Topic: What will happen to binance if found guilty - page 2. (Read 212 times)
Binance is one of the largest cryptocurrency exchanges, respectively, I do not expect anything more from the SEC than the imposition of a large fine. And this is only if the Binance guilt is proven in court, which will not be easy to do, since Binance has the financial capacity to hire the best lawyers.
A new case will begin just like how XRP battled with SEC for a few years, I am sure that Binance exchange will win on the long run because SEC isn't as rich as Binance, so its clear Binance will win and I guess that's why XRP was able to win against SEC too.
The SEC is the most powerful organization in the financial world. Nobody wins against her in court. Ripple will lose in court and Binance will lose. It is only possible to negotiate with the SEC and pay heavy fines. There will be no other option for the development of events.Quote
The firm also backed away from plans laid out in the ICO’s white paper to spend 20% of the exchange’s profits every quarter to buy back BNB. Zhao in a 2020 blog post said the change was made in response to legal advice “indicating the potential for being misunderstood as a security” in some regions.
SourceCould it be that CZ already envisaged this issue coming? It is understood that Governments are well against cryptocurrencies in general and I think they might continue to go after the system in every way.
A new case will begin just like how XRP battled with SEC for a few years, I am sure that Binance exchange will win on the long run because SEC isn't as rich as Binance, so its clear Binance will win and I guess that's why XRP was able to win against SEC too.
The SEC is the most powerful organization in the financial world. Nobody wins against her in court. Ripple will lose in court and Binance will lose. It is only possible to negotiate with the SEC and pay heavy fines. There will be no other option for the development of events.
A new case will begin just like how XRP battled with SEC for a few years, I am sure that Binance exchange will win on the long run because SEC isn't as rich as Binance, so its clear Binance will win and I guess that's why XRP was able to win against SEC too.
What do you think will happen if SEC finds Binance exchange to be guilty in their ongoing investigation? Do you think this will create panic in crypto space or will just affect the price of the BNB coin for some while?....
They will fine them but Binance can handle it since they have huge funds and profit. SEC just want to milk them that’s why they always do this kind probing on project that successfuly operating under there jurisdiction. CZ is very smart to avoid them and stop to prusue US market because SEC is pain in the ass that wants money to his business.
This will cause a FUD to BNB just like what happened to XRP but this will not stop Binance as they are currently number exchange.
Is it about the accusation that binance is a safe-house for hackers, scammers, and drug traffickers by reuters?
This could be true back in 2017 I guess, there were not so much monitoring before but today, it could be hard to do. Why would scammers and drug traffickers use binance these days when they know its regulated already which users has to submit KYC.
So many fud today in crypto that they are targeting exchange tokens too like the BNB as security.
If Binance is found guilty, then the exchange may have to rebuild its reputation, which would take time and money. Each investigation would likely involve separate legal fees and could damage the overall view of the exchange by users. If this happens, it's unlikely that the price of the BNB coin will change much; however, if there is a penalty involved in the ruling, it could hurt Binance's reputation.
What do you think will happen if SEC finds Binance exchange to be guilty in their ongoing investigation? Do you think this will create panic in crypto space or will just affect the price of the BNB coin for some while?....
I think it is too early to discuss the possible consequences. So far, too few facts are known. In the event of a verdict unfavorable to Binance, there will definitely be a temporary dump in the market. However, if it ends up with a financial penalty for Binance, it should not have long-term consequences for the entire market and BNB.
What do you think will happen if SEC finds Binance exchange to be guilty in their ongoing investigation? Do you think this will create panic in crypto space or will just affect the price of the BNB coin for some while?....
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