Topic: CZ officially bids goodbye to Binance. Will Binance Crash or still stand Strong? - page 2. (Read 698 times)

+1... CZ stepped down from his public position, but internally, I'm confident he'll still wield influence over Binance's moves. He's been the face of Binance since its inception, even during the ICO, and his stance on legality seems to earn him extra respect. He's proven to be responsible, which could reflect on Binance, hopefully maintaining accountability in line with CZ's character.

No one wants a second version of FTX to happen, and I don't see that happening to Binance. I don't recommend keeping money on exchanges, but if you have to, Binance isn't a bad choice as long as their reputation stays solid, despite the AML cases that led to fines.

CZ and Binance are still closely connected internally for the time being.

We are still seeing them doing well and operational. This only means that this incident of bailing out and paying the fine is a can afford matter to them. I think that there's a share from all of the shareholders that have paid the fine, I dunno.

IMO, this change of Binance's CEO won't happen if there were no cases or cracking down by the US government. But as they move on, that's prolly one condition that they need to meet and show. CZ's involvement is likely still there and he's still got the influence to the company that he's built for sure.

Companies change CEOs often. The real question for a company is when does the new CEO completely changes the behaviour of the company. In my opinion CZ's approach will always guide Binance into being an ordinary CEX like the rest of them.

Binance is no longer a baby company to be honest. CZ is no longer pampering binance and to be honest, many people and including the government has a stake in binance,  directly or indirectly.
When binance boosted about their reserves, many of us thought it was a joke and today we have seen that binance is able to pay any fine and still stand strong.

I thought BNB will drop upto 50% after CZ resignation,  but I wasn't even upto 10% and has already corrected.  So, there's no other FUD that will pull the market down. Binance is in auto pilot and doesn't need 100% intelligence to keep working.

Binance still appears strong, even though CZ announced his resignation. His move seems well-timed; even though he's no longer the CEO, he can still control the company behind the scenes. People aren't panicking about the news, and I believe Binance will continue to be an exchange that positively impacts the crypto community.

It's been a week, and I think CZ's good ethics haven't caused much turbulence in market sentiment. Just a few days ago, I noticed BNB experienced about a 10% price drop but managed to recover. Meanwhile, Bitcoin's price wasn't significantly affected, with fluctuations being more of a correction.

I ask everyone for forgiveness. I left my post for the well-being of users

I agree that the CZ's ugly event would certainly affect BNB as this token is tantamount to the shares of Binance. This view explains what is happening in the crypto market, and if not for the bull run spirit, it could have been worse for BNB. From the very first day, I knew that this was nothing to the crypto market, it could only react negatively to it a bit and would get back in line.

This was exactly what happened. The reason is that the market is bigger than Binance, and Binance itself is not in trouble of financial stress, it's a mere fine, and fines happen to companies, yet they stand even taller. Financial institutions and brokers are used to this, only that it's just started in exchanges where they are being slammed with heavy fines. This is a welcome development as I expect it to at least speak sanity a bit to the industry. It seems Kraken is going to be the next scapegoat now, this is good if found guilty. No hurt feelings, all I want is fair and trusted exchanges and crypto businesses/environment.

What's on my mind is whether Binance will become the No. 1 market in the world after CZ leaves?
It seems the community will have confidence in CZ's main founder, Binance's replacement CEO. There is no sign of performance reaction yet. When Binance was still held by CZ, the royalties for the Binance community were the most extraordinary I have ever experienced. Now I withdraw all assets on Binance and move them to other markets

Why? They didn't announce that Binance is closing down (unlike what some other exchange did a few days ago). So how would anything happen to Binance products overnight?

I am not trying to defend Binance or anything, but all this panic over a charging is silly. Most likely they still have a lot of liquidity after this because they're so large that they put *other* exchanges out of business previously just by their user counts.

In fact, BNB has only taken a small hit since the news.


Seems like he is a very sly person.

First of all, I'm not putting my bet or trying to defend Binance, my theory is coming from a neutral perspective. Whatever Binance is doing isn't any of my business. And I'm not trying to defend or side anyone. Once again my theory is coming from a neutral perspective. My argument is on the ground that Binance has the resources of withstanding the pressure of this particular disaster that has befell her. I'm not saying Binance isn't above crashing just like FTX. Yes FTX back then may have shared striking similarities with Binance and nobody believed it would go into bankruptcy and crash in 2022, I've looked into the case file of FTX as well and I can say that if Sam Bankman-Fried of FTX was charged for money Laundering and fined a few billion, then FTX would still business. But come on, A surge of customer withdrawals, due to concerns over the questionable financial valuation practice and unusually close relationship with Alameda, and loosing over $1Trillion would throw any solid company off balance and cause them to crash.

Again my claim is that, this whole money laundering scandal isn't enough to throw Binance into that ditch as FTX. Yes maybe some day Binance's time will come to go down, but this isn't that time because they have more than enough resources and facilities to make it out of this one. Again, I'm not saying this because I'm siding Binance or I'm trying to defend them. No, this is simple logic coming from a neutral perspective.
Call CZ a greedy bastard, I won't dispute that fact or argue it, they're all hungry for control and power, true. I totally agree with you on that one. And if there's another thing I'll agree with you, it's the fact that this is definitely not that scenario that will throw Binance into bankruptcy, (logically speaking) absolutely not. Maybe when that time comes, we'll all rejoice together  .

I hate to support centralized exchanges but CZ is Binance whether we accept it or not. His leadership structure will remain of the most love and like by the people. He is the only reason why some people are still here and believe in crypto despite that their ideology is quite different from decentralized exchanges. They like him because I remembered seeing a tweet from him when he encourage everyone during the covid 19 market black out, he said "as long as he is still alive, he will never stop supporting bitcoin" and that relieved lots of people and bitcoin did bounce back lively.

The new CEO might do his thing and probably want to win back many people, but I don't think he will remain influencial like CZ, I'm not even sure if there any crypto person that had likes in a tweet from his last tweet he made about dropping down as CEO of Binance. They like him more than FTX and I think they have any reason to because of the impact he has made all through this time and we can see that the market didn't react much to the news.

I re-searched it online to see if it's only a FUD you are spreading there but it seems it is legit since there are lots of reputable sources who also reported the same news. Ouch, this is going to be painful for them, also for their customers, to the rest of us (non-binance users), and most especially to the entire crypto space, as we know Binance is like the foundation of it. They are huge, but the involved amounts are also not a joke.

And it's not only about the amounts anyway, but also their reputation. So even if let say they can pay it, I think many are still going to be disappointed from them, that they will not support this crypto exchange anymore. Oh well, we can only hope for the best.

You must have misunderstood me as I never intended to look down on your knowledge, my response came as a response of you saying taking down Binance exchange is almost impossible. Most newbies think that way and that's what I meant. We have seen big and small exchange go down and that'll will always be the norm in the industry until we get rid of or reduced the power of centralized exchanges. At the peak of FTX exchange if they had asked if the exchange can collapse and seize to exist, many newbies would have said no because they had almost the same structural and financial strength as Binance exchange.

The newbies back then would had said FTX will be able to withstand any challenges that comes their way but the story today is different. All I'm saying is, don't put your bet on any centralized exchange as they don't have your best interest at heart. They're only here for profits and Binance is going too far by monopolized the industry and also taking the industry backwards instead of pushing it forward. This is a decentralized industry and it should be respected if you have the industry at heart and trying to do the best for the industry as they say.

Just because others didn't to it doesn't make them foolish, Cz is a greedy bastard and not different from the feds (they both are hungry for control). This is the start of his downfalls as I have always predicted. As for the bet, sorry I won't be placing a bet on something I know is inevitable. Binance will crash like other centralized exchange has, it mightn't be today, tomorrow or next but it'll happen and that's why even though you're using it for trading, don't make this mistake of using if as a place to store your Bitcoin. Your funds might be safe today but tomorrow the case might be different. No CEX is too big to crash. It mightn't even be this case that takes Binance exchange down but something is coming maybe a hack or other crimes they'll be found guilty of.

Exactly my point, they're offering the same services other CEX is offering so the big question remains why they were able to monopolize their business while not doing anything special or different from what their opponents and competitors were doing. Monopoly is very strong marketing tool and not everyone can take advantage of it, correct me if I'm wrong, it takes resilience and extreme innovative insight to be able to monopolize your business in the midst of your competitions, it only means Binance wasn't just lucky, there was a brain behind that. And keeping the business in shape and ahead of other competitions requires another level of work. Meanwhile I didn't say it's impossible for Binance to crash, I said it's almost impossible, and it wouodbtake more than this conspiracy to take it down. Taking down businesses with this structural framework would be from the inside and not the outside, with the scale of 1 to 10 if I'm to rate Binance's chances of crashing within a couple of months as you implied earlier, I'd rate 2. The money Binance was fined was also for the investigation to be discontinued if I'm not mistaken, and Binance on the other hand being fully aware right now that there's a loophole in their end would go extra mile to make sure the loophole is covered. So I doubt that further implicating evidence would surface that would result to Binance's final take down.

And yes I may be a Newbie on the forum and I admit that I have a lot to learn from OGs like you, but regardless that fact, i believe that no man is a monopoly of knowledge, I do my findings so to help me argue with fact and not fallaciously (if there's a word like that) before I joined the forum I believe I have somewhat level of knowledge about Bitcoin and I came here to broaden the knowledge and learn more. I argue to learn and change my current mindset if I'm convinced beyond doubt so I shouldn't suppose my current rank should be equated with my capacity of knowledge about Bitcoin.

I still believe that this scandal isn't enough to pull Binance down, well time would tell if Binance can withstand the hit or if it'll collapse within a couple of months as you've predicted. Like @JayJuanGee would say, I'd like to go on a friendly bet with you on this issue, but unfortunately for me, I don't have the luxury of going on friendly bets.

They got there due to monopolizing the industry and it isn't because they did something different in the service they're providing. Their exchange isn't any different from other centralized exchange so they can always been taken down. It'll only take more time because of the amount of resources they have at their disposal but that won't be around for much time. Irrespective of Cz been in control behind closed doors nobody likes to association with a guilty CEO or organization because the fed will be digging further to look for more evidence. They're not stupid, the know what Cz was is trying to do before he even does it.

They knew something was going on that's why they have been investigating the exchange so long and if there's something I have learnt from following up similar cases is that the least offense is always the first they present and when you get guilty them others follows. It was obvious something shady was going on, I won't be surprised when they find other crimes like market manipulation or inside trading because the rate at which tokens about to get listed or listed on the exchange pumps  all of a sudden is suspicious.

I believe you're new to the industry (your rank also says that) that's why you think Binance exchange can't go down. I understand they're powerful due to their monopoly of the industry (buying coinmarketcap, talking over popular wallets and small exchanges and also dominating the crowding sector of the industry and so on) but no CEX is above collapse from law enforcement pressure and other causes. If Cz can be found guilty and Binance itself are guilty, is a matter of time before others in the company or partners are implicated. Just know the fed won't stop until they win and from the looks of things they're on the path of winning. Take out your popcorn, relax and watch how things unfold in the coming months.

Your philosophy and prediction is a solid one, but let's not also forgot that, CZ promised that he is only stepping down as CEO (which was a smart move in giving the the face of Binance some sense of dignity) but still very much accessible to the company, which would give the investors who came because of him and who trust in his government more confidence and reason to still stay ( that's another smart move) so my guess is that, behind closed doors CZ is still the CEO of Binance as he is still running the affairs of the Exchange while Richard Tang is only wearing the CEO coat in order to lure other investors who have lost trust in CZ and we're about to leave. Seeing that Binance has a competent representative as the next CEO, would believe he possesses the capacity to manage the affairs of the exchange and stop it from crashing, which would give them more reason to stay.

So with CZ still partially in the picture, I have a strong believe that The affairs and operation of Binance would still be Business as usual. The only set back they would face now is the huge amount of money that went out of the company due to the fine, as well as other investors who wouldn't wanna give Binance the benefit of doubt. Asides these, I strongly believe Binance has a nice shot and they have the resources to keep up with the pressure until they're completely out of this mess. Binance isn't Number one global CEX for nothing, they didn't just get there by mere luck or because they're fortunate, it shows that they have a very strong team and men of experience under their sleeves, so completely taking down Binance would be almost impossible in my own thoughts. I stand to be corrected though.

This is why CEX are frown at by the community and not recommended to be used for holding of Bitcoin or other supposedly assets (altcoins). If other exchange were hit with similar situation as Binance just got hit, they would have probably crashed but Binance held strong but I don't believe they can do that for very long. Cz resigning was the best move because anything that happens to him after he resign won't have any impact on Binance as people won't see him as the CEO anymore but I didn't think Binance exchange is safe yet because the fed will be coming after them until they have finally broken them as they do to other services.

They have found a loophole to break Cz and Binance exchange, what tells you that they'll stop here when they can go further. The Fed has always had something against Binance exchange and it got more intense after their role in the collapse of FTX so my answer is, just like how other CEX are going down eventually, Binance exchange time will come. It might have survive this one but it's just the start. They had enough reserve that is why they could handle the withdrawal pressure but what happens when the new CEO can't be as dirty as Cz was to attract big institutional investors and they begin to lack means to get revenue and similar withdrawal pressure comes but they can't handle it causing more panic and leads to the exchange crashing.

Lets not forget that Binance had a face which was Cz and many partners only came because of Cz personality so what happens now that he's no longer the face and the new administration can't live up to the standard of Cz. I believe another CEX will takeover Binance very soon as institutional investors will be looking for their new host just as they left FTX when it went down, most of them will be looking for a new host taking their money with them.

One can't enjoy one day around here fore getting stabbed by some tinfoil hats around here.
Why would BlackRock target Binance? It makes no sense
- Blackrock is not going to be your traditional exchange
- Binance wasn't a key player in the US anymore
- Blackrock if targeting exchnges would go for Coinbase, far more entrenched in their target userbase
- Blackrock would normally first target other ETF than a dying exchange

Furthermore, even before Blackrock
- CZ fled China
- CZ fled Singapore arguing about regulations
- CZ fled Japan while threatening newspaper with lawsuit, saying their are getting a license
- CZ lied about Malta and their license as they never got one not had they a headquarter there
- CZ lied about losing their license in Uk, Netherlands , Australia and many more
- CZ lied about losing Visa support
- CZ lied about losing the EU payment getaway and lied about a replacement, the current one is a joke

So rather than some stupid conspiracy, don't you think it's about time this lying pos would finally get brushed aside, and hopeful land a few years behind bars too?

Your concerns are understandable but I trust Binance but don't let trust make you blind so before assuming things try to find facts and figures. In my opinion, Binance has a lot of liquidity and money in holding either in the form of BTC or in any other type. $1+ billion has been withdrawn from the exchange in the last 24 hours while the total reserves they have now are around $72,974,932,941.34 according to cmc so, I don't think if there is anything to afraid of.

If you still think you don't trust your analysis or other's and want to hear experts then you can consider listening to any news outlets like this one:
Can Binance survive at this stage? by CNBC

Yes the government certainly prefers the centralized exchanges due to the KYC protocol than the decentralized ones, but that is if your bank exchange regulated in that country. As for binance which has its subsidiary in the USA as Binance.US they have failed to meet up the regulation requirements and that has been one of the main problems in which we are having this current issues of CZ been charged and fined.


Apart from upcoming ETF or halving there are other factors that could shape the market, example Is government policy if some countries all of a sudden starts to tighten against bitcoin it could affect the market, another thing is economic impact, we are hearing stuffs like inflation, recession and even global war, this things could also have there own effect on the price too.

Another thing could be any collapse or hack of a big exchange too this could cause a little FUD just like what the CZ resignation is doing, many are already spreading FUD about it


No they do not have an headquarter in the US, there last headquarter is in Malta (if it is still there) they had one before in China, which was the first before Chinese government banned the use of cryptocurrencies and then they moved to Japan and now Malta.

Although they do not have an headquarter in US they have a subsidiary which was referred to as binance.US for use by US based citizen but according to reports they are quitting totally from US after this charges and fines placed on both CZ and the exchange. Also they had in the past No been able to meet up with the regulatory requirements in the country.