Topic: Binance crisis - how will it affect the crypto market? - page 4. (Read 1297 times)

And if you add to that the possibility to avoid taxation and conceal income - crypto becomes a mega-attractive market ! That's why they so fiercely resist any regulatory innovations, which will either deprive them of access to the market, or "open" data about them, and there will be a question - of taxation and responsibility, and a very serious responsibility...

In my opinion, traders love the cryptocurrency market because of the high volatility, if you know how to take advantage of this, it can give you much more profit in a short time than a stable market.

However, flat is also good for trading, but there will not be such great opportunities, the result may be less but more stable, everything will depend on the strategy. Of course, the binance crisis affects the market, after the lawsuit we saw the fall of the entire market, and those who were not afraid and bought at this time can benefit, any crisis is an opportunity.

It doesn't matter whether the market is green or the red, I feel comfortable doing that investment when there is no volatility in the market and a good relaxing analysis can be done. Now if someone invests then maybe he will have huge profit or use loss because there is volatility in the market now.  And at this moment the market will not move at its normal pace and chart analysis may not work at this time as well. that's why I made that comment.  Investing is one's personal matter I don't force anyone to be follow my strategy

If you don't invest now, when did you plan to invest, until the market is green so you can get rekt? No that's a wrong footsteps dear friend, you should invest now that the market is dried of volume and less interest from many people in tbe market. Take a deep breath and look at Binance situation, it's a temporary fight, and it will soon be over with, and from the look of things, only the US citizens are affected, very soon bitcoin will go back to where it was before and will be stronger this time. The last time China were hating crypto and today, it seems some part of them are considering accepting bitcoin back to their place.

I heard a very INTERESTING and reasoned opinion in the next branch:

“There are quite clear accusations in the SEC’s actions against Coinbase and Binance: these exchanges allowed securities to be traded without being authorized to do so. And they offered services such as “staking”, which are very similar to banking products and therefore also require authorization. .

Are any of these allegations related to Bitcoin? No. The SEC has already clarified that bitcoin is not a security. So the accusations have nothing to do with bitcoin.
.....
So let's calm down. This is not against Bitcoin. This is against shady business models where companies pretend they are decentralized when they are not, and want a cheaper and less consumer-protective way to fund their business (or directly run away with your money). And it's also about crypto exchanges that pretend they're not banks, but they are, as long as they offer products like so-called "staking" (which has nothing to do with real proof of stake)."
https://bitcointalksearch.org/topic/the-sec-is-right-its-not-about-bitcoin-its-about-centralized-shitcoins-5456588

This is really closer to the truth. And most likely the hype on the topic "SEC infringes on cryptocurrency" is just a PR action of exchange players who may lose a very attractive "tax-free and uncontrolled income", which they are used to and on which they have built entire financial empires, which until today seemed "untouchable" through the manipulation of words, technology and calls for "an honest, decentralized world." At the same time, they continued to do it dishonestly, centrally and bypassing the law.

After the FTX crisis, the level of trust in central platforms in general has declined, but the level of trust in Binance has increased relatively as it is considered the safest alternative, since most users do not have a culture of private wallets and deal with the platforms just as they deal with banks.
Today, Binance is going through a crisis (of course less risky than FTX), and it is natural that this contributes to a greater decline in the level of confidence, which explains the on chain data that shows that the volume of withdrawals from the platforms has increased in general.

Well, whatever it was - but Binance tried to do it, and then also tried to pretend that he did not understand what it was about. The problem of circumventing sanctions to stop funding a terrorist country means that tomorrow Binance will help ANY rogue country, receive uncontrolled funding, bypass international sanctions.

Now I am writing an answer, and Kyiv is undergoing another rocket attack from the country of an international terrorist, explosions are not far from me, air defense is working ... And this is a consequence of the actions of many, including Binance

The Securities exchange commission may have a bad image on the faces of the public but it doesn't kill the fact that Binance did something wrong, no way in those charges Biance will deny all in court that they are not responsible for such, and besides, I still think it is a payback time because of how FTX collapse back in 2022, Sam Bankman will be happy wherever he is now with this Binance scrutiny and hunt.

BNB holders are not the only ones affected, more than 20 reputable altcoins were hurt as well and also felt the heat, they are been profiled as security and not only Binance alone will face those charges, even the altcoins founder will face the same charges, and it will affect the market in a long run because look at ripple charges till now, they are still battling in court for the same reason.

I have also heard about a lot of news through sources as well as opinions related to the above issue, there are supporters and opponents and there are also quite neutral people. Personally I find it a bit confusing as this seems to be the way to validate the price of btc in the market, my question is a bit counterintuitive as to why it doesn't appear earlier? The relationship between the US and China in recent years is really not good, China's strong rise, the US wants to show its voice, but I see China is dominating. In general, the problem is quite negative because in the crypto environment there are many problems related to investment, sometimes panic is spread quickly to navigate the price, also those who want to consignee wants to do this many times.

Yes, and here you can also add the news that Binance informally assists in registering residents on its exchange in countries where its presence is prohibited.  You are right to say that we should always assume a non-zero probability that everything will go according to the worst scenario, I remember perfectly well the times when Poloniex and Bittrex were much more popular than Binance, but now CZ has definitely brought its exchange to the tops.
The BNB's course was not very well affected by the fact that Binance curtailed its activities in Cyprus. Nevertheless, the price of the token is still within the support level.

I hope "Funds are Safu" will continue to exist without bad changes because I like Binance.

One thing that's for sure is that SEC filing a law suit and it actually gets proven are two different things. We saw how Ripple went perfectly safely out of the SEC's Clutches proving them innocent. Same might happen with Binance and Solana as well. But the best part is that Binance and other exchanges will now atleast start fearing a regulation and ensure their operations take place smoothly in favour of the users and not for their profiteering.

And here is some very interesting material. As they say "not everything is so unambiguous"

Opinion: why bitcoin-maximalists see the SEC as an ally !
It may seem paradoxical, but many bitcoin supporters welcome the SEC lawsuits against cryptocurrency exchanges Coinbase and Binance.

Earlier, Swan.com bitcoin CEO Corey Klipsten, in a commentary for Fortune, called the SEC's stance on cryptocurrencies "consistent," while Strike payment application head Jack Mullers said that SEC Chairman Gary Gensler was trying to "protect the integrity of America's financial markets."

Both criticized Coinbase for listing altcoins and called Binance an offshore exchange that trades unregistered securities. Such a position finds support among prominent members of the bitcoin community, including Max Kaiser, Samson Maw, Matt Odell and others.

According to Castle Island Ventures partner and Coinmetrics co-founder Nick Carter, this bitcoin guru behavior is turning the first cryptocurrency into a cult


Original article and full text: https://forklog.com/exclusive/mnenie-pochemu-bitkoin-maksimalisty-vidyat-v-sec-soyuznika





Twenty-four hours of sweating, thinking up something, writing some nonsense - not tired? You shouldn't have sweated.)
I'll be brief: creativity - crap, the author - 100500 times trying to wishful thinking.  I have already pointed out to you 1000 times your problems, pathetic attempts at manipulation and regular lies

Bottom line - go rewrite your answer 

PS And in general, do not distract busy people with your nonsense !

Binance being a big exchange can certainly have an effect on the crypto market for its negative news. And already we can see all coins including Bitcoin BNB, Ethereum getting dumped. however, no specific time can be said for how long such a problem will last. So it is better not to invest in the current panic market because the analysis will not work very well in the current market. Binance is known as the top exchange globally so it is only natural that negative news against them will have a long impact on cryptocurrency and we have to accept that as well.

At this point, I have to ask: where have you spent last 10-13 years?  

It's common knowledge that all countries are generally against Bitcoin, because Bitcoin is a threat to banks and their existence.  

And note it's merely my opinion, not a fact so I'm not obliged to provide any sources (unlike you posting your fake news without sources and pretending they're real facts haha). But nevertheless I will:

"Now, the Biden administration has been accused of trying to "quietly" ban bitcoin, ethereum and other cryptocurrencies in a move that's been described as "Operation Choke Point 2.0"—referring to a 2013 government initiative that sought to cut off undesirable industries from banking services."

"The U.S. government is using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry,"

"And the administration’s efforts are no secret: they’re expressed plainly in memos, regulatory guidance, and blog posts. However, the breadth of this plan—spanning virtually every financial regulator—as well as its highly coordinated nature, has even the most steely-eyed crypto veterans nervous that crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely."

https://www.forbes.com/sites/billybambrough/2023/02/09/us-accused-of-trying-to-quietly-ban-bitcoin-ethereum-and-crypto/?sh=6b7762e86403

The lack of regulatory clarity is a common complaint among crypto firms, which argue that the United States is pushing the industry overseas, and ultimately ceding authority to foreign regulators that have established clearer guidelines.

And that may be true, but Gary Gensler, the outspoken crypto-skeptic and top cop at the SEC, doesn’t seem to care.

“Look, we don’t need more digital currency,” Gensler told CNBC on Tuesday. “We already have digital currency: It’s called the US dollar. It’s called the euro or it’s called the yen; they’re all digital right now. We already have digital investments.”

https://edition.cnn.com/2023/06/06/business/nightcap-crypto-sec-binance-coinbase/index.html

And I could go on and on and on...


Oh, come on, grow up. These are the formal reasons presented to the public. But everybody knows what the REAL reasons are...  

That is long gone. It was multi million business and there is no coming back in the US geo for Binance for time being. They should have done the ToS acceptance as per the government since very long and it’s not like Binance is completely at the fault but the government authorities as well. The Binance did Update their system time to time. First they had no KYC, then they were supposed to do the basic KYC and later it all started with full KYC concept as per the account level.

That part was already clear and most of the exchangers do follow it no matter what. Over the period of time authorities have changed many asset natures from cold asset ti securities from trading commodity to commission and what not.

It’s obvious any business would fail to adopt over the time if they are changing the rules like clothes.

The recent crisis at Binance, one of the world's largest crypto currency exchanges, has caused concern among investors and traders in the crypto market. Binance has been facing regulatory pressure from various countries, including United States, Japan and the United Kingdom, which has led to restrictions on its services in these regions. The impact of the Binance crisis on the crypto market is uncertain at this time. While some investors may be hesitant to continue trading on the platform, others may see this as an opportunity to invest in alternative exchanges or crypto currencies. The overall effect on the market will depend. on how quickly effectively Binance is able to address the regulatory concerns and restore investor confidence.

One of these commitments like you have said, I don't think to bypass the sanction by any means will be a good taste for binance, it would be like robbing peter to pay Paul meaning no resolution because the matter will later surface and I don't think CZ would want this option. To me that will still not create a very good business environment for binance and crypto community in US as fear will still be locked in the air.

Exactly because Binance is today the largest and geographically the largest exchange, I created this topic to understand other people's opinions, and to assess the risks of further interaction with both Binance and BNB in particular. This problem is not about cryptocurrency bans. It is an issue of regulation, compliance with laws and commitments, and much more. Let's say - I am very pessimistic about the probability of Binas collapse, but with non-zero probability I allow the risks, a sharp restriction of its work all over the world. The SEC is a very significant organization, and it has strong influence outside the US.
I'm sure there wouldn't be any problems, well at most a small claim/world or a mini fine, if Binance didn't REPLACE the 2 commitments it made. Or rather, Binance pretended that "nominally we are fulfilling", but in fact did it only "on paper". These two commitments:
- Fulfilling the terms of service provision/control for US citizens (this is an internal US issue, and they have the right)
- Providing, or rather, the "through fingers" solution to help bypass sanctions, financing and assistance in the transit of funds for the representatives of the country, the recognized aggressor and terrorist.

In doing so, Binance tried to "turn on the fool" and pretend that they do not understand what they are violating and how

In a word - we are watching the development of events!

Yup guys, it's just FUD!
Have some more FUD, fresh one:
https://www.cysec.gov.cy/en-GB/entities/crypto-asset-services-providers-casps/casp-register/93362/

Binance has just exited Cyprus over MiCA regulations, which basically means that the whole EU is going to be off-limits for them
Oh wait, it's not FUD, it's s fact!

I wonder if they will be able to keep their operations alive in Bartovia at least!

The crisis between Binance and the SEC will affect a part of the market not the whole. I don't think it's anything serious. Just one of the usual happening FUD’s. Most of the market makers seem to have left the market on the Binance US side, which is actually a good thing. However now is the time to dive into Bitcoin. I'm tired of encountering similar scenarios every semester. The market is over this time every in bear period there are FUD events that will make you say we went bankrupt and at the end of each cycle, Bitcoin sees a new all time peak and altcoins show huge rises. Perhaps a year from now, those who dive into crypto during the FUD time will be as wealthy as in the past market cycle.