Binance in Germany on the brink of extinction: Should you take your cryptocurrencies off the platform?

Binance in Germany on the brink of extinction: Should you take your cryptocurrencies off the platform?

The popular crypto exchange Binance, which stood out for its low fees, a wide range of crypto investments and good user experience, may be facing troubled times in Germany. Given this development, the question arises: Should you withdraw your cryptocurrencies from the platform?

Binance, the world's largest cryptocurrency exchange, has struggled with negative headlines and outside attacks in recent months. A few months ago, their behind-the-scenes machinations were revealed, with the scandal being tolerated, including money transfers to terrorist organizations.

Additionally, Binance was charged with illegal securities trading by the US Securities and Exchange Commission in June this year. This led to a slump in the crypto market and the future of BinanceUS is uncertain. However, the parent platform Binance itself continues to operate normally in many countries.

However, things are not looking rosy everywhere for crypto exchanges like Binance. Trading on the platform could also soon be stopped in European countries, as is currently the case in Great Britain. Binance Market Limited is apparently planning to close retail trading in the UK, which would mean UK residents would not be able to deposit into the platform.

In May, Binance Market Limited terminated a license agreement with the Financial Conduct Authority (FCA), a key regulator in the UK. This means Binance is no longer authorized to offer regulated financial services in the UK.

The question remains whether the closure of Binance in the UK could lead to stricter regulation and possibly the closure of Binance in the EU and therefore also in Germany.

Given these uncertainties and risks, it is advisable to take steps to protect your cryptocurrencies. If you still store large amounts of cryptocurrencies on Binance, you should stop now at the latest and place your coins in self-custody. If you are actively trading, it is advisable to immediately remove your traded coins from the platform.

It is also important to be attentive to new news and keep an eye on regulatory developments in the EU and Germany in particular. It is advisable to be broadly positioned and also use other crypto exchanges for trading.

Ultimately the decision is yours. It is important to weigh the risks and possible consequences and take appropriate measures to protect your cryptocurrencies.