Binance, the world’s largest crypto exchange by volume, has lurched from crisis to crisis recently (though chief executive Changpeng “CZ” Zhao has revealed a huge bitcoin price prediction).
The bitcoin price, after suddenly crashing back last week and dragging down the price of ethereum, BNB 0.0%, XRP 0.0% and other major cryptocurrenices, has stabilized at around $26,000 per bitcoin—with a massive $15.5 trillion September earthquake on the way.
Now, a former U.S. Securities and Exchange Commission (SEC) official has warned buyers to beware after the exchange told a user in a since-deleted customer service message that it had suspended euro withdrawals and deposits via the single euro payments area (SEPA) system.
Binance chief executive Changpeng (CZ) Zhao has dismissed fears his exchange could be headed for a … [+] AFP VIA GETTY IMAGES
“Disturbing. The [U.S. Securities and Exchange Commission] (SEC) and [Financial Industry Regulatory Authority] (FINRA) should immediately send a team of auditors, inspectors and examiners to investigate what happened and, if appropriate, refer the matter to the SEC Enforcement Division or even DOJ,” John Reed Stark, the SEC’s former office of internet enforcement chief, posted to X (Twitter), before adding a sarcastic, “Never mind, Binance is not registered,” and “caveat emptor,” a Latin phrase that means “let the buyer beware.”
Stark, who just last week issued a separate BlackRock warning, was commenting on a social media report that suggested Binance users are struggling with euro fiat withdrawals in Europe due to issues related to SEPA.
“We regret to inform you that we have temporarily suspended euro withdrawals and deposits via SEPA,” the now-deleted message posted by Binance customer support to X (Twitter), adding its payment provider “can no longer support these transactions.”
A Binance spokesperson told Cointelegraph, the X customer support message was “sent in error.”
Binance had told users that its current euro banking partner, Paysafe Payment Solutions, would stop working with the crypto exchange in September, with the deposit and withdrawal service continuing to operate until September 25 as planned.
Last week, credit cards payments processor Checkout.com cut ties with Binance, its largest customer, due to fears over money laundering and compliance failures, it was first reported by Forbes. Earlier this month, Binance scrapped its Binance Connect service that helped businesses accept crypto payments.
In June, the U.S. SEC filed 13 charges against Binance and CZ for allegations, including lying to regulators about its operations and securities violations.
The price of Binance’s BNB has fallen sharply over the last few months, sparking fears of a crypto … [+]
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Meanwhile, the price of Binance’s BNB has lost just over 30% since the SEC sued Binance and its chief executive CZ in June, with some fearing the exchange could be headed for an FTX-style collapse.
FTX imploded in November following a step sell-off of its FTT exchange cryptocurrency that served a similar purpose to Binance’s BNB.
“As BNB goes, so goes Binance,” investor Mike Alfred posted to X. “And BNB looks sick. If BNB breaks under $200, it could quickly collapse. This could get ugly quickly. Pull any remaining funds while the platform is still operational. Godspeed.”
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