Topic: Binance - a new problem on the horizon? (Read 362 times)

Judging by the primary information I was able to collect - the question is not "petty financial pranks."
The first problem is access to the Binance exchange for US citizens. As far as I understand it is taboo. BUT Binance, through offshore and other mechanisms, allows US citizens to conduct transactions on the exchange. At the same time, after the US financial authority turned to Binance with a demand to prohibit direct or "indirect" access of US citizens to this exchange, Binance management said "yes sir, there are sir, more US citizens or persons affiliated with it and other schemes involving citizens of the United States will be closed", this is all in exchange for the US not applying tough measures to Binance. The United States believed in binance and did not introduce any mechanisms for "pressing" the exchange. But as it turned out in 2023, Binance deceived them, and deceived them not in isolated cases, but rather massively. And such things are not forgiven.

The second real problem is the provision of mechanisms for financing the terroristic war unleashed by Russia. I think the question here is not about "donations" to specific terrorists from the Wagner PMC or regular units of the RF Armed Forces, but about money laundering mechanisms and avoiding sanctions, using cryptocurrency and the Binance platform. This is also a very serious accusation. And then just fines and a "peace treaty" are no longer enough.

The question is how tough the US reaction will be, and I do not rule out the EU.

Yes we should not be concerned a lot unless it is proven guilty, but as what we had experienced in other platform we should not put all our eggs in one exchange, no I'm not saying we should be anxious and pull out all our investments but the thing is we should need to this on all aspects because diversify in crypto is a must and everyone should know that. Many people regret not doing it.

CZ is obviously being the target and so is the Binance platform.  Sponsoring Russian soldiers is not a crime, it's just them that makes it a crime if it's even true.

It's very unclear. These regulators are not aware that they don't have clear regulations on crypto. So why are they chasing something that is out of reach?  They are playing dirty to a platform that has been playing clean. The binance.com users are very much protected and sound as long as US regulators are hands-off.

Take nothing for granted when it comes to custodial services.  Every single company has central points of failure.  Perhaps there is more FUD than might be deserved, but one day the warning might be legitimate.  The history of Bitcoin is littered with failed companies that people mistakenly assumed were indestructible.  The "too-big-to-fail" mindset is a fiat fallacy.  It's unwise to have the same mindset here.

In the country where I live, Binance has not had an operational license for a long time, so its use is considered illegal in our country. Currently, binance is one of the largest exchanges in existence and they should have no problems with permits or regulations for trading derivatives from various countries, but in fact it is still a problem and they have not been able to overcome it until now. I also don't know exactly what the problem is and why they don't get places in some countries regarding exchanges where it's legal to use.

If we relate to the impact of the crypto market so far it hasn't seemed to be widespread, especially in my country of residence, because binance is already outside the regulatory framework in our country. However, if it is true as reported, they are dealing with US regulations as one of the largest bitcoin hubs in the world, so that in the future it will definitely have an impact on crypto in general.

One example is the FTX case and how market sentiment occurred at that time which made crypto in a negative stage on the market, for the Binance case it could have happened like the previous case, but that's just my assumption.

If it's only about taxes, permits and other issues, it's likely that it can still be discussed by paying for some violations that might have been committed because I only heard that this was just an allegation so the problem hasn't been fixed or I haven't received confirmation of the continuation of the problem, something makes me quite surprised that Binance sponsoring the Russian army? Until today I haven't heard or confirmed anything about this donation, this kind of thing is quite dangerous for the reputation and trust of users according to me.

Yes, it will get worse if you don't find a good settlement agreement and it's stated that Binance did it. Because we are aware that Binance has become a top crypto exchange icon that has a big influence on the market. Which when the network is banned as a whole we will experience another crash.

Binance is one of the most popular exchanges in the world. If the allegations leveled against Binance are proven, the exchange could face significant losses. But I personally think since Binance has been sued, this may take longer time. We know that several large institutions have been fighting long-standing lawsuits because of SEC complaints. One of them is XRP. If XRP wins their case, there will be a huge boost in investor confidence and a huge change in their XRP price.

Accusations against Binance could actually lead to a crisis of confidence in the crypto market with large price drops in their coins. Which can bring the market back to the bearish trend again. In my opinion there will be no problem in depositing and withdrawing till the complaint is proved.

Those are only civil lawsuits, not criminal or related to alleged money laundering from criminals. So we have nothing to worry about, civil lawsuits will be resolved smoothly if Binance pays the fine and re-registers the business areas required by the CFTC. But no one stays on top forever, one day, binance will also crash, and we need to prepare for that too.

I think "found out that it supports terrorism" is just a media talk and not the reality and we got to grow up to see that. They are a business, just a regular business like any other, and if a terrorist uses them, they would like to stop that too, if they can't, it is not because they don't want to but because they can't that's it. This is why it is important to realize that we are in a situation where we got to learn how we could move on and forget about the rest.

I understand people want to keep it a point that Binance could be risky, but it is not and if you really insist, stop using it if you do not want to but do not meddle with others who would like to keep using it because I find it silly and not believe in any of this.

Overall trust in Crypto is not really there.
Bitcoin attracts banks now till those are learning what decentralization is, that will take a few years.

From existence to acceptance roughly 15 Years.

Yes , i think like that to also. The concerns raised about Binance are not simply media hype or personal preferences, but rather serious issues related to the safety and security of people's savings. In the event that Binance is found to be involved in sponsoring terrorism, for example, individuals may risk losing all of their funds, and the process of determining ownership can be lengthy and problematic.

Moreover, the collapse of a major exchange like Binance could have severe negative consequences not only for the value of people's investments, but also for overall trust in cryptocurrency technology. These are important issues that must be taken seriously and addressed by those in the industry.

The problem is not in the media and some personal preferences. The problem is that:
- in a certain situation, people can lose their savings on Binance. For example, if their involvement in sponsoring Russian terrorism or providing mechanisms for this is proven. And this means blocking all funds and finding out who is the owner of the savings. And this is already blocking funds for years, and related problems
- in the most negative scenario, the collapse of such a fundamental exchange for the crypto world will have a very strong, and very negative effect - on the entire crypto world. And not only on the price of our savings, but also on the trust in technology as a whole.

Excellent point on Binance is just eating up the market share without competitors which is really dangerous. I share this concern although CZ seems to be a great leader whom I intend to trust. Anyone or anything that has gained a rapid growth is likely to lose control because new changes may constantly hit them but they may be less willing to adapt to changes any more. I guess CZ is too busy dealing with all accusations nowadays and there might be endless problems and loopholes inside Binance team and who knows what may happen if he is not capable of handling all crisis any more ? Besides, the U.S government has made a long history of attacking and tearing down tycoons so I would take this time of difficulty seriously.

I've been using Binance since 2018 and at that time I sold a lot of tokens that I got from bounties, and had kept ETH, BNB and others, when I didn't log in and logged in for almost 4 years, I was surprised because all the assets I kept were safe and there is no problem, I got different things in Kucoin because the assets I left were lost and the deposit address changed.

fud-fud against binance is currently becoming less of an influence on Cypto users. because there has been a lot of negative news or accusations aimed at Binance before. but when confirmed it turns out the news is fake. even those who make the fake news are big media that have a good reputation before. so for now we just need to ignore the fud. focus on our trade and investment. and for anyone who keeps their bitcoins in a personal wallet and not on an exchange. so if any fud hits an exchange, we can still be calm because we are not afraid that our assets will not be able to be withdrawn. because we really have secured our assets at all times in a personal wallet.

Some news on the topic:
Changpeng Zhao will have to publish the number 4 many times today:
▪️ The CFTC lawsuit against Binance found (https://twitter.com/WuBlockchain/status/1643886709149691904) three US companies that traded on the exchange through offshore.
▪️ The Australian regulator has revoked (https://cointelegraph.com/news/binance-australia-derivatives-license-canceled-by-securities-regulator) the license from Binance Australia Derivatives.
▪️ Dubai regulator requested (https://www.bloomberg.com/news/articles/2023-04-05/dubai-asks-binance-other-crypto-license-applicants-for-more-information?srnd=cryptocurrencies-v2 ) Binance has additional data on managing the exchange 🧐

Of lately binance been facing lots of challenges which I think most are bothering legal issues. I pray it does not affect the exchange because as it is, it is the world leading exchange and if anything should happen, it definitely would have a shake up of the Crypto market in a negative way. Not only that exchanges would definitely pay the price and you know most of the exchange is not as strong as binance not to talk of being popular and powerful as binance. This would definitely give a big blow on digital assets.

Hardly anyone deserves what they get.
Binance is a risk, all exchanges are a risk,  Binance and other exchanges are traders paradies.


Trading in an economic downturn is not really growing,
It grows in a way as lottery is growing.

The FUD attack on binance is getting bigger and bigger, as well as the current market context is getting stronger and stronger. I'm fairly neutral on what the issue is, but honestly if it ends here, binance will continue to grow stronger and maintain its position in this market, as well. could be a market influence. But also think and be wary Binance can also face attacks and security risks. It is important that Binance has taken many security measures to ensure the safety of its system and is always looking for ways to improve and strengthen its system security to maintain a safe trading environment for its users. .

Many people had believed that because Binance exchange has made enough name across the world then it has gone beyond the level of any reasonable doubt from what it can turn to anytime, we know that they are also in for business and in economics, you consider your own interests first before others because you believe that you have also invested alot into the business and deserve a good return.

I also do not believe that Binance deserves all these fud and pressure that is created against her in the media and against the government. We will actually profit nothing if anything happens to binance unless for competitors who will step up their game, but the market would be highly impacted if Binance is affected. I have read so many of petitions and allegations against binance, I have never seen the one of Binance being able to sponsor Russian soldiers. It is now I am seeing it and this is sounding like an international felony which could have negative impact on binance if taken seriously.
According to you. I don't think anything will happen to binance. But if the whole world arise against it many things may happen to it.

The position of binance which is currently too strong and expansion in many countries is of course a threat in itself, if the market is too controlled by binance it will create competition and unhealthy things, and this is what observers fear that when one day there is a problem with binance it will make market crashes.

If binance goes down like FTX, I wonder which exchange will take over. But the development will really make the point more clearer that if the biggest exchange in the world can go down, anything is possible with any other exchange that you decide to begin to use. At this time, it will be wise to begin Searching for an alternative. As you become cautious with binance, you also have to careful with other companies that it has acquired like Trust Wallet.

This is what we also believed about MtGox and Ftx until it turned out that they were scams at a time when the entire industry was complaining about the absence of oversight by the authorities and securing the rights of customers. Increased control measures require Binance and other platforms to adjust their policies in accordance with legal controls.
Perhaps the problem that Binance is going through is not very disturbing, but it is good to remind the platform that it is under the spotlight and that it must provide its services according to certain limits and controls. I wanted to make it clear to you that Binance is not too big to decline or collapse, especially if it raises many suspicions.

I am sick and tired of new and bigger news trying to bash binance and it makes absolutely no change neither. Binance is as strong as it has ever been and no matter how much they attack it, it just stands tall.

Obviously when all the nations of the world gets together to attack it, eventually something will happen but it just doesn't really feel like a good idea to me at all. It's obvious that we shouldn't be doing any of this, and Binance should be let go and freely managed, all these news and attacks are all a bad idea and shouldn't be done. I hope that we won't see it go any worse but whatever is asked from Binance, CZ should reconsider it, and get ease of mind.

Haters do everything to kill crypto, I believe the main motive for this accusation is for the market to crash, as we know Binance is the largest and most influential crypto exchange, if binance loses this lawsuit of course it will make the next attack even sharper, binance must hire a top lawyer even if they have to pay billions of dollars.

A fine is the most positive scenario for Binance! But this is most likely unlikely. The problem is that the charges are more severe, and the punishment is likely to be more severe as well. The United States adheres to the position - you gave your word - keep it. Agreed to comply with the specified rules of the game - follow them. Well, the second accusation - this is already beyond the scope of fines, this is a violation of international laws and regulations. In a word, we are watching the development

I knew this since the day Binance keeps changing HQ location and building Binance.US as proxy for them in US market instead of fully complying with regulator. I believe SBF give us a hint about what CZ hiding before by pulling out FTX investment on Binance and CZ retaliated with a massive attack on FTX price.

I think CZ knew that this day will come that’s why he invented his 4 sign to make his followers blindly believe him despite there’s a strong evidence towards the lawsuit against them.

This is the price we must pay if we want to make cryptocurrency universal and widely accepted on a global scale. Bitcoin could not have become popular without their consent, the government is still the one who controls our world.
Honestly, this doesn't surprise me, as governments have seen the benefits of crypto, and it's only a matter of time before they introduce regulations to control us. That is inevitable.
hey want money and power, they don't want people to be free and look down on them.
Money is the ultimate goal of this lawsuit.
https://cointelegraph.com/news/cz-binance-influencers-face-1b-lawsuit-for-unregistered-securities-promo

I used to believe the US government agencies don't go to court except they have the facts holding the defendants at jugular. But seeing the direction the SEC VS XRP is heading, I believe the Binance will survive this. Although their might be some fears in the cryptocurrency community base on the pillar the Binance is as far as cryptocurrency is concerned. But I'm sure we will be fine.

The maximum or worse the Binance can get is being hugely fined but it will be fine in the end.

It's like the saying "little kids, little problems, big kids, big problems"

The scale of "problems" is always proportional to the scale of the company. A small local company is unlikely to have problems that go beyond local laws and local (within the country) relations. When a company operates in different countries, in different jurisdictions, this adds a huge number of new, sometimes conflicting requirements, restrictions, rules for working in a particular market... These are all features of international business, international companies, which Binance is. The question is how much Binance is ready to make compromises and sometimes even "sacrifices"

Agree!
Even today there are a lot of companies that operate anonymously (crypto-to-Crypto) effectively allowing you to trade in futures and derivatives anywhere in the world.
But binance has become so big that it has to comply with the laws of the countries in which it operates and this sometimes represents a limit to the offer of services.

Absolutely agree ! In fact, any business, and the larger, the larger - the closer to the moves on the borders of the law. It is foolish to deny and argue. And this is in all countries, with all regimes, with any religion. This is BUSINESS. But there are nuances. For example, failure to comply with some requirements of international regulators. Moreover, two years ago, Binance said yes, we will comply with all conditions, we understand, we accept the rules of the game. Then they are violated. This is already a primitive deception.
The second side of this story is moral and ethical moments. Sponsoring a terrorist war and the side of the aggressor, or providing mechanisms for such actions is not the best way to fame ... For example, if this is proven, Binance will become a "forbidden land" for me, I will not offer it to anyone as a quality exchange.
This is purely my opinion, I do not impose it on others.

To bad that US is so strict regarding to their regulation on crypto and this is really been discouraging to the platform owner since this create to much trouble to them. Much better if they leave their operation to that country and leave those guys alone  so that they will be left in crypto adoption. Their simple attacks on reputable platform maybe create some statements that they want to control the crypto platform operates on their country then maybe also to get more resources and manipulate them.

The legislation is not interested in who, the legislation says - it is impossible, and if the site does not block such an opportunity - be responsible for violations. I do not think that such things will be unfoundedly accused, I am sure there is concrete evidence that will very accurately show who and where withdrew funds.

"Suspiciousness" - so it can be tied to anything - for example, there were strikes in France, the same reason And the fact that banks have problems, and only a part, since the fact that Binance violates the law will help them solve their problems ? No way. But "binding events" - yes you can

If we look closer, the SEC and CFTC are trying to control the crypto market instead of just targeting exchanges like Binance or CZ personally. Two days ago, the Bittrex exchange also planned to voluntarily suspend operations in the US due to legal issues. Coinbase, the oldest exchange in the market, is also considering the possibility of moving its trading unit out of the US market due to regulatory concerns. It shows that regulatory institutions in the US are targeting the entire market, not just Binance.

The account balances of users are not an issue if there is something very severe like the closure of the entire platform, they will surely give their users time to withdraw the funds from their accounts, but you should imagine the impact it will have if the authorities succeed in this and they get Binance on its knees and they will be compelled to close the exchange down.

That will be a nightmare for the whole crypto universe, it's the biggest centralized exchange out there with all the liquidity and tokens listed, I wonder where all the users will go if something like that happens.

I admit that lying and not following sanctions is sounding bad. But i am not so sure that breaknig sanctions were intentional. Most likely sloppy work that can happen when people fake their kycs. If it was intentional it's a whole different case, but that's not for me to decide and i leave that to investigators. But frankly this won't shut down binance. Probably not even jailing CZ wouldn't shut binance down. I think that they will be fined and after that it's business as usual. They are just too big of a company right now and it's not just one man behind it.

After what just happened with FTX, yes, I am sure this will have a negative impact and they will probably feel it in their sales and usage. But if they get over this I doubt it will take long before they recover.
Their upper hand here is they had been there already. They were sued, cornered, and filled with FUD but yet they are still standing and more traders and clients are still using their service without hesitation.
There will probably be withdrawals that will happen especially those who had experienced what happened with FTX. Whoever or whatever sued them has a great sense of timing.

To be sincere with you, i am just as unsure as to how this issue could impact the crypto market , but one thing i am very sure of is that this is not good at all, and if binance and CZ fail to handle this issue with utmost care and wisdom, this could spell another doom for the crypto market , what we witnessed during the collapse of FTX exchange would be very tiny compared to what we will witness this time.

But i believe CZ, he is a very wise business man, and i believe him to have his ways, he will definitely find a way around this and make sure everything is resolved amicably, in a way it wont have much negative impact on the market generally.

Not everyone, I also deposit funds on Binance but I always have worries in my hand.  I do not trust anyone handling my fund except myself.  Although the money I send to the exchange is small, I always hesitant to leave it there for a long time.  After I finish the transaction I always withdraw my funds out of the centralized exchange.

Whether Binance is force to shutdown or not is out of my concern, there is always another exchange to us as trading platform.


You can always withdraw you money and better if you will withdraw it before the problem goes to new height.

If they're worried, maybe it would be a good idea to take custody of their funds and finally become a real holder of cryptocurrencies, not a holder by proxy like they are now.


Someone who deposits money with a third party with great trust must be lacking the ability to do some basic critical thinking. When you hand your money over to someone for safekeping you better know that person well. If you don't, you better hold something that belongs to that person that can be used as collateral.


Don't take unnecessary risk. There's more than one exchange, you know.

Not worried about them not being registered - they intentionally kept it that way for years but complied with ample pressure by the government.

Not worried about them being called out by CFTC - they have been in similar waters years before.

What worries me is that they don't have any major competitors and they are just eating up the market share like a lion eating his lunch for himself. Without any competition, Binance will just do whatever the hell it wants given enough time and we, as registered users, may take the hit eventually.

I'm not really a fan of CZ's way of handling things and harsh takes on reality, but they just created a business model that works and that dominates, and I'm afraid no one will ever come to that level anymore and we'll have less options.


They are constantly trying to avoid US regulations for a while now, and made another entity different from Binance Global to handle US operations. I don't think it's much of a problem to CZ at this point in time given his exchange's reach, but if he doesn't want to lose grip on his US customers he definitely need to do something to not get these types of lawsuits from the US gov't.

They may lose their US-based customers but I think they won't go down like FTX.
With such requirements, I don't think CZ was just sleeping not to consider those requirements.
I don't know if they are just looking for some loopholes under Binance US operations.
Now, they are saying that the exchange broke the American derivatives rules. Then, what's next?
As Binance US is a separate business from the binance main platform, their business will still continue.
However, we can understand if some will pull out their investments from the exchange for security purposes.

These revelations, concerning as they are, especially if proven true, is not enough to completely hold them down and lose the trust of billions of their active customers, especially when you consider the exhibition they displayed after consecutive bank runs are made against them, only for the people to find out that they are telling the truth when they say they can't be taken down by bank runs. So the case may roll along, CZ might get incarcerated or fined if found guilty of committing such alleged offenses, and yes they may lose a significant amount of their stakeholders and userbase in the process, since that's been the usual trend in the cryptocurrency world anyway ever since bitcoin became big, but I doubt Binance will fall to its knees and surrender.

It could be a problem if Binance do not follow the guidelines of security and exchanges. They seem to be evading the taxes and also having brittle securities in the accounting sheet. Since for any exchanger it’s important they follow the plotted SEC & CFTC guidelines, Binance was found guilty on that part but there is a catch. They could get released from the given appeal if they are warned about it and CEO does pay off the taxes as per the terms. I believe state jury Rearden will allow such exemption considering it could cause catastrophic loss to the market and investors around US. If that sentiment got accepted then Binance is done for good otherwise we will follow another shockwave of bitcoin fall after FTX.

Why am I seeing this as politics?  Isn't it confusing when Binance had been announcing that they are doing their best to comply with the US regulation.  Aside from that why is it that SEC is not the one suing Binance, or the IRS or the institution that is responsible for anti-terrorism law if they have evidence stated by @OP.

Isn't this issue has something to do with FTX demise?  Either the goal is political or to squeeze money from Binance, it is really troublesome for the Binance users and it may affect the entire crypto market due to Binance being the largest trading platform of cryptocurrency if the case escalated and Binance failed to fix it.

I think that it is common to find some problems in the current market of exchanges, after all exchanges are banks for crypto currency, so some of the sins of the traditional banking system can migrate to this new sector.

The fact they are attacking Binance this hard, it is because (unlike the traditional banks) it represents new kind of assets which the government cannot regulate or control in a effective way.

Binance is supposed to be careful and try not to break any laws, people are already concerned because of what happened to FTX, and if liquidity moves out, their problems will only get bigger.

It is very difficult to run a business in compliance with all the rules.  Especially when it comes to such an innovative area as cryptocurrencies. 

The purpose of a business is to make a profit.  Accordingly, if you start your business in a gray zone, in areas that have not yet been regulated by regulations, then your strategy is aggression and expansion.  You need to take a monopoly place in this field of activity and earn a lot of money.  Then you have a chance to negotiate with everyone, formalize a completely legal business and create a legendary technology company. 

But initially there will be many pitfalls on the way of your ship. 

We are all law-abiding people here, but there is a suspicion that having earned a very large amount of money, you can lobby for those laws that will protect your interests. 

And if you do not manage to earn enough money and lobby for the laws you need, then the existing laws will be turned against you ... There is a suspicion that many businessmen have faced this, and only a few managed to successfully maintain their business, turning it into a top super company.

I think it is difficult to predict the exact impact of this event on the crypto market, as it depends on the severity of the accusations and the actions taken by Binance to deal with them. The allegations made by the US CFTC are very serious, and if proven true, could result in significant fines or penalties for Binance.

However, it is possible that this event could lead to a loss of confidence in Binance and cause users to switch to other exchanges, potentially affecting trading volume and market prices. It is also possible that this development could lead to increased oversight and regulation of the industry as a whole.

I take it that events like these highlight the importance of regulatory compliance in the crypto industry, and the potential risks of operating in a largely unregulated space.

This one looks tough and worrisome, I don't know if binance will be able to get out of this one, I never knew that this whole thing is this big, if Binance is caught with genuine proof then we should be preparing for a new leg down, I know that people using binance for trading won't be affected as this is not the case of using users funds like FTX but damn, these people mean business, they want Binance dealt with by all means. If you still have some funds on binance exchange, now is the time to start moving them out, what is coming could be shocking and unexpected, I wish the Binance team a victory on this one, it's not going to be an easy defeat.

Are these donations from Binance's clients or the firm? Individuals or companies might decide to donate to Russia through Binance due to Krelim's disconnection from the international banking system. It shouldn't be just an allegation to give the company a bad name, I hope they have evidence to back their claims.


The timing of this suit is very suspicious. Binance claimed that it has been cooperating and working with the US government to ensure that all issue is resolved amicably. I am suspecting that the recent fall in some major banks in The US and Switzerland damaged the goodwill of the conventional banking system and the government also wants to give the crypto space a bad name to discourage people from pulling out of banks and investing in the crypto industry.

I agree that very often, companies follow the path of the saying "money does not smell" or "pecunia non olet" (c) the Roman emperor Vespasian.
But is there any common sense? At a minimum, there should be some kind of "stop limit" in trying to make money everywhere, in any way, in any way. This is a direct path towards the border, beyond which there is already illegal reality. And having accelerated strongly, you can simply not have time to slow down - and by inertia cross this line. If everything is there, as the accusations sound, it seems that you need to be careful with deposits and storage of assets on Binance ....

If you're worried then I suggest you start withdrawing now. If you don't have other platforms to trade, maybe it is time to consider looking for an alternative. Whether or not they will users to withdraw after they got fined is a different question. My guess is they will allow users to withdraw, assuming they still plan to run their business normally in other regions and avoid backlash/negative image. Unless they do some dumb shits that prevent them from processing users' withdrawals, I don't think they will just close and run away.

Hard to tell how much political interest contribute to the recent fines and prosecution, but I do agree that it should contribute to some extent, especially after the recent bank runs. There are so many spin articles trying to blame crypto for the bank collapses, so it is understandable that they enforce this further by suing other entities. At the end of the day, all of this doesn't matter if you never use a centralized platform in the first place, so I guess people should look into P2P alternatives from now on. CMIIW.

I avoided interacting with the Binance cryptocurrency exchange for a very long time.  I didn't really like that Binance is a centralized exchange. 

Of course, I understood that Binance is a very popular project and many interesting events are taking place on this platform.  However, for some reason, I avoided registering on this platform. 

However, I recently bought a BNB token.  And since then, I have been reading more and more information materials about potential problems in this ecosystem. 

Binance has a very well thought out international organizational structure.  This structure combines legal and illegal elements. 

It seems that the management of Binance is using every opportunity to make a profit.  Previously, this did not bother anyone, everyone understood that some entrepreneurs work in a gray zone and this is normal. 

However, now the world has changed dramatically.  Now regulators make many decisions based not on economic, but purely political considerations. 

Probably, the leadership of Binance is forced to cooperate with the special services of different countries, and this significantly increases the risk of criminal prosecution of the management of the cryptocurrency company and the presentation of property claims to it.

Is there a bail on this thing? I guess that if there is, BNB can easily get away from it. We've been seeing these chasing of issues from different exchanges within their US jurisdictions and they always get some resolution out of it.

If this goes deeper, there's for sure that it will be a big problem for them and this will give a lot of worry to their customers including me. But as of now, I'm still neutral on it but ready to pull out my funds there if urgent.

The lawsuit against Binance is currently worrying many as everyone wonders what will happen to their deposits if the allegations are proven. Because we have known for a long time that Binance is one of the most popular and reliable Crypto Exchanges and everyone has deposited their money with great trust.
I also have some money deposited here so my question is what will happen to everyone's money if the allegations against Binance are proven. Can those who have deposited money in this exchange withdraw their money?

Here's what really worries me in this case:
if earlier everything conditionally rested on "tax" issues, today it is a violation of the rules of the game in the global financial market, a violation of obligations to the United States, and sponsorship in essence of terrorism. Such a package of accusations can create real difficulties for binance, whose weight in the crypto market is very large. For example, the consequence of the development of the problem may be, let's say - sanctions on the BNB protocol, and the entire BNB network - simply the SEC will prohibit official exchanges from supporting transactions in this network under threat of punishment. This will obviously have a very negative impact on Binance and the crypto market as a whole.

Funny thing that Binance had been in this FUD situations before and they always come victorious. We all know that behind this was one man for sure is SBF that wanted to see CZ to see the downfall like FTX did. The SEC became a greedy institution wanted to crypto crypto as they badly wants but in the end they will not succeed like they did to XRP.

From your information stated OP, all I can say is that if the issue is true regarding to the unregistered company and illegal transactions then it Binance would be facing a lot of problems. However, I think the users of Binance would still remain the same as they are not affected from it. Maybe if Binance shut down even for a month, it might have an impact to the market since some traders and investors only use Binance. Binance as a known app for crypto they would eventually do something asap about the given issue.

The largest crypto exchange in the world, Binance, is going through hard times. The American regulator sued her, management was caught lying about working in China, and analysts found out that the exchange was donating to the Russian army.

The US Commodity Futures Trading Commission (CFTC) filed a lawsuit on March 27 against Binance Holdings Ltd and its CEO Changpeng Zhao. The lawsuit alleges that the exchange violated the rules for trading derivatives, writes Bloomberg.

The regulator said that Binance was required to register properly many years ago, but did not do so. The lawsuit alleges that the crypto exchange “disregarded applicable federal laws by facilitating the expansion of Binance’s U.S. customer base because it was beneficial to it.”

https://www.bloomberg.com/news/articles/2023-03-27/crypto-exchange-binance-sued-by-us-cftc-for-alleged-derivatives-rule-lapses


This time, the accusations look more severe, plus the "darling" of previously unresolved problems. What is your opinion - what are the prospects for the development of the conflict and the impact on the crypto market?