Topic: Binance lots of FUD - page 6. (Read 873 times)

There are many fud against Binance, after Kucoin and Crypto.com exchanges.

I believe we are witnessing a fud wave against exchanges respectively one by one. Kucoin after fuds, is still operating well. Crypto.com is fine but need more time to verify.

Binance is a newest exchanges under fud attacks. Latest days, I read news about Binance and there are not enough information for me to consider they are legit or not legit with their statement.

Their audit with AuP (Agreed-Upon Procedure) is a short procedure for audit with agreement between customer and audit company about what point the customer want to be audited. It is a partial audit and not full audit. However it is one of procedures can be used for auditing.

97% or 101% is not much big different but it has been exaggerated to attack Binance.

I will wait for more information in coming weeks but it is good at the moment to avoid storing money on exchanges, not only on Binance exchange.

Prevention is better than cure. If nothing will lose to you on transferring your funds to your personal cryptocurrency wallet, then all good, it's okay to follow these rumors FUD about Binance.
I already did withdraw some of my funds on centralized exchanges, not only from Binance.
If you are using Binance or another centralized exchange for some stake with APY, Decentralized Finance (DeFi) could be also your friend and you can use them.

That's an important matter that CZ has brought and having his exchange audited and the auditing firm itself can't vouch for them really sounds awful.
I think that they'll be able to overcome it. As long as you've got billions of assets that you can liquidate at any moment and sell for cash and then use it to clean your reputation, that's possible.
They're a big company and talking about good reputation, that's what CZ wants for his ventures.

When Binance exposed FTX, it's expected that they also faced the same issue because Binance is relatively the same on FTX because they are the same centralized exchange.  This is a big challenge for CZ on how he will solve this, it's natural to have FUD especially if this is true, we have easy access the social media where we also gather legitimate news.

The war of centralized exchange and its drama will mak people awake not to leave their assets on exchange, so look at now, people keep withdrawing their money on Binance.  Recently, Binance exposes to Coinbase withdrawal and now, Binance also faces the same on Coinbase before.  It's normal IMO in a centralized exchange.

The recent audit on Binance carried out Mazars also added to the loss of confidence by investors. Mazars couldn't vouch for Binance's reserves and the methodology used in carryout the auditing was not revealed. Customers are beginning to loose trust in this exchange company because they feel Binance is covering up or hiding some of its financial standings. Yes the company has declared that it is financially sound and Binance has also proved over the years to be a pathfinder in the cryptocurrency exchange market but that was the same news we heard before the collapse of FTX. For them to build back the trust clients have in them, there financial standings should be open and not shredded in secrecy. Lets hope that Binance would overcome this this big challenge.        

Binance is centralized and that's why many are starting to panic when there's bad news about them. What if before the bad news Binance starts to halt withdrawals? Well, that's the real thing but so far, this is just to make a FUD and if the thing is real, Binance will handle it for sure.
Everyone is starting to learn their lesson that no exchange is safe whether it's the most popular and populous exchange, they can't avoid any FUD that will be spread against them.

Just try to analyze if its a FUD or the real scenario now, Binance is also exposed to FTX as far as I know but since they have a better financial planning, they managed to stay on a good position. If this is another attack from whales trying to destabilize a good exchange then we should be more careful now, and Binance will face a big challenge here. Again, we should not hold huge amount of money on any exchanges, the bear market right now is still powerful and if this news becomes worst, we should expect the worst as well.

If the POI of Binance of 1:1 is true, there shouldn't be any problem with funds while people are withdrawing their money. For now, this allegation against Binance needs proof.  Unless the evidence is founded, these are just an act of pitchforking Binance and FUD'ing its ecosystem to crash the Binance market.  It is quite interesting, I think someone is behind all of these incidents.

With regard to the money laundering case, this is just a plan of US prosecutors but hasn't been filed because they need solid evidence for this.  This makes me think, is this a counter on the backing out of CZ to support the now collapsed exchange FTX?

Due to the amount of bad news coming out about Binance people are panicking. Based on this report,


So I think he's higher now, because of what happened with Ftx, People don't trust the centralized exchange. And now it's the grass of FUD on Binance, Even though we think they are solvent as a matter of fact their assets are at 97% collateral which is a good number. There are also news that have come out

The CEO CZ is also included in this article, actually this investigation they are doing in Binance started in 2018. So it has been a long time, maybe we still need to gather a lot of evidence. But binance has an answer to this, because the news media spread this news and Binance said that their information (REUTERS) is wrong because,
And Gambaryan also said (He is the Global head Intelligence and Investigation of Binance)


And another thing that added to the fear was the withdrawal of Justin Sun.


However, people because of the amount of bad news they hear about binance will think that maybe the whales are fleeing, because there is an issue with binance, that's how it used to be.

And Lately, to calm the crypto market fear Justin Sun deposited 100M$ in binance again.


So, this is another Fud that the critics just magnified. What do you think?

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Reference: https://www.coindesk.com/markets/2022/12/13/binance-withdrawals-surge-as-concerns-about-its-reserve-report-spook-traders/
Reference: https://www.coindesk.com/business/2022/12/12/us-prosecutors-look-to-charge-binance-and-cz-for-possible-money-laundering-violations-reuters/
Reference: https://www.coindesk.com/markets/2022/12/13/justin-sun-looks-to-calm-crypto-market-fear-as-bnb-falls-8-withdrawals-continue-on-binance/