makes sense.

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[–]RedBunery 63 points64 points65 points 12 hours ago (9 children)

    US would go into special digital repositories accessible only to
the U.S. exchange — and not to Binance’s larger international
operation, or its founder, Changpeng Zhao.

The fact that this wasn't the case previously is rather unnerving.

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[–]Electronic-Past53511 - 2 years account age. -15 - 35 comment karma.
36 points37 points38 points 10 hours ago (3 children)

Yeah. I was listening to an interview with Gary and he was saying how
the thing he doesn't like with crypto exchanges is how they handle
various operations that legacy-wise would require multiple different
entities so funds aren't co-mingled or that an exchange doesn't have a
trading desk that is betting against its user, which is very
reasonable.

When we think of the NYSE, they are an exchange. Period. They do not
do custody, they do not borrow nor lend, they do not manage trades -
those are all done by other institutions.

I feel this fuck SEC has been blown out of proportion like everything
is with crypto. Yes they are not angels, but they are not evil demons

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[–]conceiv3d-in-lib3rty 17 points18 points19 points 9 hours ago (0 children)

This is part of the sensible regulation we need in crypto. If you step
outside the crypto bubble, there’s such a negative perception of it.
Like an absolutely awful perception by most people. Regulation is the
answer to changing this. It’s never going to be anything more than
exchanges failing with investor’s funds, VC’s dumping on retail and
worthless pump and dump tokens without it.

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[–]PooOopyOpinionTin -4 points-3 points-2 points 10 hours ago* (0 children)

The thing is that those “multiple different entities” developed as
they did for a reason. It’s arguable that a major reason for crypto’s
growth has been the crypto space’s centralization of these roles in
exchanges. This makes it easier to scam people of their money, which
is the true purpose of cryptocurrency.

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[+]Kumomax1911Silver | QC: CC 373, ETH 18 | EOS 382 comment score
below threshold-8 points-7 points-6 points 6 hours ago* (0 children)

Gary won't even pickup the phone for the largest crypto exchange in
the US. You are not seeing the whole picture/debate. Not even close.
Not fuck the SEC (many are good in the SEC, and fighting against his
over reach). Fuck Gary. He is a 100% a liar with an agenda. Do not
trust anything he says before you take the time to hear all sides.
Gary is good at bullshittng. He's not an idiot.

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[–]TNGSystems 5 points6 points7 points 7 hours ago (4 children)

I’m of the opinion, perhaps naively, that it really shouldn’t be so
hard to operate a profitable exchange.

Customer assets are not loaned out or used, and all you do is charge a
fee per trade and a fee to withdraw and there! What else do you need
to do?

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[–]Smp208fTin 0 points1 point2 points 28 minutes ago* (0 children)

The irony is that it is. People are just greedy.

FTX was supposedly making $10M-$20M a day on fees, which is insane
money. But of course $3B+ in revenue a year wasn’t enough for SBF…

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[+]debtfreegoalPlatinum | QC: CC 89, DOGE 66 comment score below
threshold-6 points-5 points-4 points 6 hours ago (2 children)

Well an exchange needs to hold the crypto they sell. So that is some
expense there.

And imagine your exchange wants to offer some meme coin, but you buy
on the pump! Then it dumps down… well you just FOMO’d in and now when
you sell, you just took a loss!

So yeah, not as easy as it may seem.

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[–]StolenApe 3 points4 points5 points 2 hours ago (0 children)

I’m not following how the price of an asset matters to the exchange.
Stock exchanges don’t live or die by stock prices

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[–]TNGSystems 2 points3 points4 points 5 hours ago (0 children)

For new coins they can just require third parties to be market makers.

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[–]greenappletree 9 points10 points11 points 10 hours ago (1 child)

Makes so much sense as to wonder y it was not there in the first place
hah hopefully when the smoke clears we will have better rules a d
standards going forward

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[–]conceiv3d-in-lib3rty 5 points6 points7 points 9 hours ago (0 children)

It hasn’t been there in the first place becuz of the lack of
regulation in this space.

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[–]002_timmy 29 points30 points31 points 13 hours ago (8 children)

So basically they can’t disappear with the money

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[–]NequienttTin 3 points4 points5 points 4 hours ago (0 children)

A lot of this exchanges are running away from US because the wild wild
west is over for them there, also Sec wants customers funds to be
guaranteed even if exchange goes down which for a lot of them is a big
no no.

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[–]BeyonderrPlatinum | QC: CC 1253 17 points18 points19 points 13
hours ago (5 children)

Was Gary looking out for us all along? Im so confused.

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[–]emp-sup-bryBronze | QC: CC 22 | LRC 6 9 points10 points11 points 9
hours ago (0 children)

Yes, which is what the voices of reason were trying to say all along.

Skeptics are important but there are also some real idiots that work
from political philosophy outward to such a degree that every nail is
to be hammered, etc.

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[–]RedBunery 24 points25 points26 points 12 hours ago (2 children)

This is the kind of regulation I think all of us can get behind. No
one wants scenarios where crypto CEO vanish with customer funds. Think
GG could build a lot of bridges if he started talking about steps like
this more.

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[–]emp-sup-bryBronze | QC: CC 22 | LRC 6 7 points8 points9 points 9
hours ago (0 children)

And this is the kind of regulation that builds a bridge of safety for
more people to enter the space.

There is a lot of money out there funding anti regulation propaganda,
and them that are funding ain’t on the side of retail.

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[–]BeyonderrPlatinum | QC: CC 1253 1 point2 points3 points 9 hours ago
(0 children)

Well said. I dont think that was a risk with CZ but some assurance works for me.

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[–]2BFrank69Tin | 2 months old -2 points-1 points0 points 2 hours ago
(0 children)

The Wallstreet mafia want him out. What does that tell you?

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[–]Interview_Party -2 points-1 points0 points 9 hours ago (0 children)

But some exchanges just did, they are out there preventing what ifs
than chasing have beens.

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[–]ArcosimSilver | QC: CC 51 | VET 22 | Technology 39 0 points1 point2
points 8 hours ago (0 children)

Indeed, much less severe than what I previously expected.

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[–]MayorAnthonyWeinerPlatinum | QC: CC 83, XMR 31, BTC 17 | Buttcoin
17 | Finance 27 0 points1 point2 points 5 hours ago (0 children)

Yea I don’t hate this

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[–]n1ghsthadeI suggest you do it now 24 points25 points26 points 13
hours ago (7 children)

Ok, Bitcoin to 100k now

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[–]BeyonderrPlatinum | QC: CC 1253 9 points10 points11 points 13 hours
ago (4 children)

This 2021 is soooo long. Thankfully, 2021 Q11 we will finally see 100K.

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[–]n1ghsthadeI suggest you do it now 2 points3 points4 points 13 hours
ago (3 children)

Look at the bright side, we don't age

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[–]002_timmy 5 points6 points7 points 13 hours ago (2 children)

Oh, I’ve aged.

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[–]BeyonderrPlatinum | QC: CC 1253 2 points3 points4 points 13 hours
ago* (0 children)

Me too. I started my crypto journey in 2021 and its been a crazy 10 years

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[–]n1ghsthadeI suggest you do it now 1 point2 points3 points 13 hours
ago (0 children)

I don't even see your face, not sure whether that's good or bad.

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[–]Puzzleheaded-Sun-363Tin 0 points1 point2 points 10 hours ago (0 children)

Better late than never!

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[–]Hawke64Platinum | QC: CC 199 0 points1 point2 points 5 hours ago (0 children)

We are a bipolar bunch, aren't we?

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[–]BeyonderrPlatinum | QC: CC 1253 20 points21 points22 points 13
hours ago (6 children)

Im increasingly starting to believe we are living in a simulation.

This timeline is insane.

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[–]SkuniMasterMind 1 point2 points3 points 11 hours ago (0 children)

Odds are higher that we live in simuation than that we are not.

So yeah, nothing nothing amazes me anymore

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[–]HodlMyBottleTin | Politics 15 0 points1 point2 points 11 hours ago
(0 children)

What are we simulating? Dystopia!!?

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[–]Popular_Worry_9294Tin 0 points1 point2 points 10 hours ago (0 children)

It feels like we’re part of a Black Mirror episode sometimes

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[–]Hawke64Platinum | QC: CC 199 0 points1 point2 points 5 hours ago (0 children)

The simulation broke down after Harambe's death 🦍

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[–]antiprogres_ -1 points0 points1 point 7 hours ago (0 children)

If we lived in a simulation, reality would NOT be that weird

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[–]Dipsi1010Tin | BTC critic | SHIB 393 -1 points0 points1 point 7
hours ago (0 children)

What about this makes you think its a simulation?

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[–]colonycom 8 points9 points10 points 13 hours ago (6 children)

Money answereth all things under this sun!

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[–]JoNwOrDy 2 points3 points4 points 12 hours ago (0 children)

Binance: "Money answereth all things under this sun, except for
regulatory scrutiny. But we've got that covered now... with money."

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[–]SQUIRMANDESAUR 0 points1 point2 points 11 hours ago (0 children)

If money didn't solve your problem, just add another 0 until it solves it.

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[+][deleted] 12 hours ago (1 child)

[deleted]

[–]branddz -1 points0 points1 point 11 hours ago (0 children)

Better money. Better world. Bitcoin.

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[–]SimbaTheWeaselBronze | QC: ALGO 18 -1 points0 points1 point 9 hours
ago (0 children)

No lies told here

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[–]azdood85Platinum | QC: CC 20 | Politics 194 -1 points0 points1
point 7 hours ago (0 children)

    Money staying in the U.S. answereth all things under this sun!

Ftfy

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[–]boerenbrokBronze | CRO 7 15 points16 points17 points 13 hours ago
(10 children)

‘Part of the deal: a lot of money’

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[–]AbysskittenPlatinum | QC: CC 80 7 points8 points9 points 12 hours
ago (3 children)

"Cash rules everything around me."

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[–]kirtash93The Ash Ketchum of Crypto | Gotta Catch 'Em All 0 points1
point2 points 11 hours ago (1 child)

Everybody must pay a tribute to the SEC and lord Gary Gensler.

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[–]rahhumilovedogsTin 0 points1 point2 points 8 hours ago (0 children)

Unfortunately, sec has unlimited legal fees paid by those it "protects."

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[–]tzarkeeTin 0 points1 point2 points 11 hours ago (0 children)

Except when a different asset class provides better risk adjusted yields

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[–]Odd-Radio-8500Tin | 2 months old 1 point2 points3 points 12 hours
ago (0 children)

Money playing its part

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[–]JoNwOrDy 1 point2 points3 points 12 hours ago (1 child)

Binance: "We're not shutting down in the U.S., we're just paying a lot
of money to stay open. But don't worry, we'll make it all back in
fees."

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[–]rahhumilovedogsTin 0 points1 point2 points 8 hours ago (0 children)

Pay sec or pay binance. Same thing just in a different place.

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[–]badfishbeefcakeSilver | QC: CC 100 | ADA 32 | PoliticalHumor 42 -1
points0 points1 point 12 hours ago (0 children)

to whom? 😂

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[–]jorneypTin | SHIB 11 6 points7 points8 points 13 hours ago (1 child)

This is good news at least the avoided something bad from happing
until they clear things out

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[–]kirtash93The Ash Ketchum of Crypto | Gotta Catch 'Em All -1 points0
points1 point 13 hours ago (0 children)

They probably reached the classic agreement of "how much money you
have to pay me" in a form of tribute to our Great Lord Mr. Gary
Gensler.

All this stuff ends this way. They pay a fine and move on. Banks do it
all the time.

BTC$69k confirmed by end of June 2023 🚀💰

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[–]coinfeeds-botApproved CC Bot 2 points3 points4 points 12 hours ago
(0 children)

tldr; The Securities and Exchange Commission (SEC) has reached a deal
with Binance that will allow the cryptocurrency exchange to continue
operating in the US and safeguard customer assets as it battles a
government lawsuit. The SEC had filed fraud charges against Binance on
June 5 and moved to freeze the firm's US assets, which the exchange's
lawyers said would put it out of business in the US. Under the
agreement, funds belonging to customers of Binance.US would go into
special digital repositories accessible only to the US exchange and
not to Binance's international operation or its founder, Changpeng
Zhao.

This summary is auto generated by a bot and not meant to replace
reading the original article. As always, DYOR.

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[–]Mrramirez44Tin | CC critic 2 points3 points4 points 10 hours ago (0 children)

So common sense regulations?

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[–]DurbanDawgTin 2 points3 points4 points 6 hours ago (1 child)

Finally some good news for once.

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[–]Marketing_Usual[S] 0 points1 point2 points 6 hours ago (0 children)

I'll give you some more bad news tomorrow

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[–]Florian995Tin 1 point2 points3 points 13 hours ago (5 children)

The deal: Gery Gensler gets an ass full of money

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[–]MichaelAischmann 4 points5 points6 points 13 hours ago (1 child)

And CZ gets an ass full of Gary Gensler.

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[–]Florian995Tin 1 point2 points3 points 13 hours ago (0 children)

That’s a high price to pay for him lol

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[–]DBRiMattThe Great Australian Shitposter 0 points1 point2 points 13
hours ago (0 children)

And we continue the Sec-Binance dance!

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[–]special_onigiri 0 points1 point2 points 13 hours ago (0 children)

Nah everyone gets money.

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[–]WineMakerBgTin 1 point2 points3 points 13 hours ago (2 children)

TLDR: Indulgence Paid - Full remission of all sins.

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[–]Probably_notabotTin | CC critic 2 points3 points4 points 7 hours
ago (0 children)

Time to move on to some fresh, new sins

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[–]CryptizardAcademic Cryptographer 0 points1 point2 points 2 hours
ago (0 children)

Why would you make a TLDR when you didn’t even read the article
yourself? That’s not what happened at all.

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[–]Unleashyourstand 0 points1 point2 points 13 hours ago (4 children)

With money, anything is possible 💫

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[–]002_timmy 2 points3 points4 points 13 hours ago (1 child)

With money & crime

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[–]InsaneMcFriesPlatinum | QC: CC 256 0 points1 point2 points 12 hours
ago (0 children)

Rules for thee, not for me

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[–]SimbaTheWeaselBronze | QC: ALGO 18 1 point2 points3 points 9 hours
ago (0 children)

🚀🚀🚀 we need more dollars!

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[–]sdc_gimPlatinum | QC: CC 106 | BANANO 8 0 points1 point2 points 13
hours ago (0 children)

BULLLLLL!

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[–]Dubby635 0 points1 point2 points 13 hours ago (0 children)

Someone bent over and took it from Uncle Sam.

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[–]Probably_notabotTin | CC critic 0 points1 point2 points 13 hours
ago (0 children)

Makes me wonder how much Binance paid for this “compromise”

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[–]bvandepol 0 points1 point2 points 13 hours ago (0 children)

You're fired Binance.. No I quit..

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[–]Mediocre_Suspect_203Tin 0 points1 point2 points 12 hours ago (0 children)

So sec fucked around…it’s dripping…lots of big new player buy in and
it’s going up…

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[–]Illicitterror 0 points1 point2 points 12 hours ago (1 child)

CZ got to Pay to Play.

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[–]SimbaTheWeaselBronze | QC: ALGO 18 0 points1 point2 points 9 hours
ago (0 children)

Pay and play with CZ 👀

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[–]MajorLeons 0 points1 point2 points 12 hours ago (0 children)

The special digital repo statement is a good one. I hope the same
process can be done to other exchanges.

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[–]RobCali509Platinum | QC: LTC 621 | BCH critic | TraderSubs 610 0
points1 point2 points 11 hours ago (0 children)

Get ready for the super cycle

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[–]elysiansaurusPlatinum | QC: CC 20 | CAKE 6 | r/WSB 286 0 points1
point2 points 8 hours ago (0 children)

Binance is saved boys, BNB to the moon! /s

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[–]Pr0MeisterTin 0 points1 point2 points 8 hours ago (0 children)

I expect the EU will try to barter something similar to ensure the
funds of its citizens.

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[–]Inevitable-Lie-4277Tin 0 points1 point2 points 5 hours ago (0 children)

Let's see effect of this on market

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[–]NimChimspkyBronze | Java 16 0 points1 point2 points 5 hours ago (0 children)

The correct pockets were lined

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[–]Crazyskipper18 0 points1 point2 points 1 hour ago (0 children)

customers of US are permitted to withdraw funds from the platform,
according to the order filed by US judge Amy Berman Jackson in
Washington federal court.

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[–]organisednoiseTin 0 points1 point2 points 17 minutes ago (0 children)

Binace seems too big to fail. The amount of sketchy practices they
have to funnel money from A to B, allows them to throw as much money
as they need to get out of any problem.

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[–]The-Francois8Silver|QC:CC928,BTC178,ETH39|CelsiusNet.50|ExchSubs42
-1 points0 points1 point 12 hours ago (0 children)

I mean I know this is good for crypto, short term and long, but part
of me enjoyed seeing CZ squirm a little.

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[–]456080107Tin | LRC 5 -1 points0 points1 point 5 hours ago (0 children)
GIANT FUCKIN HEAD

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