Topic: Binance crisis - how will it affect the crypto market? - page 9. (Read 1310 times)

Personally, I see the situation with Binance as a manipulation to bring bitcoin and cryptocurrencies down to the necessary values. That is, this situation, in my opinion, is just a pretext for taking necessary measures and creating panic. It is unlikely that Binance will be so easily destroyed - especially by the SEC

We all understand that Binance is the leading crypto exchange, so any influence on it will affect the market. The overall market reaction to the news released by the SEC has impacted prices and caused panic in everyone, the impact of this crisis may vary and depend on the market many factors. There will be some investors and market participants who feel insecure and switch investments from Binance to other exchanges. This can lead to a decline in the volume and price of cryptocurrencies traded on Binance.
If the Binance exchange faces fines or operational instability, it could cause investors to lose confidence in the exchange and affect market sentiment. If Binance finds a way to solve its problem, it could help ease investor anxiety. It can increase investor confidence in the cryptocurrency market and lead to an increase in the price of some cryptocurrencies.

And if Binance goes bankrupt or something more serious happens, we can use another exchange with no problems. Exchanges come and go, and traders choose their exchanges so that if one large exchange closes, they will move their funds to other exchanges.

Maybe there will be a decline in the crypto market due to the news, but the crypto market will rise again and has always been like that. So they don't need to worry because many other exchanges could become the next Binance.

Remember not to keep a lot of crypto on the exchange because we don't know what will happen in the future.

I don't think its bad at all. Binance is a middleman and middlemans are not necessary. It is known not to leave much money in exchanges, too many exchanges have folded. While Binance broadens the crypto scene it also puts an emphasis on trading. Trading is not crypto.  

Actually it's just an exchange, nothing else. 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. There are a lot centralized exchanges out there, even few of them collapse, people can still use other exchanges and don't need to panic. We need to panic if there's a technology can hack Bitcoin, but we all know it's currently impossible to happen.

As a result, we can see that the price is falling and will likely continue until Binance and the SEC agree with each other. The problem here is that the SEC's actions always attract quite a lot of attention, considering that there will be a lot of speculation about ATH, especially when it comes to dropping the price of Bitcoin and other cryptos on the market. Since the existence of the SEC, almost all exchanges have experienced uproar and still for the same reasons, namely related to registration. So I wouldn't be surprised if an exchange the size of Binance is an ideal top target. Regardless of the impact on the current price, I think the solution is securing assets to each other's wallets to be the right choice, until this case really subsides or is resolved.

If you're keeping up with the latest developments besides Binance, the SEC has also sent a letter to Coinbase:
source PDF https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.1.0.pdf

news information that makes the market collapse, yes maybe seize business or economic competition between countries. as far as I remember, the US president was once a FTX party, making FTX's market power quickly famous. if you remember the money line from the FTX source is very strong for people who have important roles in the US. I think maybe it's like wanting revenge for the loss of FTX. but it seemed difficult to attack CZ.

In my opinion, the case that happened to Chang Peng Zhao regarding binance recently has nothing to do with the pressure exerted by the US on China. Even though Chang Peng Zhao was born in China, things like that cannot be related to the issue of US pressure on China, because it has nothing to do with the problems being faced by Changpeng Zhao at the moment. Besides, Changpeng Zhao is currently not living in China, but is currently living in Singapore. So basically changpeng zhao has a problem about this binance, it's all because of the problem of the accusations leveled against changpeng zhao, about accusations of violating securities laws.
If the problem facing Binance doesn't clear up in the near future, it will definitely affect users who trade crypto on Binance. Because it is certain that it will more or less cause worry among Binance users over the incident that is happening to Changpang Zhao as the founder of Binance. For the crypto market, it will definitely have a little effect, but I don't think it will have a big impact for now, because the current state of the crypto market still feels normal as usual. But if the Binance case continues, maybe there will be changes in the crypto market. Because there will probably be a lot of users on binance, who will withdraw their crypto assets for safekeeping, and to guard against when the worst happens.

It's obvious that if Binance exchange is facing this kind of challenges from government regulations other exchanges may not scale through, this is part of the reasons you will discover many fee related issues with the exchanges when government is not giving them a breathing space, they will have to result the whole consequences on their users.


There's still more hole for those using Binance to withdraw their crypto asset off the exchange, today they are laying off their staffs and next you will hear is that they have close down.


When there's more pressure on Binance, it may ended up getting banned, bankrupt or face more accusable challenges from the government, in view of these, many investors were already taking their asset off the exchange to their personal wallet, the earlier the better.

Right now millions of dollars are moving out from Binance exchange and even Coinbase is affected, people did have problem of not listening, Binance exchange broke some rules, nothing bad happened than this, so why are people moving out their funds? Binance exchange have enough fund to pay for any losses, so why don't you trust binance now? Lol, it's funny.

What will happen will still happen and it will eventually pass too, there is no reason to be in worries because of this news, what I will advise someone like CZ is to go hidden and build a decentralized exchange, we need people like him in crypto space, enough of this centralized exchange problems, SEC target Binance exchange because of FTX collapse, it's my own believe because Kevin came out in the open, promising CZ that Binance exchange will pay for all he did with FTX, I believe this war is still ongoing.

There is no cause for panic, in every bear market, things always feel like we are in a bigger mess that we aren't going to come out of, but in time, things gets better, I believe that same thing will unfold soon.

Who remembers the event that mtgox collapsed at that time it was also rated as the largest exchange in the crypto space, looking at the development of crypto to the present and envisioning the future, I see that we still too fragile before the news. The matter between SEC and CZ and binance, I think it will take time for things to clear up, and over time I will also lean towards the possibility that things will calm down, the problem is we are looking at how The SEC's behavior in recent years towards this crypto space is harsh, the legal corridor is not really clear between the parties causing problems to arise, and users are easily moved by news and reactions about the crypto space. The price was clearly shown after the statements were made. But to be honest with me this is just one of many different events in the space, and it doesn't stop the evolution of crypto over time.

Nope, CZ gets sued because he broke some rules and regulations, not because he's Chinese.
There will be crypto price drops and a bearish wave, but who cares. The crypto market survived FTX, I'm sure that it will survive any turbulence caused by the lawsuits against CZ and/or Binance. The BTC price recovered pretty fast after the FTX drama(around three months), I'm sure that Bitcoin is still capable of getting thru a bullish phase by the end of 2023(even though I expect the real bull run to hit somewhere around the second half of 2024).

This has nothing to do with China.

After the news, bitcoin fall from over $27000, down to almost $25000. Some people like to panic or to make use of such market situation to sell. SEC sued Binance, but not that Binance is closing down, or Binance go hacked, but which could have caused more downtrend.

It's bad for the crypto market that the world's largest exchange is associated with such incidents. If a mistake has been made, there should be punishment. It's not good for crypto to be monopolized by one exchange or one country. The accusations are very serious. If these accusations are true, the market will be negatively affected and it may take a long time for the market to recover. But if the news and the lawsuit are intended to manipulate the market, it will undermine the trust that crypto is trying to build. This will always cause a delay. I hope we see crypto in a better situation as a result of this news and the lawsuit.

Binance is the largest exchange, and the lawsuit by the US's SEC would surely affect the crypto space, but this effect is expected to douse over time as this is still an allegation, and it will remain as such until the court delivers its verdict.

Mind you, Binance and CZ might eventually be guilty of most of these allegations, at times some companies operate like gods as if nothing can touch them, but not in the US and other sane countries. If they think they can do and go scot-free as they do with their global branch, then they are jokers.

There can't be any consequence in my opinion. The question is whether they are guilty or not. China will not come out and support illegality on another country's soil. Besides, China seems to pretend they are not in support of cryptocurrency, so they are expected to be mute in this regard.

First, cryptocurrencies must fall due to this ugly news, yet Binance.US is just a branch, a branch smaller than the global brand. This makes me believe that the effect will quickly subside over time, and I don't see it crashing Bitcoin below $20,000, at least, before the court's verdict as we don't know yet how severe the penalty could be.

I have been checking their careers page and with this layoff, they've got a lot of hirings on their website but this is across all over the world and includes remote positions.

I don't know if there is something to do with it. US has been known to be too strict with their ruling regards to these exchanges and isn't that Binance already expressed their disinterest to operate with their US market?

I guess more with the market manipulation. Because with such news we have already seen how quick the market has reacted. Other than that, it's more with their exchange and trust issues whether their users will be quick to withdraw their funds just as seeing the news that CZ/binance has been sued.

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?