Post
Topic
Board Bitcoin Discussion
Re: What Happens to your Bitcoin after exchange ceases them for disobedience?
by
BlackBoss_
on 18/04/2025, 13:21:26 UTC
The exchange are doing so to protect their image too based on the government policies, I guess.
So, when they cease those coins, how sure are we that they will take it to the government?
They can freeze your account and seize your bitcoin firstly, then they can ask you proof of your fund, its origin and if they are convincing with your proof, they might return those coins to you but your account will very likely be terminated forever.

Storing your coins on centralized exchanges is always very risky and it's warned to avoid as most as possible.

Reminder: do not keep your money in online accounts

An example
Funnily enough I've had some issues with Binance recently, too. I've been using their services for many years, a binance card user as well with decent trading volume. A couple of weeks ago they started spamming me with "Source of Wealth documents needed" - I provided everything I had and after some time they backed off but then I got a warning because "You have sent and received funds to/from gambling services which is prohibited as per our terms". I searched through their ToS and they make no mention of gambling services, anywhere. When I pointed this out the reply I got was "This is our terms, do not receive funds from any gambling services or you will be banned".

Alternatives are desperately needed, indeed. I guess they just got too big.