Hi, I’m in the crypto market. I can explain a little bit about what’s going on.

Binance is probably the biggest perpetrator of hosting memecoins and “shitcoins” in the entire market, so it gets a lot of traffic. Pancakeswap and nearly everything connected to the BNB chain(Binance’s) is huge. People saw quick-term profits in meme scams and BNB was the place to deploy them.

Now things are spreading out. Base chain(Coinbase) and Ethereum are now finding homes for a lot of migrating tokens as people flee BNB due to them cancelling fiat(traditional money) transactions in the US and Europe.

but… why did they stop?

One good reason. Their respective governments audit and regulate fiat transactions, but not necessarily crypto ones, so they can continue being an exchange and operate without being regulated by liquidity from fiat.

To those with sharper eyes, yes, that does hint that maybe Binance was or is doing something shady and they’re hiding it, like what FTX was doing by selling customer BTC.

So how does money get in and out?

Buy crypto on another exchange or app and send it in, or bridge on a dex wallet and bypass Binance’s app altogether… expensive tho.

is this long-term?

…just between you and me, I don’t hold anything in BNB and I never will. Take that with a grain of salt. Holders still clinging to it will either come out of the shit-fire of the collapse with some profit from shorting options or they’ll be left holding bags of BNB-chain garbage they can’t get rid of… well, more garbage they can’t get rid of. Good luck selling Dogebonk to anyone.

It’s a scam though, crypto, isn’t it?

Crypto is a high-functioning addict. Crypto is in a post-scam situation. The people trading know it’s tanking, but in that tanking are waves of hope that swell 5%-10% gains week to week and if you’re savvy enough, it can net you a good bit of extra pocket change if you know when and what to hop in and out of.