SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price - page 4.

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Quote from: OgNasty on June 06, 2023, 06:57:51 PM

I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

Now I wonder what will CZ do to save his precious company.
Right now, all of the top coins in terms of market cap made a bounce after that downward pressure caused by the news, EXCEPT on BNB. It went down even more, and now down 14% base on Coingecko.

Well, whatever the fate of Binance will be, I guess it's effect towards the crypto market will be just temporary only. The worst thing is if Binance will shut down because of this. I just hope it will not happen, but if it will, brace for impact, because it will greatly affect the whole crypto market. Overall, I think that CZ will overcome this one thru just stopping Binance.US.

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Quote from: OgNasty on June 06, 2023, 06:57:51 PM

I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

SEC did lawsuits against two big exchanges, Binance and Coinbase. Binance is not welcome in the US. because their CEO is not welcome. I am not racist but Binance CEO smelt something wrong and risky years ago and wisely split Binance global and Binance US. a few months after the trade war between two big countries, US. and China.

Binance can fail against SEC. because of many reasons but how about Coinbase. They are a company in the US. at their beginning and it's shame of US. if SEC are free to attack any cryptocurrency exchange they want and don't base on any valid laws.

They sued Coinbase because of altcoins but see what guidelines did they have to guide Coinbase and other cryptocurrency exchanges. Nothing and SEC just sued companies they think are weak enough to be beaten easily.

OgNasty

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I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

bettercrypto

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The SEC attack on Binance has no doubt caused the fall of Bitcoin in the market in terms of bitcoin price. If I were the only owner of a crypto exchange in America or the U.S, I would not hesitate to leave that country. They are actually doing that because Binance is a big crypto exchange and because it is big and they can earn a lot of money or generate money.

Since the U.S. country is already deep in debt. Think how many years Binance has been in the crypto space and now they are making a Fud against it, how many times has that happened? but Binance remained standing. But I don't know if Binance can overcome that.

Baofeng

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Quote from: ColdLava40 on June 06, 2023, 05:43:02 AM

Securities and Exchange Commission, popularly known as SEC, recently filled a lawsuit against Binance for violating federal securities laws. This made Bitcoin price declined by almost 5%, one hour after the allegation was filled as at june 5th.

As at this morning, while checking Bitcoin chart, it is currently $25.7K. The funniest part is that lots of Crypto and Non-Crypto experts had all made predictions of a pump in price.

SEC can't just stopping firing at all exchange companies they suspect fishy activities. Don't forget that Coinbase and Coinme are also victims, and there court case is still active.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Possible, the effects might be just temporary though, and yes, after the news hit the public, it went to $25k'ish, and now it's back to $27,120. So we might conclude that there are no effect whatsoever. Nevertheless, there could be some part of manipulation by the whales here. As if they are giving hope that the news will not have a effect. But then again, maybe after hitting $28k there could be speculators that are going to short BTC.

But if we look at the long picture, at least six months down the line, we might forget about this issues. Maybe Binance can get over the hype, answers everything or move out their Binance.US for good, just like what Coinbase did.

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Quote from: _BlackStar on June 06, 2023, 01:49:32 PM

The SEC's lawsuit against Binance is considered FUD by most traders and so has been aggressively influencing the crypto market. Bitcoin has not escaped the impact of that FUD - it only reaches weak hands while strong hands will last longer due to experience.

Despite the brief impact that occurred over the last day - I'm starting to get my portfolio back moving forward as bitcoin price begins to recover. Yes - it was something I was hoping for after the panic that resulted in small dump the day before. I'm optimistic - of course because the SEC's lawsuits are not primarily for bitcoin but rather for Binance.

For those oldies or veterans of this market, then for sure these kind of events and news are something that a way for those fellas trying out to dip out the price for them to get in. They would be targeting out those known platforms on which making up some issues and other things as long they could thrown at them as long it would really be making out some significant negative impact on the market.

I dont know on why lots had been talking recently about that 25k price dip? Is this really just that too big for them to freak out like that??
Few percent drops is just like an ordinary day here on crypto space and it isnt something a moment or situation for us to whine like babies. Fundamentals and news alike this about SEC or
other government institutions or something isnt really that tired on throwing issues and other stirring up the situation of this market via touching up those services and platforms.
Later on, it would really be just simply forgotten and simply move on.

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The SEC is also going after Coinbase, which is strange to me because Coinbase is a publicly traded company that was reviewed before it was able to be listed. I actually am beginning to think these attacks, specifically the one on Coinbase, will ultimately prove to be a good thing for Bitcoin once they win and get more regulatory clarity.

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Quote from: Nwada001 on June 06, 2023, 05:51:03 AM

Quote from: ColdLava40 on June 06, 2023, 05:43:02 AM

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Yes, avoid US customers by all means from your exchange. If you don't want them to attack you, you either don't have their citizens allowed to use your service at all or you register your services under their regulation and let them be in control. but it might not guarantee you're totally free because the SEC doesn't need an excuse to attack anyone who is on their target list; they can just wake up and make one.

When US can attack a their citizen that uses exchange that they suspend in their country, is when the person who is using the exchange to trade is been caught for illegal things, do you know that one of the reasons while some of the exchanges is having issues with some countries, its because of money laundering activity, some people are using exchanges for money laundering especially those mixers and unpronounceable exchange that doesn't have operational license.

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The SEC's lawsuit against Binance is considered FUD by most traders and so has been aggressively influencing the crypto market. Bitcoin has not escaped the impact of that FUD - it only reaches weak hands while strong hands will last longer due to experience.

Despite the brief impact that occurred over the last day - I'm starting to get my portfolio back moving forward as bitcoin price begins to recover. Yes - it was something I was hoping for after the panic that resulted in small dump the day before. I'm optimistic - of course because the SEC's lawsuits are not primarily for bitcoin but rather for Binance.

dragonvslinux

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I think it's time for investors to finally shift away from the more risky and speculative altcoins to those considered safe havens, namely Bitcoin but also likely Ethereum, given they both haven't been labelled securities. I would also add Dogecoin to this short-list, but it still seems considerably overvalued, and there is also lawsuits pending against those who promoted and profited from it which is never a good look.

The other reality is this isn't a situation that will be resolved very quickly. XRP lawsuit has been going on for a long-time, and I imagine that the Binance and Coinbase lawsuits will go on for a long-time as well, maybe a year or two. So if I had to guess then we could see a shift over the next 12-24 months of investors shifting to safer assets, namely Bitcoin, until the SEC lawsuits are resolved one way or another, as there is too much uncertainty right now. Personally I've been waiting for Bitcoin to reclaim a lot of market dominance for the past year, which hasn't happened, but this seems like the long-term catalyst for that now.

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Quote from: ColdLava40 on June 06, 2023, 05:43:02 AM

Securities and Exchange Commission, popularly known as SEC, recently filled a lawsuit against Binance for violating federal securities laws. This made Bitcoin price declined by almost 5%, one hour after the allegation was filled as at june 5th.

As at this morning, while checking Bitcoin chart, it is currently $25.7K. The funniest part is that lots of Crypto and Non-Crypto experts had all made predictions of a pump in price.

SEC can't just stopping firing at all exchange companies they suspect fishy activities. Don't forget that Coinbase and Coinme are also victims, and there court case is still active.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

You can check further stories via New York Times -https://www.nytimes.com/2023/06/05/business/sec-binance-charges.html

in the end Binance is a company that inevitably has to comply with the SEC and regulations that are very discriminatory in the US. Binance can't do anything, apart from defending what they can defend, even if it's useless in front of the SEC, at least they can survive this storm.

not only Binance, but even other exchanges will not be able to escape the clutches of the SEC, as long as they want money from American customers. they will continue to be shadowed by the binding rules of the SEC and they must obey whatever they want, even if it makes no sense at all. if they don't like it, they can leave the US, that's their only option.

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There is a simple solution to this, coinbase and Binance should go offline and leave the business, after some time they should go Dex full time, and they should be no information about the owners or developers available at all, the reason why the SEC or government can't kill Bitcoin is because there is no one to arrest or file a lawsuit against.

Centralized exchanges need to stop for once and for all, these SEC will be powerless and all decisions making will be left for people only. If killing the business is going to be a problem, they should get out of the United States and find a better place to run the business.

Buckle up guys, this will affect Bitcoin value, and believe me, it's going to be a good opportunity if you know how to take advantage of the situation, sit tight, and don't give up.

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Quote from: ColdLava40 on June 06, 2023, 05:43:02 AM

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Of course it will!

Lets not forget that this is the number one exchange we have and any negative press generated from it does affect other exchanges and activity on the market drops as everyone wants to see the next step from both parties...and if trading on these platforms is safe, especially when it comes to their coins being held on the exchange.

Quote from: ColdLava40 on June 06, 2023, 05:43:02 AM

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Very much possible, but with Binance they kind of geofenced the US market on one US domain of theirs to protect their business in other parts of the world..

But if you think about it, the reason most exchanges want to service the US market it's because of numbers! And these numbers translate into easy business and easy profit...but unfortunately the US market has always played hardball, I wonder if this lawsuit is meant to keep Binance away and let coinbase flourish on its own Roll Eyes

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Quote from: bangjoe on June 06, 2023, 07:30:02 AM

The SEC lawsuit against Binance, really affects the overall price including Bitcoin, including one of all that is affected by the dissemination of binance, and to be honest, this does affect as a weak person in holding their bitcoin, who becomes Bitcoin has a price decline.
I am very afraid if the SEC really wins on this case, because of course SEC will provide severe sanctions to the binance and including a large enough fine, if the binance authorities in handling this case, the most fearful thing is bankruptcy.

I don't understand how the SEC works, but some SEC actions always disappoint me. This season they have broken my hopes to see BTC go all the way up. They are like taking advantage of loopholes to get a lot of money for people in their organization. Not only today some cases of large exchanges dimming seem to also be the result of the SEC, if not wrong Poloniex, Bittrex. Many people are panicking for this matter. But all this has not been tested to be true or not. If CZ and Binance can stand by and provide concrete evidence of the falsehood of the allegations, I think Binance will be even stronger.

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Binance is taken much too seriously.
Bitcoin and most other decetral currencies survive that.

The problem is that people don't use crypto as a medium to pass around but like trading. Making money without moving more than a finger? Trading is a loss-loss situation. A loss for most involved, a loss for the cryptocurrency.

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back in the days of the NY bitlicence. many businesses done all they could to stop operating in NY and stop servicing NY citizens(banning access of users whos IP geo location showed as NY).. however the NY authorities set up honeypot traps of them themselves(ny authorities residing in ny) registering with non NY licenced exchanges using proxies to by pass the IP bans.. registering as customer and then making a complaint that they were able to register with the exchange.. this was back in the days where KYC was not really a thing so the exchanges did not really know who their customers were. but suddenly became required to KYC their customers to then ban those revealing they were NY residents

things like this also happened to seller on localbitcoins. if they were found selling coin to NY residents they got slammed too with not being licenced to serve NY residents

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Quote from: pooya87 on June 06, 2023, 06:28:39 AM

At the end of the day Binance is primarily an altcoin exchange and whatever happens to it should affect the altcoin market significantly not bitcoin's. But realistically speaking the FUD always finds its way to the bitcoin market and affects the weak hands hence causing the drops like we've seen too many times in the past.
Besides, what SEC does to Binance is not the issue here, what the FUD is going to be and how it will affect the market is the only thing that matters.

The SEC lawsuit against Binance, really affects the overall price including Bitcoin, including one of all that is affected by the dissemination of binance, and to be honest, this does affect as a weak person in holding their bitcoin, who becomes Bitcoin has a price decline.
I am very afraid if the SEC really wins on this case, because of course SEC will provide severe sanctions to the binance and including a large enough fine, if the binance authorities in handling this case, the most fearful thing is bankruptcy.

Although the minimal potential of binance is bankrupt, it is still a concern, because if there is a bankruptcy there might be a greater storm to Bitcoin because Binance is the biggest Cryto exchange and number 1 at this time in the world, I cannot imagine if that happens.
Its influence on the market is definitely reducing investor trust in crypto and fear that is filled with speculation is getting worse.

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Quote from: pooya87 on June 06, 2023, 06:28:39 AM

At the end of the day Binance is primarily an altcoin exchange and whatever happens to it should affect the altcoin market significantly not bitcoin's. But realistically speaking the FUD always finds its way to the bitcoin market and affects the weak hands hence causing the drops like we've seen too many times in the past.
Besides, what SEC does to Binance is not the issue here, what the FUD is going to be and how it will affect the market is the only thing that matters.

I just want to say that bitcoin is the most traded coin on Binance. I checked spot trading for bitcoin, ether and Binance coin on Binance, Binance coin is not near the trading volume of ether, while bitcoin trading volume is higher than ether which I think is the second most traded coin on Binance.

Let me use yesterday trading volume as examples:

Using bitcoin price of $26770
Ether price of $1818

Spot market:
BTC/USDT: 65805 = $1.76 billion
ETH/USDT: 555361 = $1 billion

USDT-M futures:
BTCUSDT: 700502 = $18.75 billion
ETHUSDT: 4260000 = $7.74 billion

Coin-M:
BTCUSD: 111834 = $2.99 billion
ETHUSD: 714927 = $1.3 billion

Binance coin is very low. Also other coins are lower to both bitcoin and ether, but ether is still almost 2 times or more than 2 times lower in trading volume than bitcoin on Binance. Binance is truly an altcoin exchange as it encourages many altcoins, but bitcoin is the most traded coin on the exchange.

What is affecting the crypto market is also affecting bitcoin too, but just that altcoins are more volatile and riskier.

Faisal2202

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You have asked very simple questions. And SEC does not sue all those platforms which look fishy or they (SEC) do not sue those on them they are skeptical. Because by reading their allegations, we can find out why they are against Binance, and yesternight, i have covered the same topic of reasons behind this sue against Binance USA.

Here is the article--> My Topic

Secondly, i do not think that SEC can further do any harm to Binance because if something happens then it is only limited to the USA boundary and only the US citizens will be affected and they (investors and traders) will find another way to perform transactional activities. Like maybe from Coinbase etc. The point is, BTC price can not be affected more by Binance (in my opinion).

Yeah, every exchange if cooperate with SEC then why SEC will sue them (like if there is anything on them or if they are in cooperation).

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At the end of the day Binance is primarily an altcoin exchange and whatever happens to it should affect the altcoin market significantly not bitcoin's. But realistically speaking the FUD always finds its way to the bitcoin market and affects the weak hands hence causing the drops like we've seen too many times in the past.
Besides, what SEC does to Binance is not the issue here, what the FUD is going to be and how it will affect the market is the only thing that matters.

Topic: SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price - page 4. (Read 579 times)