Turning this particular debacle into a political mess is meaningless and silly op. This isn't the first time that SEC launched an attack on a crypto exchange and it certainly will not be the last.
This is a fight between centralised and decentralised entities(Not some hidden war) which led to a bloodbath as expected, but corrections like this current one are very common and are temporary.
The crypto market will turn bullish again pretty soon with/without a reason.
Topic: Binance crisis - how will it affect the crypto market? - page 5. (Read 1310 times)
If we draw some parallels with SEC and Binance situation, the US is clearly attacking Binance (and Bitcoin in general), because they dared to refuse to ban Russian customers. I guess you can call the US a terrorist state then? Which can try to close any exchange to reach their goals? Pretty much any economy in the World can suffer from the economic terror of the US. If you can't see these similarities here, that's hypocrisy. 
Great answer, thank you ! I'll explain why
Breaking laws, violating CONTRACTS, financing terrorism, or helping rogue countries/regimes to circumvent sanctions, are ILLEGAL ACTIVITIES !
And here again, it's perfectly obvious that you're trying to wishful thinking - that it's "the US fighting Binance and BITCOIN".
Would you care to prove your statement, and show where else the U.S. is fighting BITCOIN, accusing the structures of financing terrorism and violating their commitments, and demanding a ban on BITCOIN transactions ?
By the way. question, part two - in which part of the SEC claim does the demand to Binance prohibit or limit the Bitcoin transactions sound? I'm waiting very carefully for the reasoned advice, with links to the original documents corresponding to your "morass"
We all know that Binance is the largest crypto market for now and many investors are joining the market, so when there is a problem like this, we will definitely feel great pressure and greatly affect the crypto world, especially they violate US federal laws, of course this will be a big problem for the Binance market, and this is also due to US pressure on China so that this problem is even bigger, And we hope that all these problems have solutions so that we can return to using Binance as before.
The last weeks were marked by notable news splashes about Binance, and the problems of this exchange.
- The media reported about layoffs at Binance. Bitcoin exchange Binance has begun laying off staff. Presumably, the percentage of laid-off staff will be 20%, reported reporter Colin Wu, citing his own sources.
- The world's largest cryptocurrency exchange, Binance, has lost a quarter of its market share in the past three months as a U.S. regulator prosecutes it for allegedly violating U.S. federal laws. In February, New York regulators shut down Binance-branded Stablecoin issuance.
- The SEC has sued Binance and Changpeng Zhao. The Securities and Exchange Commission (SEC) sued bitcoin exchange Binance and its CEO Changpeng Zhao.
The U.S. regulator brought 13 charges, including unregistered offers and sales of BNB and BUSD tokens, Simple Earn and BNB Vault products and stacking.
The suit also alleges that Binance failed to register its Binance.com platform as an exchange, broker-dealer or clearing agency, as did the U.S. unit. Zhao was sued as a "controlling person."
These and many other negative news stories, about the world's largest exchange, have been in the air for months. Question:
- In your opinion, is this a consequence of increased pressure on China by the U.S.?
- What will the problems of Binance lead to for crypto market and crypto users?
After all the disturbing news, the BNB rate has fallen quite a lot, nevertheless, I think that the Binance will cope with all the difficulties, and the bad news is just FUD that should not be perceived negatively. Now is the time to buy promising BNB tokens, the price of which has been testing the level of powerful support for about $ 240 for the third time. At the same time, I am not so afraid of problems with binance that I participate in the stake program from Maverick for Launchpad.- The media reported about layoffs at Binance. Bitcoin exchange Binance has begun laying off staff. Presumably, the percentage of laid-off staff will be 20%, reported reporter Colin Wu, citing his own sources.
- The world's largest cryptocurrency exchange, Binance, has lost a quarter of its market share in the past three months as a U.S. regulator prosecutes it for allegedly violating U.S. federal laws. In February, New York regulators shut down Binance-branded Stablecoin issuance.
- The SEC has sued Binance and Changpeng Zhao. The Securities and Exchange Commission (SEC) sued bitcoin exchange Binance and its CEO Changpeng Zhao.
The U.S. regulator brought 13 charges, including unregistered offers and sales of BNB and BUSD tokens, Simple Earn and BNB Vault products and stacking.
The suit also alleges that Binance failed to register its Binance.com platform as an exchange, broker-dealer or clearing agency, as did the U.S. unit. Zhao was sued as a "controlling person."
These and many other negative news stories, about the world's largest exchange, have been in the air for months. Question:
- In your opinion, is this a consequence of increased pressure on China by the U.S.?
- What will the problems of Binance lead to for crypto market and crypto users?
Moreover, yesterday there was news that Binance is successfully defending itself in court.
CZ seems to have even suspected that this would happen to him and to his exchange company, Binance. So since long ago he always said through his tweets that in essence Fud and the like one day there will be much more. and he always emphasizes the 4 points that he always shares in his tweets namely
Or maybe he deliberately provoked this attack. After all, if he gets away with it, it will greatly strengthen his position on the cryptocurrency market. Although this attack should have been invented, because the need to dot all the dots and get clear rules is long overdue
But the latest news currently mentions the Judge actually ordering CZ and the SEC to compromise or negotiate regarding the freezing of Binance assets that the SEC wants and this negotiation is meant to possibly avoid freezing these Binance assets. the point is that this case may also end in a settlement that is not too heated or ends peacefully. by making a certain agreement. And well if this happens of course CZ's Reputation will increase even more.
This issue is happening in the United States and I think it's only going to affect the Binance US alone since that is where the major problem is coming from. I still don't get why Garry had taken it upon himself to attack exchanges and making them to shift away from the United States since it looks like the law is too tough for them to be able to stay safe in the region without problems. Garry had been accused multiple times if manipulating the market for his own selfish interest and if this continues it could affects his reputation as a public figure.
I think the actions taken against Binance and Coinbase exchanges will extend beyond USA and have far reaching consequences. The confidence of investors is severely shaken and it will take long time to restore it. As we all understand that crypto market is very volatile and generally driven by sentiment of participants, which is currently very negative and evident from outflow of funds from exchanges.. However, despite recent developments, the leading crypto currencies, Bitcoin and Ethereum have not been significantly impacted and gradually recovering their previous price levels.
It's because there are investors who are smart not to get affected by this negative news. It's only those from the US that might be affected in Binance.US moves out of that country. But then again, all exchanges might follow suit as well. Coinbase has plans already, so it's just a matter of time that exchanges going out of the US market. For sure it might not be good as US is the biggest bitcoin investors, nevertheless, we are still have that bitcoin halving next year that will be the catalyst for the bull run that no one ca stop, not even SEC or US government for that matter.
This issue is happening in the United States and I think it's only going to affect the Binance US alone since that is where the major problem is coming from. I still don't get why Garry had taken it upon himself to attack exchanges and making them to shift away from the United States since it looks like the law is too tough for them to be able to stay safe in the region without problems. Garry had been accused multiple times if manipulating the market for his own selfish interest and if this continues it could affects his reputation as a public figure.
I think the actions taken against Binance and Coinbase exchanges will extend beyond USA and have far reaching consequences. The confidence of investors is severely shaken and it will take long time to restore it. As we all understand that crypto market is very volatile and generally driven by sentiment of participants, which is currently very negative and evident from outflow of funds from exchanges.. However, despite recent developments, the leading crypto currencies, Bitcoin and Ethereum have not been significantly impacted and gradually recovering their previous price levels.
Did not expect if binance also experienced a crisis, if binance experienced things like what happened to FTX, it is certain that the price of bitcoin will drop below $ 5000, this is because binance and binance groups that are spread in almost all countries are the largest exchange.
Actually it's just an exchange, nothing else.
It may be an exchange only, but Binance case brings real impacts on crypto market.The current drop in crypto market is clearly caused by the case. The impact may not last forever, but it really ruins the hype for the upcoming bullrun season. Crypto market rises quite fast before we have Binance case. Now, crypto market looks difficult to move up since many people are afraid of the future of their crypto assets.
If the bad news in Binance can affect the crypto market, it just show how many people are leaving their funds in Binance, they're either sold of their coins or move to other popular exchange.
It is not only about where people save their assets. People easily move their assets from Binance to another top CEX. But we have another problem related to the case, it is about people's trust in crypto exchange. If SEC easily intervenes number 1 crypto exchange, it means SEC is possible to bother crypto world at any time. People may feel afraid that the government and SEC have a plan to destroy crypto world gradually.We need to panic if there's a technology can hack Bitcoin, but we all know it's currently impossible to happen.
Hacking happened many times on Bitcoin. But the hacking is to steal Bitcoin, it is not about destroying Bitcoin world. Hacking is impossible to steal blockchain technology or crypto technology.
Binance is the largest exchange right now and the issues faced with SEC can't stop their coins BNB keep stable on the higher price, dropped more than 30% from $320 and BNB current price on $240 seems how bigger impact from SEC Commission announcement last several days. Its not first time what happen with Binance exchange but I don't sure how long Binance keep stable and strong against with SEC Commission and we know their reputation success destroy many altcoin kinds until have lower values.
Binance seems not respond against SEC, actually its bad impact how to make Binance's member keep trust with this exchange without have new update or announcement about Binance exchange in the good position right now.
Binance seems not respond against SEC, actually its bad impact how to make Binance's member keep trust with this exchange without have new update or announcement about Binance exchange in the good position right now.
maybe the binance team knows already how to resolve their situation with SEC. they have a lot of resources to rectify this situation they are in. and we won't know their action up until it is already resolved. for sure, this binance issue will only be one of the challenges that this market will encounter. in my opinion, they can easily surpass this problem. it may have short term impact but long-term? i don't think so.
we have seen a lot of failures in this market, and we are talking about binance here. i don't think they will ruin their reputation by not resolving the conflict they are in.
Today the news came out one by one:
- U.S. District Court summonses the CEO of Binance CZ. The United States District Court in Washington, D.C., issued a subpoena to Binance CEO Changpeng Zhao.
This came just two days after the SEC sued the exchange for violating securities laws. The subpoena stated that criminal proceedings were pending against the CEO.
- Binance.US will delist about 100 trading pairs and suspend over-the-counter (OTC) trading on June 8
Binance.US will remove selected pairs for extended trading on June 8, 2023 at 9:00 a.m. Pacific Time / 12:00 p.m. EST. Earlier, the SEC demanded that the U.S. branch of the Binance exchange return fiat funds to customers.
Thus, regulators and the courts decided to make sure that Binance exchange will be held accountable for violating the law from their perspective. The court proceedings may last for a long time and it is unknown how the litigation between the largest cryptocurrency exchange and U.S. regulators will end.
https://cryptonews.net/ru/news/legal/21113589/
- Will Binance face secondary sanctions for serving Russian citizens? In early May, Bloomberg reported on an investigation by the U.S. Department of Justice's National Security Division into Binance Holdings Ltd. The parent company of the largest cryptocurrency exchange by trading volume, Binance, is suspected of violating sanctions against Russia.
The agency intends to find out whether Binance officials or companies allowed Russians to circumvent US sanctions and transfer money through its trading platform. At the time of writing, neither the exchange nor its executives were reportedly accused of wrongdoing.
At the same time, the U.S. Internal Revenue Service, together with analytical firm Chainalysis and Ukrainian law enforcers have been monitoring cryptocurrency transactions of Russian citizens.
https://forklog.com/exclusive/grozyat-li-binance-vtorichnye-sanktsii-za-obsluzhivanie-grazhdan-rossii
- U.S. District Court summonses the CEO of Binance CZ. The United States District Court in Washington, D.C., issued a subpoena to Binance CEO Changpeng Zhao.
This came just two days after the SEC sued the exchange for violating securities laws. The subpoena stated that criminal proceedings were pending against the CEO.
- Binance.US will delist about 100 trading pairs and suspend over-the-counter (OTC) trading on June 8
Binance.US will remove selected pairs for extended trading on June 8, 2023 at 9:00 a.m. Pacific Time / 12:00 p.m. EST. Earlier, the SEC demanded that the U.S. branch of the Binance exchange return fiat funds to customers.
Thus, regulators and the courts decided to make sure that Binance exchange will be held accountable for violating the law from their perspective. The court proceedings may last for a long time and it is unknown how the litigation between the largest cryptocurrency exchange and U.S. regulators will end.
https://cryptonews.net/ru/news/legal/21113589/
- Will Binance face secondary sanctions for serving Russian citizens? In early May, Bloomberg reported on an investigation by the U.S. Department of Justice's National Security Division into Binance Holdings Ltd. The parent company of the largest cryptocurrency exchange by trading volume, Binance, is suspected of violating sanctions against Russia.
The agency intends to find out whether Binance officials or companies allowed Russians to circumvent US sanctions and transfer money through its trading platform. At the time of writing, neither the exchange nor its executives were reportedly accused of wrongdoing.
At the same time, the U.S. Internal Revenue Service, together with analytical firm Chainalysis and Ukrainian law enforcers have been monitoring cryptocurrency transactions of Russian citizens.
https://forklog.com/exclusive/grozyat-li-binance-vtorichnye-sanktsii-za-obsluzhivanie-grazhdan-rossii
I'd like to mention and draw some parallels with some other post of yours (regarding Russia gas ban):
Quote
The point of the article:
- Russia is a terrorist state, and in order to achieve its idiotic goals it can cut off the supply through the Ukrainian GTS. There have been examples, terrorist attacks are normal for Russia - from its citizens being blown up, to blowing up its own gas pipeline, Nord Stream.
- Such a scenario has to be considered because Germany, which has replaced 95+% of Russian gas supplies, will help other countries with OWN gas under current EU law.
- Therefore, those countries that are still dependent on Russian gas should worry in advance about solving the potential problem
By the way, such countries include "the Kremlin's lapdog" Hungary, which is led into the abyss of cooperation with a terrorist country, Orban. It is the Hungarian economy that will be the first to suffer from the economic terror of russia Smiley Orban - keep licking the boots of the Kremlin's neo-Furrer.
- Russia is a terrorist state, and in order to achieve its idiotic goals it can cut off the supply through the Ukrainian GTS. There have been examples, terrorist attacks are normal for Russia - from its citizens being blown up, to blowing up its own gas pipeline, Nord Stream.
- Such a scenario has to be considered because Germany, which has replaced 95+% of Russian gas supplies, will help other countries with OWN gas under current EU law.
- Therefore, those countries that are still dependent on Russian gas should worry in advance about solving the potential problem
By the way, such countries include "the Kremlin's lapdog" Hungary, which is led into the abyss of cooperation with a terrorist country, Orban. It is the Hungarian economy that will be the first to suffer from the economic terror of russia Smiley Orban - keep licking the boots of the Kremlin's neo-Furrer.
If we draw some parallels with SEC and Binance situation, the US is clearly attacking Binance (and Bitcoin in general), because they dared to refuse to ban Russian customers. I guess you can call the US a terrorist state then? Which can try to close any exchange to reach their goals? Pretty much any economy in the World can suffer from the economic terror of the US. If you can't see these similarities here, that's hypocrisy.
The FXT collapse did thought us huge number of lessons and which I think a lot of people must have learnt something from that event, from the report then on chain data shows that number of address that moved their cryptos from exchange to noncustodial wallet saw an increased number of transaction. However, Despite that Binance is an elephant in these industry, The contagion may not impact the industry negatively much.
But i do agree that, once these exchanges will be banned partially or fully, how citizens are going to buy BTC, But wait, that factor can also not effect the market, because there are many BTC ATMs in USA, as these exchanges are only going to halt there functionalities in the USA only so i do no think we should worry about it.
However, it seems that a major problem arises when Binance is completely prohibited from operating by the authorities who consider themselves the most authorized in regulating this domain. Many users will lose trust in Binance when this top exchange collapses for its global version. We do not know if the issue lies with Binance in the US region, but it could potentially impact the global version of Binance, which is not available in every country like the Bitcoin ATMs in the US.CZ seems to have even suspected that this would happen to him and to his exchange company, Binance. So since long ago he always said through his tweets that in essence Fud and the like one day there will be much more. and he always emphasizes the 4 points that he always shares in his tweets namely
Or maybe he deliberately provoked this attack. After all, if he gets away with it, it will greatly strengthen his position on the cryptocurrency market. Although this attack should have been invented, because the need to dot all the dots and get clear rules is long overdue
Binance is the largest exchange right now and the issues faced with SEC can't stop their coins BNB keep stable on the higher price, dropped more than 30% from $320 and BNB current price on $240 seems how bigger impact from SEC Commission announcement last several days. Its not first time what happen with Binance exchange but I don't sure how long Binance keep stable and strong against with SEC Commission and we know their reputation success destroy many altcoin kinds until have lower values.
Binance seems not respond against SEC, actually its bad impact how to make Binance's member keep trust with this exchange without have new update or announcement about Binance exchange in the good position right now.
CZ seems to have even suspected that this would happen to him and to his exchange company, Binance. So since long ago he always said through his tweets that in essence Fud and the like one day there will be much more. and he always emphasizes the 4 points that he always shares in his tweets namelyBinance seems not respond against SEC, actually its bad impact how to make Binance's member keep trust with this exchange without have new update or announcement about Binance exchange in the good position right now.
Quote
"Will try to keep 2023 simple. Spend more time on less things. Do's and Don'ts.
1. Education
2. Compliance
3. Product & Service
4. Ignore FUD, fake news, attacks, etc.
In the future, would appreciate if you can link to this post when I tweet "4". 🙏"
Sourch: https://twitter.com/cz_binance/status/1610018096122851328?s=201. Education
2. Compliance
3. Product & Service
4. Ignore FUD, fake news, attacks, etc.
In the future, would appreciate if you can link to this post when I tweet "4". 🙏"
And it seems that CZ has also hired the best lawyers to solve the legal problems that befell him and Binance. So I think users' trust in Binance will still be strong. but caution is also needed because history has proven that several large exchanges in the past have failed.
Legal actions against cryptocurrency exchanges have occurred in the past, and the industry as a whole has shown resilience and adaptability. While Binance and other exchanges may seek to address regulatory concerns and continue operations, the specific outcome will depend on the details of the situation and the actions of the parties involved. The cryptocurrency market has evolved over time, and the presence of alternative and decentralized exchange platforms provides users with options. However, the reputation and market position of major exchanges like Binance can still influence market dynamics and user behavior.
The price movement I think is over although it may just be a stagnant price for the rest of the month. It could also move downwards to $22k, crazy market but I think its necessary for BTC to be uninteresting for the public.
China opening its people for crypto is likely their way to allow their people to combat inflation. Its also affecting them but they are confident as its not in the mainland but only in Hongkong where they could easily shutdown if its problematic.
Contrary to this idea, I think we may see some more price fluctuations and sharp price movements this month because apart from the situation we talked, a few important economic data to be followed will be announced this week. Although Bitcoin is making sharp moves in a certain price range for now I think it can make a few more drastic moves without going too far out of these price ranges. In particular, although we have seen movements between a price band that can be considered stable in the last few weeks, I think it is even possible to see price movements outside this area depending on the future economic data will announced this week.
Although I would like to think optimistically I also think that there will be no decision or move to increase the use of Bitcoin by China in the near future. I think that a government that has been against Bitcoin and cryptocurrencies almost from the very beginning, will not make such a breakthrough in a very short time.
Binance is the largest exchange right now and the issues faced with SEC can't stop their coins BNB keep stable on the higher price, dropped more than 30% from $320 and BNB current price on $240 seems how bigger impact from SEC Commission announcement last several days. Its not first time what happen with Binance exchange but I don't sure how long Binance keep stable and strong against with SEC Commission and we know their reputation success destroy many altcoin kinds until have lower values.
Binance seems not respond against SEC, actually its bad impact how to make Binance's member keep trust with this exchange without have new update or announcement about Binance exchange in the good position right now.
Binance seems not respond against SEC, actually its bad impact how to make Binance's member keep trust with this exchange without have new update or announcement about Binance exchange in the good position right now.
Binance is the biggest exchanges and if you experience a crisis, of course this is very dangerous, but I'm sure Binance has a large capital and will not experience a crisis, and about 6 hours ago I withdraw from Binance and everything is no problem.
You should've done that long ago.
If this crisis makes people worried about the safety of their funds and learn about self-custody it's all for the better.
I see a lot of positive aspects in this. First of all this is going to put a pressure on Binance. Stress test it so that we'll finally, in Buffett's words, se who's swimming naked.
Then there's the issue of Binance's insider trading and commingling of funds, which shouldn't be happening. They were too full of themselves and playing with fire, until they got burned, so if that makes them lose money on lawyers and fines, it's fine by me.
Finally, we have the issue of regulation in the US. The fact is, crypto regulation doesn't exist yet, but Gensler is trying to make exchanges look worse than they really are and working outside the law. A great example of this is comparing Coinbase to Binance, when Coinbase was being audited and it wasn't doing any insider trading and commingling of funds.
Armstrong said they're ready to go to court, and IMO this is going to take many years, so the SEC will have another chair by the time we see a verdict.
Events are moving swiftly...
- After the SEC lawsuit was filed, market depth for the top 25 crypto-assets on Binance.US dropped by 78%, Kaiko analysts pointed out.
"Market makers left immediately, leaving [the platform] with almost no liquidity," the experts noted. Representatives from Wintermute and Keyrock confirmed to The Block that they were among the firms that left Binance.US.
The depth of the market reflects its capacity, by which you can judge how many buy/sell orders it holds and how quickly and with minimal price deviation transactions are executed.
Lack of liquidity can lead to significant price slippages, negatively affecting trading efficiency and the attractiveness of the site.
- Binance has announced the delisting of a number of spot pairs with BNB
The spot platform will stop supporting the following trading instruments: BIFI/BUSD, DASH/BNB, FIO/BUSD, GAL/BNB, ILV/BNB, KLAY/BNB, LIT/ETH, MC/BNB, MINA/BNB, MLN/BUSD, ONE/ETH, OXT/BUSD, PEOPLE/BNB, PEOPLE/ETH, QNT/BNB, WAXP/BNB, XTZ/ETH, ZEC/BNB, ZRX/ETH.
Source https://forklog.com/
- After the SEC lawsuit was filed, market depth for the top 25 crypto-assets on Binance.US dropped by 78%, Kaiko analysts pointed out.
"Market makers left immediately, leaving [the platform] with almost no liquidity," the experts noted. Representatives from Wintermute and Keyrock confirmed to The Block that they were among the firms that left Binance.US.
The depth of the market reflects its capacity, by which you can judge how many buy/sell orders it holds and how quickly and with minimal price deviation transactions are executed.
Lack of liquidity can lead to significant price slippages, negatively affecting trading efficiency and the attractiveness of the site.
- Binance has announced the delisting of a number of spot pairs with BNB
The spot platform will stop supporting the following trading instruments: BIFI/BUSD, DASH/BNB, FIO/BUSD, GAL/BNB, ILV/BNB, KLAY/BNB, LIT/ETH, MC/BNB, MINA/BNB, MLN/BUSD, ONE/ETH, OXT/BUSD, PEOPLE/BNB, PEOPLE/ETH, QNT/BNB, WAXP/BNB, XTZ/ETH, ZEC/BNB, ZRX/ETH.
Source https://forklog.com/
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