22 Oct 2021 [culture]

Kevin Wad urges community to withdraw XMR from Binance

Kevin Wad1 has urged the Monero community to withdraw all XMR from centralized exchanges in his latest video2, after sharing what he calls alarming proof of shady practices on Binance involving paper Monero:

I’m calling everyone in the community to do the necessary: retrieve your Monero from exchanges [..]

In this video he analyzes the XMR liquidity crisis3 by connecting Binance’s purchase4 of India’s WazirX5 platform to their Rapid Listing Initiative6 and theorizes on why they had to eventually suspend Monero withdrawals7.

[..] it’s not a question anymore of whether or not they [Binance] are doing shady things against the interests of Monero holders, it is obvious.

Monero Matteo8 points out9 that this looks similar to a fractional reserve operation:

So many great points made here man. The Binance-Wazir connect with the rapid listing - which screams fractional reserve shenanigans.

It can’t hurt to withdraw XMR from CEXs to your own wallet. If Kevin is wrong in his analysis, you lose nothing. If he is right, you might win everything.

The popular saying not your keys, not your coins seems to be the appropriate echo here.

  1. https://libredd.it/user/kwadoss 

  2. https://yewtu.be/2jv1PqnqbNo 

  3. https://libredd.it/r/Monero/comments/ot7ezm/xmr_liquidity_crisis_the_time_to_strike_back_has/ 

  4. https://www.binance.com/en/blog/404105749895733248/binance-acquires-indias-leading-digital-asset-platform-wazirx-to-launch-multiple-fiattocrypto-gateways 

  5. https://wazirx.com 

  6. https://medium.com/wazirx/rapid-listing-initiative-on-wazirx-c617f7794c35 

  7. https://libredd.it/r/Monero/comments/oxa3nu/binance_withdrawal_suspended_on_xmr/, https://libredd.it/r/Monero/comments/ngvmwa/post_got_removed_because_it_was_not_official/ 

  8. https://nitter.net/moneromatteo 

  9. https://yewtu.be/watch?v=2jv1PqnqbNo&lc=UgxVtQNZT0MTdY9qaeJ4AaABAg