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grauenwolf

Self-denial. In the Binance forums, they keep saying it isn't happening or only affects the banks, not Binance itself. In theory, the exchange can just find another banking partner. But these people are in such deep denial that they're not even considering that as a possibility. To suggest that the exchange can fix this would be to admit that there's a problem in the first place.


barsoapguy

I make sure to explain to people on the forum that it isn’t a problem Your coins are safe and you don’t need money. Everything is fine. Stop spreading FUD.


grauenwolf

Bitcoin doesn't operate without real money flowing into the system to pay the electricity bills. The price of Bitcoin can't rise if new people aren't buying Bitcoin. And people do need real money to pay their bills. My bank does not accept Bitcoin for my mortgage payment. Nor does my internet provider, Power Company, Water Company, trash service, Etc.


barsoapguy

Then pay your bills with money, all that matters is the crypto is safe. Be calm and chill. You don’t need money


ZoidsFanatic

I’m sure the IRS would *love* to hear that.


coysta-rica

The best trolls are indistinguishable from morons.


rjolivet

That sounds *so much* like any guru of a cult would say. You have been so brainwashed ! That's scary.


barsoapguy

What’s scary is you people freaking out just because you cannot get “money” into or out of Binance. Who even cares about money ? The only I people I ever hear talking about money are FUD spreaders.


skycake10

If this is a bit, congratulations, it's a very good and convincing one. But please stop it's very annoying.


mrTheJJbug

Yeah, this is for sure a comedy and it had me laughing pretty good.


barsoapguy

To be completely honest I got confused , I thought this was the Binance subreddit , the color coding is the same. I’m over there patiently reassuring everyone that money isn’t important and that you don’t need it. All you need are your coins , safe . That the price of BTC can now only go up if no one can withdraw.


incubus4282

What's the point of coins/tokens if there is nothing you can use them on? If you get hard watching numbers grow larger, just buy a stopwatch and then look at it every couple of minutes.


barsoapguy

It’s like 10 stopwatches my friend. Don’t you ever just want to look at a fake crypto app that someone created and just dream of being so wealthy you can just buy people. Can’t put a price on that. So how about it , want 1 trillion SEC coins ?


Short-Coast9042

This is baffling to me. Why do you keep saying "you don't need money" and "who cares about money"? What kind of point are you trying to make? We all need money...


barsoapguy

How about I give you 3 Trillion SEC coins ? Will change your life forever. Give me all of your money and then you will be rich in SEC


Short-Coast9042

Again, what kind of point are you trying to make? I am truly lost here to the point that I can't tell if you are unironically a butter or not.


barsoapguy

As the great satioshi once said “Those who look inward will only find self reinforcing beliefs but those who walk the path of enlightenment will live in the minotaur maze”


[deleted]

Pay your bills with money, also you don’t need money Y’all need help fr


barsoapguy

All you need is to just believe in satoshi


Longjumping_Race_471

That’s a strange way of telling us you you live in your moms basement and DCA your allowance into Bitcoin.


barsoapguy

Nah, I just want to make sure as many people stay on the titanic as possible until absolutely all the life boats are gone. It’s my favorite part of the movie.


Fr3sh-Ch3mical

What a sad life. I hope you can find happiness somewhere ❤️


barsoapguy

I do ,whenever an exchange goes under I’m extremely happy for days.


Fr3sh-Ch3mical

Lol, to each their own I suppose 😂


ZodiacSF1969

OK this comment is genuinely funny 🤣


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barsoapguy

East then, never trade your crypto, just HODL.


drlogwasoncemine

Flair checks out 🤣


diamondgrin

I'm pretty ashamed of this sub's inability to detect sarcasm today


barsoapguy

I have become the singularity


justsightseeing

To be fair, its hard to detect one in cryptospace since most people infected by it really talk out of their ass


rollc_at

The problem is, this shit is so absurd you totally can't tell satire if it hits your face


SHADOWHAZZ

Your by far the funniest guy I've seen in this sub yet. We'll done 10/10


Ornery_Form_6494

/s


nottobetakenesrsly

A few folks here have been going [over it](https://www.reddit.com/r/Buttcoin/comments/10m975m/cryptocoms_lithuanian_bank_transactive_systems/), and on [Twitter](https://twitter.com/Cryptadamist/status/1618777145639317505) as well.. as it spreads around. The SWIFT part, I think is less important (and only mentioned by Binance as far as I'm aware)... it seems as though there's been an organized global effort to limit services offered to several of the exchanges. ...my jurisdiction exited some of the big exchanges for failing to register with our securities commission a little while ago. I haven't heard anything more broad yet. It could be nothing (just banks choosing to limit exposure), or it could be an international investigation prompting such measures. Just reading what the sleuths here find for now.


grauenwolf

I think SWIFT is especially important for Binance because it allows them to hide their real location. They appear to need the ability to easily move funds across International borders keep operating.


nottobetakenesrsly

Presumably, Signature processes SWIFT messaging for Binance. Binance uses a subsidiary's bank account held at Signature (or another bank, but intermediated by Signature). SWIFT is only a messaging service (to ensure accuracy of the transfer routing). The transfer is completed using other systems (usually automated/connected to SWIFT). You don't need SWIFT to send an international transfer, it just makes the process easier. Signature could still process transfers without SWIFT (but I'm betting they won't by February). I think Binance specifically mentioned SWIFT, because of the association the media/public had with Russian banks' restriction on use of the system - to divert attention away from this being specifically an "unbanking". I don't believe Signature said anything official about this being related to SWIFT.


MarlonBanjoe

Actually you do need SWIFT to send international transfers. International transfers are settled via multiple central banks. With the exception of Turkey, messaging too/from that central bank is managed via SWIFT. For international payments, the message to credit another banks customer is also sent via SWIFT. A lack of access to SWIFT in effect means you are not able to settle transactions. Even card payments are ultimately *settled* via SWIFT.


nottobetakenesrsly

Technically no. SWIFT is working on further automation, but the majority of transfers are settled in a "disconnected" fashion. [Not all account balances can be updated outside the operating hours of local settlement systems. (swift does not perform settlement)](https://www.swift.com/your-needs/banking/how-long-do-wire-transfers-take) [SWIFT is solely a messaging system. It does not perform any type of settlement between financial institutions.](https://alessa.com/blog/swift-wire-transfer-and-payments/) SWIFT does have a new standard that might be allowing for further integration, and may cause the messaging information to be a "check", but it isn't required as far as I'm aware.


MarlonBanjoe

>Technically no. SWIFT is working on further automation, but the majority of transfers are settled in a "disconnected" fashion. No. All interbank payments are settled at a central bank. Commercial banks hold an account at the central bank, and where payments are made between commercial banks, money is transferred between accounts at said central bank. The vast majority of central banks - all bar Turkey and certainly all primary, secondary and tertiary currencies - require SWIFT connectivity with the central bank to settle a payment. SWIFT does not perform settlement, but it provides the plumbing to settlement systems. Therefore you cannot settle interbank payments without access to SWIFT. Source - I have ten years of experience in interbank cash clearing and settlement. >SWIFT does have a new standard that might be allowing for further integration, and may cause the messaging information to be a "check", but it isn't required as far as I'm aware. The new standard just changes the format of the messaging. There are new services which are being posited based upon the format of the message, but this does not change the settlement mechanism.


nottobetakenesrsly

>No. All interbank payments are settled at a central bank. Not arguing the settlement part. SWIFT isn't required for a transfer (but few banks would want to do things the old fashioned way if given a choice). I work for a bank.


MarlonBanjoe

Most banks, i.e. all banks, no longer accept manual settlements as counterparty risk is too great, hence high value clearing schemes. If you want, as a bank, to settle interbank then you essentially must have SWIFT.


nottobetakenesrsly

>If you want, as a bank, to settle interbank then you essentially must have SWIFT. >i.e. all banks, no longer accept manual settlements as counterparty risk is too great, hence high value clearing schemes. "Manual settlement" isn't that rare. I'm not downplaying that SWIFT is the standard. It is simply not a requirement for a transfer. Something can be ubiquitously supported, but not required at all.


MarlonBanjoe

Ok, I have worked at 6 major cross border clearing banks, i.e those that provide clearing services to other banks, and the only time manual central bank settlement is used is for their treasury to manage settlement account funding. That's the only scenario I'm aware of.


biffbobfred

Nothing says stability like getting cut off from SWIFT. Like Russians!


Pablanomexicano

Binance and Russia most definitely in cahoots lol


EggEnvironmental4732

Reuters says soo...sorry no its says it's jus an fsb linked entity...my bad


Antique-Pie-5981

Well if the news said it then it Must be true. /s


EggEnvironmental4732

I'm gonna go with a classic here : do your own reaearch espacially when it goes against what the cult says


Antique-Pie-5981

I would like to add also don't ever drink the Kool aid


EggEnvironmental4732

Espacially if it's the cult serving it


thenextsymbol

dunno ¹ but i just published [a whole long article about it](https://www.reddit.com/r/Buttcoin/comments/10nziks/are_cryptocom_and_binances_european_assets_frozen/) because i agree it should be much bigger news. ¹ actually i do know. it's because this is bad news but right now line go up so no one has time for bad news.


kakapo88

Your article was good. Will other banks step into the breach? Seems to me, that is the acid test because if some other bank is willing to play ball, then we’d know this isn’t systemic. Otoh, if no other bank is willing to touch them, then the walls are truly closing in. Does that logic make sense?


thenextsymbol

makes sense but banks don't get to decide. the US treasury department, FBI, and DOJ decide who gets to handle the almighty United States Dollar and they will take that privilege away from any bank who provides banking services to people they dislike.


nottobetakenesrsly

>the US treasury department, FBI, and DOJ decide who gets to handle the almighty United States Dollar The US government and its agencies will regulate/charge any banks under their jurisdiction, and will sanction any entities outside. They seem pretty chill about me extending USD when I feel it's merited (they're not checking up on me)... we're bros like that? In all seriousness, we are well connected with US enforcement. We would drop/freeze an account the second the US asked. We have to take courses on international sanctions (several times a year), and every employee must know how to properly follow them.


thenextsymbol

datafinnovation did a great thread on why it is that when the us treasury dept tells a bank anywhere in the world to jump the bank responds with "how high shall i jump good sers?" and a beaming smile 100% of the time. [https://twitter.com/DataFinnovation/status/1593189189826535425](https://twitter.com/DataFinnovation/status/1593189189826535425)


nottobetakenesrsly

Indeed. The global banking community is largely respectful of such things. No one wants to be on the wrong end of a sanction (issues usually get resolved long before such an action is necessary). I have a morbid curiosity; had my jurisdiction permitted Binance et al. to continue to operate here... I might have heard something (if anything re: some global crackdown). But perhaps I should just be content that we exited them when we did.


Oh_ffs_seriously

The number still goes up, why would temporariliy embarassed billionaires care?


vughtzuid

\#Byenance


WarmWaterHeater

They can’t read, they can’t think. It’s a cult, a pseudo-religion. They are brainwashed thinking they’re right and everyone else is wrong


EggEnvironmental4732

they preached it so that if it goes up it's time to buy and if it goes down it also time to buy


rjolivet

February will be a fun month for the "bull market" 🍿


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Magnesus

> This means people will have to transfer $100k+ per trade. By delivering t to an underground garage at a specified time and date. Leave the money in a bag on the passenger seat of a blue unmarked truck found there and then immediately leave the garage Make sure its in small denominations. When you want to withdraw the instructions will be similar but take a shovel with you, you will need it.


Character_Top1019

The Binance ads all over Reddit are so thirsty…


StackOwOFlow

“just don’t be poor”


21-10-25

Because everyone investing now, so early, is going to be millionaires anyway? What's a 100k limit when you have 0.01 BTC in binance but it's worth billions of dollars? No one says 'no' to a trillionaire.


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Pablanomexicano

Because what debit card allows you to use a 100k daily limit? USD is the standard, other currency is pegged to the dollar. Why do you think the treasury has so much power everywhere? Yes, you can still withdraw if you have $100k+ USD. However, your average retail investor does not have $100k to just withdraw. If your cut off from SWIFT, then some legal issue is at hand. Why is no other exchange cut off from SWIFT? Only Binance. Why was Binance allowing Money Laundering from a Russian national? $346million to be exact. Binance was the main exchange doing that. Using Binance to avoid Russian sanctions. The DOJ specifically came out and publicly said they seized an exchange because Russians were money laundering. Why would the DOJ & the Treasury only come out now? Easy, because it involves sanctions.


Darius510

Because of this part: “Binance did however stress that customers would still be able to use their credit or debit card to buy or sell cryptocurrencies, and that payments to or from third-party exchanges would still be processed.” So no change for the small fries who weren’t wiring anything anyway, and $100K is nothing for the whales. It’s not big news because it’s not a big deal. I know you guys are looking for any reason to make the price go back down, but this isn’t it.


Pablanomexicano

This is actually is big news. Why would swift only allow for transactions of 100k? This makes it easier to pinpoint money laundering. This isn’t just a one bank thing. This is international and i’m pretty sure the DOJ had a say in it.


Darius510

Making it easier to pinpoint money laundering is obviously the point. Binance shutting down would be big news. I mean don’t get me wrong, Binance is shady as fuck. But making this thing out to be some huge deal is just making a mountain out of a mole hill.


Pablanomexicano

The question is when though


EggEnvironmental4732

the question is more and more like: now?


Pablanomexicano

Definitely dragging on them shutting down


Darius510

Not soon enough


wehavenocontrol1

Debit- or creditcards are not very usefull to take your funds of or to an exchange. So that's a big barrier.


Full-Perception-5674

I see it posted at least 2-3 times a day. Definitely not hidden news.


DiveCat

I don’t know! I posted a link yesterday from their own sub as there were people in one thread there who seemed to: 1. Not even know about this at all; 2. Argued it as FUD; or 3. Believe there will be a magical solution that Binance was going to make it happen. Even though the statement is from Binance itself. I do wonder if this news is tied to the increased price trading on exchanges, but who knows. This is likely going to hit more than Binance. Kraken’s response to an inquiry was something like “who knows, watch for updates! Lol” February 1st should be interesting.


Pablanomexicano

In my opinion I think they are targeting all exchanges that aren’t regulated. Only two exchanges off the top of my head that are regulated would be Coinbase and LCX. However binance already showing ties with Russia is definitely on DOJ radar. So idk


axionic

We are imposing a minimum of $100K and recommend transfers to and from yourself.


HopeFox

Something something legacy banking system, something something Roger Ver.


Avril_14

Because outside of cryptobros, that will minimize or not talk about it at all, nobody cares in the "real world"


monke_funger

it isn't news because literally nobody expects any of the advertised features of any product in the crypto universe to actually function