If you made it to 11/29/2022 and are a crypto investor, pat yourself on the back. Some people wanted to see crypto crash and burn after the FTX situation, but it didn’t happen. Not only are we holding the fort down, but another exchange rumored to have issues seems to be doing better than predicted. Yes, that’s right! Genesis is still afloat. Whatever protocols Genesis put in place seemed to be enough to prevent any major damage to the industry.
Sadly, never the less, there is news of another crypto exchange shutting down, and customers have until the end of March to move their crypto. Bitfront is a smaller exchange that has been having some issues for a while. So, what happens when an exchange tells you to grab your bags and get out??
Before Gate.io started with the American side for Gate.io, we were warned to withdraw our crypto due to them not supporting our area anymore. We had to move our crypto from the exchange to another exchange or a wallet. I had pretty much lost the majority of all my crypto from my Gate.io account, so I ended up putting what I had left in my wallet. From time to time, things like this happen.
The idea is to get a notice from the exchange prior to the events that lock your crypto away forever. When people get notices from the exchange it helps to save the industry by minimizing the fallout. This practice will stop people from losing so much of their crypto. When FTX went down it was almost like a giant rug pull due to people not being able to get their crypto out. I’m not giving you financial advice, but I hate the words buy it and forget it!
I’m still waiting on Fidelity to get their crypto up and running. This is one of the main reasons I’m 1000% sure crypto isn’t going anywhere. When you have these larger-than-life wealth overseers stepping into the arena one by one, you know there’s a change coming. Some of these smaller exchanges will fail as these big-time brokerages start specializing in crypto. There are just too many exchanges out there right now, and if the SEC can label most digital tokens as securities, look to see a lot of the smaller exchanges close.
As always, I am not a financial advisor, I’m the voice in the wind.