Many people rely on binance as their only access to cryptocurrency. They use their binance account as kind of a bank, when it really shouldn't be that way. If you want to buy crypto at good rates then binance is useful, but you shouldn't keep funds there. Sadly though too many people do.
So if binance goes down, it will affect many people greatly. Just in the same way MtGox's Celsius' or FTX's bankruptcies currently do. So while the answer to the OP's question is yes, the reality is that is really shouldn't be that way. There are many ways to store crypto securely without having to rely on an online centralized service that could go bankrupt any moment and people should be using these. Only keep in an exchange what you absolutely need to use services within it like futures, no more.
Topic: Will it affect you in any way if Binance completely shuts down ? - page 3. (Read 292 times)
November 02, 2023, 11:50:32 AM
November 02, 2023, 11:40:07 AM
Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.
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