Topic: CZ officially bids goodbye to Binance. Will Binance Crash or still stand Strong? (Read 619 times)

@coupable. I disagree. Whales trade in Binance because it offers the liquidity that they need because the size of their trades are in millions. This is also similar for the other big exchanges.

This is certainly not blind trust. This is their willingness to take the risk.

I would also consider this to be blind trust unless the whales are contracting with Binance. Whales are supposed to be accounts that have the audacity to deposit, use and maintain huge amounts of money in a platform whose transaction management is supposed to always be subject to a central authority.
Someone with huge amounts in his portfolio would never blindly trust any entity unless he has no better choices.
Ftx was a disaster.

@coupable. I am talking more about using the exchange to trade. There are whales who use Binance who might be holding more funds than you and me. Can this be called blind trust? I very much doubt this because they need funds in the exchange to trade.

However, your argument is correct. No one should blindly trust an exchange. But some statements by certain people appear to be accussive that Binance is there like it was created similar to FTX to scam their users. This is far from the truth, I reckon.

When people are not afraid to use Binance as a private wallet without having access to the private keys of the addresses containing their savings, this is called blind trust.
When we trust the platform only because it has not tampered with its customers’ assets, this is called blind trust because no one knows what the future holds. Recently, it was discovered how Binance authenticates the accounts of Chinese users in coordination with employees from Binance itself in a manipulative manner, since China prevents their use.
When the United States authorities force the CEO of the platform after he confessed to his involvement in suspicious activities, and we maintain the same level of trust in the platform, this can only be blind trust.

@coupable. It is very headshaking to say that people who use Binance blindly trust the platform. People trust it because the exchange has not stolen any of their coins, their withdrawals always arrive in their wallets and the exchange has been hacked before, however, it has never been proven that the exchange is insolvent. I am not only talking about the small minnows, whales who are trading millions on Binance also trust it because they have never scammed anyone. This is not blind trust.

Unfortunately, this is never the case with Binance users who blindly trust the platform. It cannot be denied that this major negligence on the part of users in not taking responsibility for preserving their savings in private wallets, but by examining more into this phenomenon (I call it the Binance phenomenon), it becomes clear that Binance has succeeded in convincing customers that it is the ideal space for investment, trading, and exchange by offering a variety One of the options that makes the user not leave the Binance applications at all. Binance has an independent blockchain network known as Binance Smart Chain, in addition to launching its own wallet known as TrustWallet and acquiring the largest cryptocurrency listing site known as Coinmarketcap.

Even though Binance is a big and powerful exchange that may be difficult for its competitors to beat because of the convenience and advantages that Binance has, caution must be taken when using the Binance exchange.
Still, they are just an exchange, not a place to store large amounts of assets for a long period of time. I think it should always be warned to beginners so as not to misunderstand the exchange function.

Agreed that Binance's CEX dominance might end very much similar to Bittrex, however, their new CEO Richard Teng appears to be very capable on cleaning the exchange's operations to make it more favorable for regulators.

Richard Teng also appears to be very qualified for his new job because he has much experience on financial regulation and helped create regulatory frameworks in Singapore and Dubai. We might witness some countries adopt his ideas and let the cryptospace run more smoothly under their jurisdictions.

Does this mean anything? It doesn't matter who is the next puppet with the CEO title. Dmitry Medvedev was the president of Russia from May 7, 2008 – May 7, 2012 but does that mean Putin wasn't in charge of everything? I think point is clear. CZ can't officially be CEO but unofficially he will be managing everything.

This isn't conspiracy, this is a well-written and well-played script. ETF will bring a lot of money into bitcoin world because big institutional investors will be able to invest in crypto via ETF, which will make investors assets safe.
I am worried for bitcoin too, I miss 2016 when there wasn't KYC and AML score bullshit and bitcoin was shining. I think there is so huge financial interest in bitcoin, hard fork will lose idea and we all will have to move on Monero to support decentralization and independence.

Since its launch in 2017, Binance has worked to develop its services and products to become today a company that provides several services in the form of useful applications for the crypto community and not just a trading platform despite its wonderful features as a trading platform that you cannot find on other platforms.
Today, Binance is a leading company in its field, with several applications that no crypto user can abandon in the modern era. Coinmarketcap and trustwallet are two of the most popular applications that are owned by Binance. We also do not forget the BSC network, which also helped users launch smart contracts easier and use the network to carry out transfers much faster and cheaper than other networks.
There is no competitor in the market currently capable of competing with Binance, and therefore it will not be easy at all to think about the method of its collapse and the possibilities of its repercussions, even after the resignation of its CEO.

I also feel the comfort that I get when using the Binance exchange. This reason is confirmed by all Binance exchange users.

One point I want to convey despite all the problems faced by CZ people and this company is that it will not affect trading activities if an exchange as big as Binance closes and no longer operates because there are still other exchanges that can be used even though they are not as good as what users feel when using Binance. .
For Binance, if they want not to be expelled from the countries where they operate, they must be registered (follow the applicable regulations) so that they can both benefit.

I think the reason why people are so comfortable with Binance exchange is because of the low patronage of scammers. Out of all centralized exchanges that I know and I have used, Binance take it's time to combat scammers which is good but I think they let their guard down by going into US main stream. If they have disallowed and ban US citizens, they might still be in operation and they can't come after them, this is they style some big exchanges have done and have avoided US problems for many years.

Despite the commotion and CZ exit, the bank propaganda has erupted over the media and this is sending a message that the banks are not happy about bitcoin and what Crypto is trying to do to them or should I rather said has done to them because in all of that videos like CBDC were happy about it and we're shading Binance and crypto. However, I am confidence that Binance will remain stronger even when I don't like much about centralized exchanges.

Among the many exchanges available, there are one and two that can be said to be good and not all of them are bad because they have tried using them as a trading place.

Binance is indeed a large exchange with advantages and convenience for users to trade and all the advantages and conveniences possessed by Binance are recognized by many traders who use their platform, there are even traders who trade on two exchanges, but it is not a matter of regret if Binance has problems and are prohibited from operating in most countries if they are not registered in the country in which they operate.

I agree. Even in the countries where it's banned or where it is going to be restricted soon. We've got a lot of exchanges that we can select.

As long as you find the local exchange that you are satisfied using with, that's good. Because there are local exchanges that are said to be bad and not really the best in shape. But do the users have choice with that? I don't think so, anyway as long as you can use it for its purpose for trading then there's no problem at all.

Because as you've said, that's the main function of exchanges and that's to use them as-is and not to store funds. So as long as there's the function that you're able to buy and sell and you know that you shouldn't hold there for long then that means that you're good even with the local exchanges compared to Binance.

I think that's my non-joking answer to describe my situation regarding the problems that befell the Binance exchange and other exchanges.
Because it is clear functionally that the exchange is not a place to store funds but its function is to trade.
If Binance has problems, there are still other exchanges that can be used for trading. Just select...

The local exchange that I use for trading meets the standards I want even though Binance Exchange is known to be good according to most of its users.

That's not new. Many countries are pushing Binance out of their jurisdictions for some reason. It's all about their registration or there's another player that's about to come out so they need to kick out the biggest competition.

But for those countries where regulations are tough and they can't get in, those that are inside that country and operate with their local customers. They've got of course an edge over Binance. Anyway, they still want to penetrate to most countries and they have to go through the process of being registered and having a dialogue with the regulators.

You are over interpreting this case, I don't think this has any correlation with the security of binance so you have to empty your balance elsewhere, it costs you withdrawal fees.

Using Binance is like holding a spear. Binance actually has the most complete trading features, but Binance is rejected by regulation in my country. You can use the sharp tip to get something, but you have to hold the stick in the middle (standing in the gray area).

You don't need to be vulgar with that answer because you don't hold your funds there and so do I, who keeps their funds there because if someone keeps his/her funds there, they're at risk.

There are local exchanges that are way terrible than Binance and that's why even the locals, they use Binance instead of their very own local exchange.

You said it right, even if they're already big enough, that doesn't mean that they can't skip a fall down, an unexpected one. We can learn from FTX issue that has no one expected them that their founders have been playing with people's deposits there.

CZ resigned from the CEO position because part of the demands and positions left by CZ was filled by Richard Teng. News of the incident that occurred to Binance involving CZ spontaneously made people wonder how the fate of the next exchange of binance because binance is a big exchange and is quite well-known among trade actors.
My answer to the question as you ask is that I don't care because in Exchange Binance I don't save funds and funds available there just for trade needs. If binance is closed, we can still use local exchange to trade.

BNB is a centralized token controlled by Binance exchange, the price is been manipulated by the exchange and with their burning mechanism they're attracting more gullible investors. It's not a surprise that the token didn't get much price dip because they haven't been found guilty of doing anything that affect the community so they still have the trust of the community. Cz move also is been praised all over the industry as sacrificing himself for the wellbeing of the industry so people are still buying into the crab that they're selling. I didn't expecting expect the token to fall too as there wasn't much heat instead support because the stories is been spread as the government against the industry and investors will naturally side with the industry, but this is just the fed against CEX.

What I can say is the Fed wouldn't be giving up and other things will work in their favor, already Binance exchange partners are now the target with law suits which might drive away potential business partners which will dry the pockets of Binance and their reserves. The only way I see them combating the lack of revenue that would soon be their problem is to charge more for listing fee and list more altcoins but soon they'll run out of projects to list or their listing won't have much effect on projects growths anymore, making them to lose patronage from crypto products. The money will move over to other exchange and then the so called reserve will dry up and the crisis begin to unfold in front of our eyes.

The mistakes most people commenting on this issue is making is thinking, Binance exchange is too big to fail but no CEX has such quality. The fine wasn't a big money for an exchange like Binance exchange but when they can't replace the money to keep their reserve up then we'll begin seeing similar situation to other CEX that has seized to exist in the past.

+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.

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.

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.

Goodbye CZ. We will miss your funny face

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

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

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.

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

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.

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.

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.

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.


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.

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.

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!

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.

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.

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?

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!?!?

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.

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

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 ?

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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
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.

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.

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.

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.

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??