Binance banned from doing business in UK

Re:Binance banned from doing business in UK by pedalpete on Sunday June 27, 2021 @09:51PM (#27657299)

How about simply losing your hardware wallet? That's what scares me. If I had enough crypto, I'd probably get a hardware wallet and store it in a safe deposit box, but then I'm going to lose that key.

I wonder if there is an opportunity for smart contracts around insurance for the exchanges...a bit meta...

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Re:Binance banned from doing business in UK by dheera on Monday June 28, 2021 @12:07AM (#27658062)

Sounds hard, because it would be hard to prove that you lost a key. You could always pretend you lost it.

But if the blockchain supports actually invalidating those coins and transferring them to a new wallet via e.g. 3 trusted friends with pre-pregrammed wallets that sign and verify your new wallet, maybe it could work.

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Re:Binance banned from doing business in UK by earnesti on Monday June 28, 2021 @12:56AM (#27658267)

If you are going to involve more people, just use multisig.

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Re:Binance banned from doing business in UK by pedalpete on Tuesday June 29, 2021 @08:59PM (#27683726)

I think I was meaning more like how the banks are insured applied to exchanges, not a personal insurance.

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