Topic: Will Binance get closed down? (Read 12325 times)
Binance is one of the well managed cryptocurrency company in this world today and they continue to expand and develop their site to suit their clients need so closing down or being closed down due to different reasons is unlikely. They experienced being hacked and they admitted it and yet their business is still running, this is one of the worst thing that could happen to an exchange site and yet they continue to operate. New sites are coming out and being launched but still, Binance is standing.
Binance is not an exchange that can be easily closed. Every crypto trader knows about Binance and uses the exchange. This Binance may prohibit people from any country from visiting its exchange.
If that happens... well I won't be using Binance anymore.
Indeed i feel the same on that. When they run out of places [ countries ] to flee the forced kyc for customers its the same exchange as any that force you to submit your details. 
I'm not sure if Binance will get shut down--probably not--but I bet they're going to start requiring KYC info from at least their US-based customers. That would suck, because it's the only reason I use Binance and not exchanges like Polo or Bittrex. Didn't know they were out of Malta, either. I figured them for a Chinese company.
On a related note, Binance has restored the deposit function, but customers still can't withdraw any funds. I'll have a LOT more faith in them once they get withdrawals happening again. I've got some coins on there that I want to move as soon as I can, and I'm not sure what the holdup is. Binance sure as hell isn't being transparent about the reasons about that, at least not on their website.
On a related note, Binance has restored the deposit function, but customers still can't withdraw any funds. I'll have a LOT more faith in them once they get withdrawals happening again. I've got some coins on there that I want to move as soon as I can, and I'm not sure what the holdup is. Binance sure as hell isn't being transparent about the reasons about that, at least not on their website.
I'm not sure the user of binance will really leave their plarform just because it has scammed. I saw binance exchange has a power to make the user believe that this incident will be fine and everyone's assets will be replaced by him so as there is just a little maybe who decided to move their assets to another exchange although it will be usesless. Because there no exchange which have a high security until the hacker can't steal the asset on their platform. Each exchange has a gap to be hacked maybe just measure of time, but it will be good for some exchanges who has hacked because they will learn from that incident.
CZ also said that it gave them a valuable lessons. So I think they have a lot of things to improved security wise and it could be a complete overall of their system. He also mentioned about getting some experts. So they are business as usual if they open early next week and allow the exchange to go back to it's normal operations.
Binance is a unicorn company worth well over a billion dollars. I get that they'll try to get back to normal operations soon, but most governments/regulators will do everything they can to regulate and get a tax slice of that income, and they'll use this security breach as evidence that more regulation is needed.
So I hope it will be back to business as usual, but eventually they'll be pressured to consider regulations. Even if they move their head office, they could be forced to abide by rules to offer services in particular countries.
So it will be a continue mouse and cat game, ala catch me if you can scenario for Binance. But I don't think they are willing to be forced and abide by the rules.
This is how they built their company, no KYC at least for 2 BTC limit, which is enough for casuals and average Joe.
Binance will be fine, but if regulators get to them I can envisage they may be required to do KYC for ALL transactions (not just above 2 BTC per day).
If that happens... well I won't be using Binance anymore.
I'm sure that you're not the very person that will stop using Binance if they starts to require KYC.If that happens... well I won't be using Binance anymore.
That's why many are still using them because 2 BTC limit for a non-KYC account is still quite good for a small investor. And with the recent hack, they are still good to go. Let's see on how they will return tomorrow and how people will act on it.
At current exchange rates, the total worth of the coins that was stolen is well above $50 million, and this is not a small amount. I am not sure about the annual turnover of Binance, but I hope that their balance sheets don't turn to red as a result of this. The collateral damage will also be there, on top of the losses from the robbery. Now Binance will be forced to set up additional security measures and hire additional staff to prevent a repetition of such incidents in the future, which is again going to put a hole in their pocket.
CZ also said that it gave them a valuable lessons. So I think they have a lot of things to improved security wise and it could be a complete overall of their system. He also mentioned about getting some experts. So they are business as usual if they open early next week and allow the exchange to go back to it's normal operations.
Binance is a unicorn company worth well over a billion dollars. I get that they'll try to get back to normal operations soon, but most governments/regulators will do everything they can to regulate and get a tax slice of that income, and they'll use this security breach as evidence that more regulation is needed.
So I hope it will be back to business as usual, but eventually they'll be pressured to consider regulations. Even if they move their head office, they could be forced to abide by rules to offer services in particular countries.
Binance will be fine, but if regulators get to them I can envisage they may be required to do KYC for ALL transactions (not just above 2 BTC per day).
If that happens... well I won't be using Binance anymore.
If that happens... well I won't be using Binance anymore.
They have moved from Japan to Malta to get away from regulators as far as I remember. So I doubt that regulators can stretch their arms and force them to do KYC or at least requires users or account holders to do so. Unless Malta suddenly turns around, but I doubt that it will happen.
So for now Binance will not be stop even with this hack, they're too powerful now, if you hadn't notice.
CZ also said that it gave them a valuable lessons. So I think they have a lot of things to improved security wise and it could be a complete overall of their system. He also mentioned about getting some experts. So they are business as usual if they open early next week and allow the exchange to go back to it's normal operations.
Binance will be fine, but if regulators get to them I can envisage they may be required to do KYC for ALL transactions (not just above 2 BTC per day).
If that happens... well I won't be using Binance anymore.
If that happens... well I won't be using Binance anymore.
They have moved from Japan to Malta to get away from regulators as far as I remember. So I doubt that regulators can stretch their arms and force them to do KYC or at least requires users or account holders to do so. Unless Malta suddenly turns around, but I doubt that it will happen.
So for now Binance will not be stop even with this hack, they're too powerful now, if you hadn't notice.
Binance will be fine, but if regulators get to them I can envisage they may be required to do KYC for ALL transactions (not just above 2 BTC per day).
If that happens... well I won't be using Binance anymore.
If that happens... well I won't be using Binance anymore.
They have moved from Japan to Malta to get away from regulators as far as I remember. So I doubt that regulators can stretch their arms and force them to do KYC or at least requires users or account holders to do so. Unless Malta suddenly turns around, but I doubt that it will happen.
So for now Binance will not be stop even with this hack, they're too powerful now, if you hadn't notice.
Binance will be fine, but if regulators get to them I can envisage they may be required to do KYC for ALL transactions (not just above 2 BTC per day).
If that happens... well I won't be using Binance anymore.
If that happens... well I won't be using Binance anymore.
The Fed has closed down exchanges in other jurisdictions in the past. Binance has US customers: This is a NO NO. Craig Wright is no fool and wants Binance out of the picture. Be aware! Maybe hell is coming to Binance: Use them but don’t hold your bags with them: Binance is Malta based but is breaking US Laws and if you think for 5 minutes that the US regulators are not going to take them out you are foolish: Wall Street need Binance and these rogue exchanges out of the way. CZ could do prison time! I would not want to be in his shoes! Binance could be deemed as a money launderer and a tool for terrorism. US regulators and law enforcement have Binance on their radar and will make a move! Opinion!
Whenever they are proven guilty about that matter, I think binance can actually retrieve back their potential and reputation as they are one of the best exchange and that 7000 BTC is just a small glitch on their security, they have much fund to payback their investors and in that way, they can maintain reliability.
Binance is still operational, though withdrawal/deposit is still not currently working (based on experience), so they continue to make profit and their SAFU funds will be funded again.
The Fed has closed down exchanges in other jurisdictions in the past. Binance has US customers: This is a NO NO. Craig Wright is no fool and wants Binance out of the picture. Be aware! Maybe hell is coming to Binance: Use them but don’t hold your bags with them: Binance is Malta based but is breaking US Laws and if you think for 5 minutes that the US regulators are not going to take them out you are foolish: Wall Street need Binance and these rogue exchanges out of the way. CZ could do prison time! I would not want to be in his shoes! Binance could be deemed as a money launderer and a tool for terrorism. US regulators and law enforcement have Binance on their radar and will make a move! Opinion!
Whenever they are proven guilty about that matter, I think binance can actually retrieve back their potential and reputation as they are one of the best exchange and that 7000 BTC is just a small glitch on their security, they have much fund to payback their investors and in that way, they can maintain reliability.
I don't think so. It's one of the major exchanges and this is not its first problem. They'll find a way to get through this.
But on the other hand, maybe this time will be different?
But on the other hand, maybe this time will be different?
To be honest, I can't believe it at all. Because it is impossible and no one needs. This is specifically made such news. To all worried and more PR whether.
Of course, these are just rumors that are created to ordinary people, who understand little about how the market works, start to panic
I hope this is unconnected to the Binance hack of $40M. However I know everything is possible in crypto, if Binance closes down, it will not be the first exchange to have done so, though it may affect the larger crypto community but it will give way for other exchanges to thrive. However untrue this may sound, it is advisable for people to always have a back up funds. Do not leave all you have on Binance or a single exchange.
No, I dont think that Binance will shut down after this small hacking incident. Binance is well prepared, they have so many funds to compensate for that hacked funds. But if Binance got hacked 2-3 times again this year then its time for the new leader in exchanges.
Binance also have a fiat to crypto "Jersey "exchange , which operate in absolutely legal way . They are also working on creating a decentralized exchange that will function independently of servers and jurisdictions, so I don’t think they are facing a business shutdown
I am agree, binance already become giant industry in cryptocurrency and i think they already raise big profits from the start. Beside that, binance always comply with regulation and members asked to do KYC to prevent from money laundering
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