CZ officially bids goodbye to Binance. Will Binance Crash or still stand Strong? - page 4.

Silberman

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Quote from: davis196 on November 22, 2023, 01:24:03 AM

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

Binance has really made a reputable name and laid an outstanding legacy through the years as the best exchange that has earned global trust. Everyone feels safe with Binance. Just yesterday, CZ the CEO and Binance Founder Pleads Guilty to Violating Money Laundering Rules and agrees to pay a $50 Miliion Fine and to also step down as the CEO as part of his guilty plea. And that same yesterday cZ officially resigned and bid goodbye to his office as the CEO of Binance, Although still making himself accessible to the company. It might also interest us to know that Binance itself was also found guilty and charged as well, and also agreed to pay a $4.3 Billion fine and restitution to the government. So my Question is, with all the tension on ground, is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

Why do you even care about Binance? Centralized crypto exchanges should become a thing from the past. We don't need them anymore.
There's no centralized crypto exchange that hasn't been involved into illegal stuff like money laundering, scamming the customers, faking trading volumes, etc. I'm surprised that Binance didn't turn into the new FTX(it might turn in the near future).
Every time Bitcoin is having a price pump something like this happens and the prices start going down. Centralized exchanges helped a lot in crypto adoption, but they are a burden for the crypto world.

We cannot really afford to not care, once centralized exchanges are a thing of the past no one will care about them except those studying the history behind this market, but today the binance exchange is one of the most influential entities on this market, and whatever happens to it will have heavy repercussions on the market, and while so far the effect has been small when it comes to the market in general, BNB has been hit with a 10% correction, so it is likely many people using leverage have been liquidated at this point.

Text

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I don’t think that it will crash. It was a responsible transition. It has the resources and the expertise to overcome these challenges and it has a strong financial position with a large cash reserve and influential platform in the crypto space. I believe it will stand stronger than ever. It has a solid foundation and loyal customer base and is committed to operating in a compliant manner. They will continue innovating and developing new products and services. Expect stricter KYC procedures on Binance's centralized platform.

bluebit25

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Binance will have to pay a $4 billion fine, are you worried that Binance will sell crypto to pay? The power of power is difficult to stop. One thing I still don't understand is this drama, when the justice department does not accuse Binance of appropriating users' assets and does not accuse Binance of participating in any manipulation market distress.

We may not know what kind of sentence CZ will receive, but many people wonder what will be the outcome of former Bitmex CEO Arthur Hayes? Similar to the charge of violating anti-money laundering laws in February 2022, he was only sentenced to two years of probation, accompanied by six months of house arrest and consent to wear a location-based device.

apogio

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Binance, like every other CEX is loved by governments since it is the only way to monitor peoples' transactions. People do KYC to use them, so it is very easy to know that person X bought Y BTC on date Z.

Normally I don't follow the news, I don't read articles etc. It seems interesting, I don't suppose Binance will crash though.

bayu7adi

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Isn't great for both Binance and CZ. Despite facing numerous accusations, CZ remains a figure who garners a lot of support from social media users. Whether there's a hidden agenda to make BNB holders feel secure or it's genuine support, I don't know. What's certain is that CZ plays a central role when Binance dominates the exchange industry. The evidence against CZ and Binance could be a significant source of FUD for the cryptocurrency market, even though the exchange and CZ have never been linked to the BTC system.

The reason FUD might not be too strong is that CZ handled the situation gracefully. He didn't take away other people's money and continues to comply with regulations and the law. I believe this won't severely shake the crypto industry in the long run; recovery might come in the next few months.

Gormicsta

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Quote from: Eternad on November 22, 2023, 01:15:53 AM

CZ is not Binance so I’m sure it will recover since they are the number 1 crypto exchange. This is different to FTX issue since CZ part ways properly without any funds taken away from the customers.

It wasn't only CZ that was implicated but Binance as well so Binance is likely to take the fall too.

Quote

Binance itself was also found guilty and charged as well, and also agreed to pay a $4.3 Billion fine and restitution to the government.

davis196

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

Binance has really made a reputable name and laid an outstanding legacy through the years as the best exchange that has earned global trust. Everyone feels safe with Binance. Just yesterday, CZ the CEO and Binance Founder Pleads Guilty to Violating Money Laundering Rules and agrees to pay a $50 Miliion Fine and to also step down as the CEO as part of his guilty plea. And that same yesterday cZ officially resigned and bid goodbye to his office as the CEO of Binance, Although still making himself accessible to the company. It might also interest us to know that Binance itself was also found guilty and charged as well, and also agreed to pay a $4.3 Billion fine and restitution to the government. So my Question is, with all the tension on ground, is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

Why do you even care about Binance? Centralized crypto exchanges should become a thing from the past. We don't need them anymore.
There's no centralized crypto exchange that hasn't been involved into illegal stuff like money laundering, scamming the customers, faking trading volumes, etc. I'm surprised that Binance didn't turn into the new FTX(it might turn in the near future).
Every time Bitcoin is having a price pump something like this happens and the prices start going down. Centralized exchanges helped a lot in crypto adoption, but they are a burden for the crypto world.

Yamane_Keto

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AFAIK, CZ was not just the CEO, but everything, and since he did not liquidate his shares in the company, he will have influence, and the new CEO will follow the same policies with which Binance tried to remain hidden for a long time. The repercussions of this decision may affect the price of BNB, but it is good that it came early because the market may receive it with a little negativity, especially if this matter is followed by the sale of many Binance currencies and assets. The price did not react negatively to prices.

Eternad

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CZ is not Binance so I’m sure it will recover since they are the number 1 crypto exchange. This is different to FTX issue since CZ part ways properly without any funds taken away from the customers.

The dip is just weak since everybody expected this outcome and they just delay it. Despite CZ can’t work anymore on Binance, I’m sure that everything will continue as usual since the exchange is not dependent to CZ. Just like everyone said, Binance is already a trusted brand while the one who has problem is CZ alone.

Ambatman

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This has shown again the huge risk in keeping coin in a centralized exchange
I knew something like this was inevitable
One of the reason government are against Bitcoin was proudly embarked on by CZ
What a true celebrity Angry

Binance has a stronger legacy so would stand firm
But for how long?
Now they in the eyes of the government
And nothing good comes out of been under the government radar.

BlackBoss_

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Quote from: OgNasty on November 22, 2023, 01:04:03 AM

I think it is likely that the market will experience a little pain as Binance tries to come into compliance with the desires of regulators. Getting rid of CZ was probably step one, but I imagine their balance sheet will have to go through some drastic changes in order to keep the company operating. This will likely be most obvious in the price of BNB and whatever other currencies Binance used as collateral.

Rumors are around that Black Rock can be the entity behind the scene and they did something seriously to take down Binance. For now, it's rumors but time will tell us whether Black Rock engaged in this action from US. authorities.

With their perfect successful rate of ETF approval (approved 575/576 ETF applications), they are like a branch of US. government. Chance for a Bitcoin Spot ETF approval in the USA will become bigger when Binance is taking down and Black Rock will take advantage of it to dominate this cryptocurrency market, take overthe leading position of Binance.

virasog

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

is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

We cannot be sure what will be the outcome of Binance in the long run and also what is the future of the BNB token (the native token of Binance).

However, if we see, the impact of this news on the overall crypto market is not so bearish. Bitcoin didn't dump much and as of this writing; it is again recovering and trading near 36300$. Since people know that we have some major upcoming bitcoin developments including the bitcoin ETF and the Halving, no one is willing to sell their crypto holding on this Binance CZ news.

The news is more relevant to the CZ, as the money laundering charges are on him and he stepped down as a CEO, for the present I do not think there is anything to be worried about the Binance platform itself.

OgNasty

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I think it is likely that the market will experience a little pain as Binance tries to come into compliance with the desires of regulators. Getting rid of CZ was probably step one, but I imagine their balance sheet will have to go through some drastic changes in order to keep the company operating. This will likely be most obvious in the price of BNB and whatever other currencies Binance used as collateral.

Gormicsta

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Binance has really made a reputable name and laid an outstanding legacy through the years as the best exchange that has earned global trust. Everyone feels safe with Binance. Just yesterday, CZ the CEO and Binance Founder Pleads Guilty to Violating Money Laundering Rules and agrees to pay a $50 Miliion Fine and to also step down as the CEO as part of his guilty plea. And that same yesterday cZ officially resigned and bid goodbye to his office as the CEO of Binance, Although still making himself accessible to the company. It might also interest us to know that Binance itself was also found guilty and charged as well, and also agreed to pay a $4.3 Billion fine and restitution to the government. So my Question is, with all the tension on ground, is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

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