CZ officially bids goodbye to Binance. Will Binance Crash or still stand Strong? - page 3.

Gormicsta

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Quote from: angrybirdy on November 22, 2023, 06:20:59 AM

Quote from: DapanasFruit on November 22, 2023, 05:22:58 AM

Binance has already established itself as the biggest centralized exchange in terms of volume and users on a global scale. The stepping down of CZ will affect a bit its operation and business, of course, but in the long run as long as the CEO is good then it will even be growing more. I have a lot of confidence on Binance and remember that the hack that happened to it in the past never made long-term negative effect on its growth...and I am hoping the same.

Since CZ step down as a CEO of Binance, I am hoping that the new CEO- Richard Teng will handle and operate this reputable exchange just like what CZ did.

I believe CZ is only officially resigned but inside the house he's still the CEO and Richard is only representing CZ. From what I checked Richard Tang do have the expertise and qualifications to handle the affairs of Binance but CZ's experience still remains the irreplaceable commodity needed to pilot the affairs of Binance, I believe CZ will still remain the brain behind the whole operation while Richard Tang will only be standing for him as the CEO. So I have no doubt that Binance's operation would still be as usual and we wouldn't need to worry about the change in government.

Gormicsta

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Quote from: Crypt0Gore on November 22, 2023, 04:06:45 AM

If you like believe this or not, this is what I believe thats happening behind the scene right now.

For one reason or the other, CZ must go for ETFs to get approved, you might not like the sound of it but Black Rock is the one behind the resign of CZ, I know some will try to argue that its wrong, CZ did well for steping down easily, its for the greater good, but still not free of going to prison someday, since he is already proven guilty.

Sometimes to keep business running you go extra miles by getting your hands in the dirt, I understand, with the market manipulation and USDt excessive printing, its business anyways but still CZ is the best man I know in crypto.

Now that he is out of the way I am sure they the ETFs will get approved this time.

I suspected the same thing when I heard the news about the whole thing, I suspected straight away that this could be a plot because the evidence must have been so delicate that CZ had no other option than to plead guilty to the crime. I didn't think of who could be behind the whole plot at first but now I think it all makes sense now. Surely, CZ was the only one Black Rock could see as a threat and with CZ outta the way now, Black Rock remains the only one who's directly benefited from CZ's resignation as CEO.

CRAIC

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Goodbye CZ. We will miss your funny face

Binance will not crash. The company will finally stop money laundering and become an inclusive corporation

angrybirdy

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Quote from: DapanasFruit on November 22, 2023, 05:22:58 AM

Binance has already established itself as the biggest centralized exchange in terms of volume and users on a global scale. The stepping down of CZ will affect a bit its operation and business, of course, but in the long run as long as the CEO is good then it will even be growing more. I have a lot of confidence on Binance and remember that the hack that happened to it in the past never made long-term negative effect on its growth...and I am hoping the same.

Since CZ step down as a CEO of Binance, I am hoping that the new CEO- Richard Teng will handle and operate this reputable exchange just like what CZ did. I am confident that nothing will change with how Binance operates, maybe there will be an upcoming improvements. I made a research about the new CEO and as per CZ, He said that Mr. Teng is a Highly qualified leader when it comes to financial services and regulatory experiences. Upon checking his credentials, Being a former director of corporate finance at the Monetary Authority of Singapore (MAS) and a former Chief regulatory officer of the Singapore Exchange (SGX). You can say that he is entitled to be elected as a new CEO

BitcoinsGreat

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Quote from: Alphakilo on November 22, 2023, 04:01:22 AM

At this point, we should give Blackrock a standing ovation for a script well played. It may sound like a conspiracy theory but everything is beginning to unfold. First the ETF is delay, then CZ is being "forced" to resign and agree that he laundered money. In the next few weeks, the ETF will be approved and we are sure nothing is going to stop it. Truth be told right now, I am more worried for bitcoin than for Binance or CZ.

It seems like Blackrock is trying to eliminate every competitor and every big exchange, so that once the ETF is approved, BlackRock will get most of the investments. Anyway, we do not know the exact idea behind all this drama but in a nutshell, there can be nothing bad for Bitcoin in the long run.

If there are serious allegations against CZ and Binance, then it can only dent the price of BNB and i do not think that BNB is too big to affect the whole market. FTX was done and dusted, not sure what will be binance future but bitcoin and crypto is here for the long term and everyone should keep this big picture in mind when deciding to buy or sell their holdings.

gabbie2010

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Quote from: CarnagexD on November 22, 2023, 03:44:00 AM

Binance will continue it's operation, it's just like any other companies out there, when someone steps down as the CEO another one will replace that seat. Binance right now is too big to crash so it's not something we should worry about, what we should be worried about is the new CEO, how will he handle the next generation for Binance and will he be continuing what CZ has started but didn't finish?

Truly a well established and reputable exchange like Binance can't wind up just because their CZ is stepping down, definitely nothing changes except the leadership of the exchange, of course another competent CEO would take over the affair of the exchange thus there shouldn't be any cause to panick Moreso the outgoing CEO would still have some input directly or directly to the exchange when call upon, I am sure his exit won't affect price of Bitcoin or BnB because I am not expecting massive withdrawal of cryptos rising from the exit of CEO because most traders keep only their trading assets with Binance

atamism

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This news make me sad, CZ is stepping down as CEO of Binance. I support Binance since it started and I bought many things from Binance. As I check the market, Binance go crash, there's a panic selling going on on the market. I think Binance will collapse in the next 24 hours and people will panic sell. I hope the new Binance CEO will come back and stands the BNB, also I am hoping that Binance will stay remain in the market. The potential of BNB to grow more is possible if the new CEO and people will support it.

EarnOnVictor

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Quote from: Gormicsta on November 22, 2023, 12:53:12 AM

So what's going to be the impact of this tragedy on Binance??

I read this news with dismay and it's a big shame on CZ and his Binance, which company can we ever trust these days? CZ who was instrumental in the collapse of FTX also has his darkness within itself, so I don't possibly know what allowed him to cause the collapse of a company while his own company is not without flaws as well. The $4.3Bfine is not enough as far as I'm concerned, the guy should also pay some jail terms no matter how little it is. The fact that these rich person could buy their crimes' penalties with money emboldens them. I want such antecedents to change, a situation where only the poor face the brunt of their wrongdoings.

About the impact on Binance or on the crypto market itself, I don't think there will be much issue due to this, BNB will be affected for sure but not Binance itself and the effect would be overpowered by the crypto-market sentimnet which is still positive in the long-term. Even if people start withdrawing their money, they will try to take measures, but I don't think it would get to that. The issue now is not a company going insolvent, it's just mere wrongdoing that would cost them a fine.

And I'm sure that Binance is a well-insured company, the insurance would cover it if need be.

DapanasFruit

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Binance has already established itself as the biggest centralized exchange in terms of volume and users on a global scale. The stepping down of CZ will affect a bit its operation and business, of course, but in the long run as long as the CEO is good then it will even be growing more. I have a lot of confidence on Binance and remember that the hack that happened to it in the past never made long-term negative effect on its growth...and I am hoping the same.

slaman29

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Who cares about Binance or any exchange? They can all go to hell and Bitcoin stands strong. P2P stands strong. Sick of fanboys of business people, but new guy will show up, trust me.

Quote from: Alphakilo on November 22, 2023, 04:01:22 AM

At this point, we should give Blackrock a standing ovation for a script well played. It may sound like a conspiracy theory but everything is beginning to unfold. First the ETF is delay, then CZ is being "forced" to resign and agree that he laundered money. In the next few weeks, the ETF will be approved and we are sure nothing is going to stop it. Truth be told right now, I am more worried for bitcoin than for Binance or CZ.

Why? Bitcoin doesn't gain or benefit from any of this. Market stuff all temporary while Bitcoin does its own thing. Bitcoiners don't give a damn.

yhiaali3

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I think Binance is in big trouble, Binance itself is guilty and accused of money laundering, not only the CEO CZ who faces prison sentences that may reach 18 years, Binance must pay a fine of $4.3 billion in compensation to the government.

$4.3 billion is not an easy number even for a large exchange like Binance. Most users are now withdrawing their money, so where will Binance pay this huge number from?? If it is from the saved cash or its assets, it will be a devastating blow to the exchange. Even if the loans are long-term, they will take years and years to be repaid.

Panic will now spread among users who have already begun withdrawing their assets, and this may cause Binance to go bankrupt.

user210822

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Quote from: rohang on November 22, 2023, 03:40:30 AM

Its been just around half a day since the news broke and BTC seems to be standing strong without any significant decrease

BNB as well seems to be stable for now as its up 10$ from the time i slept

well this Binance settlement forces them to be transparent to US gov for 3 years

SEC now should have no more excuses for denying a BTC ETF. Binance was the final piece of the puzzle to unlock ETF approval!?!?

Am I the only who noticed interconnection with these events and overwhelming increase in both: BTC fee and ETH gas?! Compare it to last year figures and you'll notice x100 difference! Roll Eyes

Crypt0Gore

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If you like believe this or not, this is what I believe thats happening behind the scene right now.

For one reason or the other, CZ must go for ETFs to get approved, you might not like the sound of it but Black Rock is the one behind the resign of CZ, I know some will try to argue that its wrong, CZ did well for steping down easily, its for the greater good, but still not free of going to prison someday, since he is already proven guilty.

Sometimes to keep business running you go extra miles by getting your hands in the dirt, I understand, with the market manipulation and USDt excessive printing, its business anyways but still CZ is the best man I know in crypto.

Now that he is out of the way I am sure they the ETFs will get approved this time.

Alphakilo

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Activity: 560

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At this point, we should give Blackrock a standing ovation for a script well played. It may sound like a conspiracy theory but everything is beginning to unfold. First the ETF is delay, then CZ is being "forced" to resign and agree that he laundered money. In the next few weeks, the ETF will be approved and we are sure nothing is going to stop it. Truth be told right now, I am more worried for bitcoin than for Binance or CZ.

CarnagexD

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Leading Crypto Sports Betting & Casino Platform

Binance will continue it's operation, it's just like any other companies out there, when someone steps down as the CEO another one will replace that seat. Binance right now is too big to crash so it's not something we should worry about, what we should be worried about is the new CEO, how will he handle the next generation for Binance and will he be continuing what CZ has started but didn't finish?

rohang

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Its been just around half a day since the news broke and BTC seems to be standing strong without any significant decrease

BNB as well seems to be stable for now as its up 10$ from the time i slept

well this Binance settlement forces them to be transparent to US gov for 3 years

SEC now should have no more excuses for denying a BTC ETF. Binance was the final piece of the puzzle to unlock ETF approval!?!?

Ayers

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Quote from: Gormicsta on November 22, 2023, 12:53:12 AM

So what's going to be the impact of this tragedy on Binance??

It's impossible to say, but if you have bitcoin on Binance, you should withdraw it all to your non-custodial wallet, prevention is better than cure. In my opinion, their case is not like FTX so I think we don't need to panic too much. Furthermore, if they have accepted to pay fines to comply with the law, there is no reason to close. But Binance's position without CZ will certainly be more difficult, that's what everyone can see.

With this news in the long run, I think this is good for the market because binance is gradually becoming a monopoly in the exchange segment and they have great influence on the market. So the fact that they need to share market share is a good thing for the market. But it looks like Wall Street is going to be the new boss of this game and I don't know if that's good for us or not.

Z_MBFM

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CZ has been an efficient CEO for Binance and CZ has played a huge role in the massive development of Binance. He has worked tirelessly since Binance's inception to build Binance into a massive exchange platform. But now it is very difficult to understand how the new CEO of Binance @_RichardTeng can manage Binance, but it will be understood after seeing the management strategy for a few days. But I think CZ must put a qualified person in the position of CEO. So hopefully the new CEO @_RichardTeng can manage Binance as well as before. However, seeing this news, many people are panicking and going to sell BNB as a result. BNB price had a some of negative effect today

apogio

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Quote from: ImThour on November 22, 2023, 03:04:38 AM

Surely, something big is incoming in Crypto world and only the insiders know about it.

Apart from the upcoming Bitcoin halving and possible spot ETFs, what else?

Perhaps Binance fears that with ETFs they won't be able to make money. ETFs will likely use US based exchanges. I think Binance is not based in the US, is it ?

ImThour

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Bitcoin Bottom was at $15.4k

We need to understand the reason why he resigned at first. Binance is doing good or there is something we don't know about that might happen soon?
It's weird and the decision doesn't make sense to me as Binance is the biggest exchange in Crypto and we are soon about to hit the Halving i.e. soon so much profits to be made.

Surely, something big is incoming in Crypto world and only the insiders know about it.

Topic: CZ officially bids goodbye to Binance. Will Binance Crash or still stand Strong? - page 3. (Read 699 times)