Binance Throws In The Towel

You may have heard of the attack on Binance by the United States SEC. I called it an "attack" because thats what many people are calling it. There is an ongoing onslaught on centralised crypto exchanges and, to an extent, the SEC is winning.

I got an email from Bittrex today saying they will be closing down shop in the UK. Bittrex has already closed down in the US following the attack on them by Gary's SEC. They just ran out of money. Many of us on here got our first taste of centralised exchange trading on Bittrex back in the day when they and Coinbase were the only ones allowing us to trade from the UK. They also gave us a nice on-ramp and off-ramp to the old blockchain as an alternative to Bloctrades. I think it's sad they've been bullied to bankruptcy - as was LYBRY - one of the then promising blockchain video platforms.

It looks like Binance is going to settle to the tune of over $4 Billion! That's a lot of money. Most companies would have to close down under that kind of fine. Binance has deep pockets though, so that may be affordable. Perhaps they've done the maths and just decided to cut their losses now. That money will be made back in a matter of months during the coming bull market. Heck, the banks will pay the money back to Binance in fees and backhand deals anyway.

Gary's SEC has also set their eyes on Kraken, the very popular crypto exchange. It will be interesting to see if they are up for a fight like Coinbase or not. Will they just fold under the pressure and threat of potential bankruptcy? Like Bittrex? Time will tell.