What?
So the time has come, Binance has announced the end of support for Bitshares trading pairs on their platform.
FYI: The above URL auto-redirects annoyingly to the support announcement overview page so it's difficult to view the page properly, so here's a screenshot of the page:
You have until the 7th of march 2024 to withdraw your Bitshares (BTS) funds from Binance.
If you fail to withdraw your BTS from Binance, they will dump your BTS in return for "stablecoins" of their choosing, of which they explicitly state they cannot guarantee this will be done at a fair price, nor can they guarantee the stablecoin they exchange for is actually backed by real money, so WITHDRAW YOUR Bitshares (BTS) ASAP!!!
I repeat: DO NOT WAIT. WITHDRAW YOUR BTS ASAP INTO YOUR OWN WALLET!
Don't yet have a Bitshares account? Make one! https://bts.exchange/#/create-account/
Bitshares accounts are free to create, so don't wait, make one and secure your BTS!
Bitshares deposits are no longer being honoured by Binance, so cease all further attempts at depositing BTS there or you'll lose the BTS.
If you're unsure whether or not you still hold BTS on Binance, check that you have not selected “Hide Small Balances” in your Binance wallets, otherwise the balance could be hidden.
If you have any outstanding loans, gift cards, trading bots, simple earn products, etc, using Bitshares on Binance, they will also no longer be supported, you should ensure they are closed out properly to avoid loss of BTS ASAP!
Why would Binance do this?
Why is this happening to Bitshares? There's a very simple answer!
The CEO of Binance is going to prison - having plead guilty in the USA to approximately 7 charges; he's now been blocked from leaving USA and faces a decade+ alongside the likes of Sam bankman-fried.
Things are looking increasingly worse for Binance as time passes, the plea deal initially seemed like it would get Binance off scott free with nothing more than a slap on the wrist, a heavy fine and additional regulatory oversight, however this is simply not the case, as the SEC plans on using CZ's guilty plea directly against Binance which let's be honest is a slam dunk against Binance, no matter their response.
Individuals with an insight into how the SEC operates have stated "It’s Only a Matter of Time Before the Entire Binance Plea Deal Collapses"
We all saw what happened to FTX' FTT token once the shit hit the fan:
It's not difficult to imagine what could happen to BNB when shit continues to hit the fan:
Enough bad news! Tell me something good!
Alright alright, I've got some good news for Binance users!
Part of CZ's plea deal includes an interesting little feature - something called DISGORGEMENT!
What is disgorgement you may be asking?
"Disgorgement is the legally mandated repayment of ill-gotten gains imposed on wrongdoers by the courts"
So, the $1.35 billion in disgorgement ordered by the CFTC, will become a publicly claimable balance for all USA Binance users; if you google historical disgorgement forms you'll find several very basic PDFs to print out and snail mail in return for funds.
So, if you were an American Binance user who spent any funds on fees, you will likely be eligible to claim back all fees you spent on the platform; this could be a significant amount for a lot of people, you're effectively due a rebate/stimmy check as you're a victim of Binance's proven financial crimes.
Now, it doesn't yet seem like the disgorgement claimant form is available yet, possibly because they're waiting for the February sentencing, but keep your eyes peeled for what could be a significant payment coming your way!
No, I meant good news about Bitshares!
Oh, sorry you're right, let's talk positive about Bitshares instead of just the negatives above
- Your BTS tokens are liquid!
- Bitshares is becoming increasingly more decentralized!
- As users withdraw their BTS into their own wallets, the risk which a large individual cold wallet posed to the decentralization of BTS decreases.
- Bitshares continues to improve its core & UI code significantly
- Performance & feature improvements
- It's now significantly cheaper to get into Bitshares
- You have a cheaper opportunity to gain a larger controlling share of the Bitshares blockchain than before.
TL;DR:
- Withdraw your BTS from Binance ASAP, into your own wallet preferably!
- Properly handle any remaining BTS related products on Binance if you care about the affected BTS.
- Keep an eye out for your opportunity go get a huge disgorgement stimmy check!