Will it affect you in any way if Binance completely shuts down ?

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Quote from: fokinlipat on 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.

I want to share you something maybe it will make you understand how bad the crypto market will turn out if Binance should collapse. Kindly go to Coingecko, at the top you will see different tabs, select exchange and you will see that Binance comes first, that information is nothing but the truth about Binance. You can see that they account for almost 30% of the entire crypto market. If today, Binance collapse, it will do many damages 3 times more than what FTX has done in the past because Binance is one of the most trusted exchanges due to CZ influence.

Even now, since FTX collapsed, some people don't want to have anything to do with crypto, they hate it and see it as ponzi and that was because of the trauma they face after losing all they had in one man mistakes, I am even having some doubts about the next bull run, it might not even come as we use to expect and bitcoin halving pump might come 2 month before the day as many people psychologically know how it used to end, pump and dump.

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Quote from: Yamane_Keto on November 13, 2023, 04:24:35 AM

does anyone know a complete list of their investments? I fear that they have a complex list that may intersect with all CEXs, some DEXs, and many services. They have been on the market list for more than 5 years, and this will make them have access or influence over many projects and developers.

We cannot have this list, but surely they are into some of these investments with their customers' money, and this is why centralized exchanges love to encourage people to leave their funds in an exchange, so they can use it in fractional reserve scam. If Binance bites the dust, there is going to be a domino effect, and we would see many crypto services collapse, as well shitcoins too.

Quote from: bayu7adi on November 09, 2023, 06:54:32 AM

Losing funds? I don't think binance would easily escape the fund replacement issue if the exchange really collapses. Moreover, in today's era, insurance to protect funds will be implemented for exchanges like binance. Everyone surely understands that many hackers will target Binance wallets, so it makes sense for CZ to prepare precautionary measures for such potential disasters.

I can see you are one of those who believe cz that funds are safu right. If you lose your funds in the collapse of a centralized exchange, they are lost for good, and if there is any chance you get something back, it would be after many long years of waiting and you will be glad if you got up to 50% of what you lost.

Quote from: bayu7adi on November 09, 2023, 06:54:32 AM

we see that the role of this exchange is very central right now. In fact, many people entrust their bitcoins to this exchange's wallet. People might immediately question the security of Bitcoin at the same time as evidence of Binance's exit, whether intentional or unintentional.

The people who use Binance as their wallet do not know what they are doing, and if they lose their coins if Binance collapse and then question the security of BTC, it is because of their lack of understanding of what BTC is and how it should be stored. BTC is supposed to be stored in a self custodial wallet and not in an exchange, it is not meant to be stored like fiat in the bank, when you use BTC, you are to be your own bank; that is why not your keys, then not your coins.

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Quote from: Yamane_Keto on November 13, 2023, 04:24:35 AM

I fear that they have a complex list that may intersect with all CEXs, some DEXs, and many services. They have been on the market list for more than 5 years, and this will make them have access or influence over many projects and developers.

While they definitely have their fingers in many crypto projects, I doubt that they have investments in some of the biggest competitors like Coinbase.

Its true what you are saying though, in case Binance going down it would drag hundreds if not thousands of crypto companies, especially loads of shitcoins built on their BSC chain so if anything it would be sort of big market spring cleaning. I still wouldn't liek to see it happening, mainly because even if Binance goes down, people wouldn't learn a lesson and would still use centralized exchanges to store their crypto while market would be set few years back.

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I read all replies and no one mentioned the amount of Binance' assets. Other than the assets that Binance has recorded as reserves, which cannot be verified, does anyone know a complete list of their investments? I fear that they have a complex list that may intersect with all CEXs, some DEXs, and many services. They have been on the market list for more than 5 years, and this will make them have access or influence over many projects and developers.

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Quote from: fokinlipat on 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.

I don't have the funds there but of course it will still have an impact because the crypto market will turn red globally and this will cause the asset value to decrease significantly in USD terms, and what is even more unpleasant is the time it takes for the crypto market to recover which is very likely very long and also Restoring trust in crypto will be difficult in the short term so the impact will be quite long considering the magnitude of Binance's current influence unless the shut down occurs when they have lost a lot of users.

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I normally use Binance Exchange for my P2P transactions, which is when I am trading in fiat. If perhaps something like this happens now, I will look for another exchange to carry out my P2P trading. That's the only way I might seem affected, but I will not be affected in the aspect of losing funds. I don't save my money on centralized exchanges, and that's why I will not lose my fun. Although this might cause the price of Bitcoin to plunge, it's not going to last for a very long time because we are already heading for a bull season, so even if the price drops, it will definitely go up again.

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Quote from: Darker45 on November 09, 2023, 09:44:07 PM

We never learn from experience, that's why history keeps on repeating over and over again.

It makes me cringe how some people put so much trust on Binance, and other centralized exchanges and platforms for that matter, that they believe it will allow them to withdraw their funds before completely shutting down. That's too naïve of them.

I like Binance as an exchange but I know also that I shouldn't keep most of my funds there, if I'll stay some balance there it won't be that much unlike those that have believed that it's totally fine to store all of their lifesavings there. Yeah, people never learn from it and they keep on trusting their funds to exchanges and never consider the suggestion of only putting the eggs that they can afford to lose there.

Quote from: Darker45 on November 09, 2023, 09:44:07 PM

How is that even possible? A centralized exchange going bankrupt but allowing its customers to withdraw their funds first before finally closing down? Are they serious? Do they even know what bankruptcy is? Are they even aware that those centralized exchanges that collapsed were still operating despite insolvency?

Well, that's just a speculation. It can be possible but yes, most likely that they won't allow anyone to withdraw anymore just as what we've seen in some exchanges that had been in trouble for the past years.

Quote from: michellee on November 10, 2023, 11:23:10 AM

If it is a bankruptcy, Binance will need to prepare huge funds to be able to refund its customers. If that happens, Binance will provide information about the timing so that its customers can withdraw all their assets.

If they cannot pay all of their customer's funds, that is an exception and their customers will bear all the losses. This is why it is not recommended to store large amounts of assets on exchanges. This is to anticipate if this happens.

When they are already bankrupt, they are not obliged to prepare for huge funds. They'll only need to file for Chapter 11.

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As hard as it is for me to say this, I will still say it that, millions of people will be negatively affected if for what ever reason, binance goes down, and it's not just about the people that will be affect, the crypto market will collapse overnight, bitcoin may sharply return back to below $10,000, while ten of thousands of altcoins will completely collapse and may never recover again.

The most short and simple word to use is "catastrophic", binance collapse will be catastrophic for the cryptocurrency industry and market in general, people will lose billions, many may end up taking their own life because they can't live to bear what they have lost, the world of crypto will be in total chaos..

This is not even right to imagine or think of, not to talking of discussing, binance should not collapse, not now, they are free to when another exchange have taken over the world power of crypto.

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Quote from: NotATether on November 09, 2023, 04:56:05 AM

Eh?

And who guarantees that Binance will have assets by that point to allow all of its users to recover and move on? That kind of scenario will only happen if Binance gives an advance notice to a shutdown date in the future, which is extremely unlikely to happen given that Binance is so large and powerful at the moment.

And if it just shuts down suddenly, then nobody will be able to withdraw funds.

Nothing can guaranteed. But we know that Binance is now bigger than it was a few years ago. Even though they continue to be hit by regulations in several countries, that hasn't stopped Binance from continuing to operate. So it is unlikely that Binance will close its business, although the possibility remains.

To anticipate that, we don't need to keep large amounts of funds on the exchange, and we already know that.

Quote from: tabas on November 09, 2023, 07:44:08 PM

That is possible that they may give notice before they entirely go on a shutdown. But there can be a reason for a shutdown and one of it is bankruptcy. We've been into belief of their "funds are safu". But what if we see the negative side of theirs that they'll put on a notice that everyone's fund is lost and they're already bankrupt. Like the other known and popular exchanges that are still in contest for the funds of their users that they've kept for all of these years. We have to learn from the experience of others and from the bad ending of other exchanges that we shouldn't trust them wholly.

If it is a bankruptcy, Binance will need to prepare huge funds to be able to refund its customers. If that happens, Binance will provide information about the timing so that its customers can withdraw all their assets.

If they cannot pay all of their customer's funds, that is an exception and their customers will bear all the losses. This is why it is not recommended to store large amounts of assets on exchanges. This is to anticipate if this happens.

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Quote from: tabas on November 09, 2023, 07:44:08 PM

Quote from: michellee on November 08, 2023, 11:53:14 PM

It doesn't have much of an impact because before Binance shuts down completely, Binance will allow all its users to withdraw and move all their assets to other wallets or exchanges.

That is possible that they may give notice before they entirely go on a shutdown. But there can be a reason for a shutdown and one of it is bankruptcy. We've been into belief of their "funds are safu". But what if we see the negative side of theirs that they'll put on a notice that everyone's fund is lost and they're already bankrupt. Like the other known and popular exchanges that are still in contest for the funds of their users that they've kept for all of these years. We have to learn from the experience of others and from the bad ending of other exchanges that we shouldn't trust them wholly.

We never learn from experience, that's why history keeps on repeating over and over again.

It makes me cringe how some people put so much trust on Binance, and other centralized exchanges and platforms for that matter, that they believe it will allow them to withdraw their funds before completely shutting down. That's too naïve of them.

How is that even possible? A centralized exchange going bankrupt but allowing its customers to withdraw their funds first before finally closing down? Are they serious? Do they even know what bankruptcy is? Are they even aware that those centralized exchanges that collapsed were still operating despite insolvency?

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Quote from: michellee on November 08, 2023, 11:53:14 PM

It doesn't have much of an impact because before Binance shuts down completely, Binance will allow all its users to withdraw and move all their assets to other wallets or exchanges.

That is possible that they may give notice before they entirely go on a shutdown. But there can be a reason for a shutdown and one of it is bankruptcy. We've been into belief of their "funds are safu". But what if we see the negative side of theirs that they'll put on a notice that everyone's fund is lost and they're already bankrupt. Like the other known and popular exchanges that are still in contest for the funds of their users that they've kept for all of these years. We have to learn from the experience of others and from the bad ending of other exchanges that we shouldn't trust them wholly.

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Quote from: bayu7adi on November 09, 2023, 06:54:32 AM

Losing funds? I don't think binance would easily escape the fund replacement issue if the exchange really collapses. Moreover, in today's era, insurance to protect funds will be implemented for exchanges like binance. Everyone surely understands that many hackers will target Binance wallets, so it makes sense for CZ to prepare precautionary measures for such potential disasters.

Insurance sounds like a good word to use, but a painfully slow process to endure. MtGox users did get their funds back or in the process of, but after such a long time. The legal machinery for crypto is full of holes and the lack of similar previous cases means a lot of fight to be able to regain your limbo assets after a hack.

Quote

will the market go down? maybe... we see that the role of this exchange is very central right now. In fact, many people entrust their bitcoins to this exchange's wallet. People might immediately question the security of Bitcoin at the same time as evidence of Binance's exit, whether intentional or unintentional.

One of the biggest exchanges in the world shutting down, it will make the market go nuts, hands down. I dont see how the "security" of bitcoin is related to this because they are two different entities. If an broker shuts down, do you question the security of USD?

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Losing funds? I don't think binance would easily escape the fund replacement issue if the exchange really collapses. Moreover, in today's era, insurance to protect funds will be implemented for exchanges like binance. Everyone surely understands that many hackers will target Binance wallets, so it makes sense for CZ to prepare precautionary measures for such potential disasters.

will the market go down? maybe... we see that the role of this exchange is very central right now. In fact, many people entrust their bitcoins to this exchange's wallet. People might immediately question the security of Bitcoin at the same time as evidence of Binance's exit, whether intentional or unintentional.

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Quote from: michellee on November 08, 2023, 11:53:14 PM

It doesn't have much of an impact because before Binance shuts down completely, Binance will allow all its users to withdraw and move all their assets to other wallets or exchanges.

Eh?

And who guarantees that Binance will have assets by that point to allow all of its users to recover and move on? That kind of scenario will only happen if Binance gives an advance notice to a shutdown date in the future, which is extremely unlikely to happen given that Binance is so large and powerful at the moment.

And if it just shuts down suddenly, then nobody will be able to withdraw funds.

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It doesn't have much of an impact because before Binance shuts down completely, Binance will allow all its users to withdraw and move all their assets to other wallets or exchanges. There may be an adverse impact on the market because as a large exchange, Binance also exerts influence on the crypto market. But it won't be long because the crypto market will definitely recover again.

It may also have an impact on the price of Bitcoin but that won't be long either. There will be a change in top positions for the crypto market so the situation will change. But there's nothing to worry about. People who have known crypto for a long time will maintain confidence in crypto. They already understand what the crypto market is like.

But there are indeed some investors or traders who have lost confidence in crypto and these are the ones who will abandon crypto. Others will still stay in crypto because they know it's only temporary and everything will recover.

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Quote from: BitcoinsGreat on November 08, 2023, 03:22:47 PM

what if there is a successful hack attempt on Binance and they lose a major portion of their cryptos Huh

Then that means their security is lacking. I recall some hacks are successful though. Albeit it only affects their hot wallet. I assume a lawsuit might come against them even if they claim they were hacked. I believe the market will eventually recover even if one or two big exchanges collapse.

Personally, other than the decrease of Bitcoin and other crypto, I doubt Binance being bankrupt will affect me in any way. I no longer use them since months/years ago and my local exchange is clearly better for my needs. What worries me is if they are trying to acquire more local exchanges. Hopefully, that doesn't happen.

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Quote from: fokinlipat on 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.

There are two scenarios to think about, One is that Binance announces that they are closing their business and letting the people withdraw the funds from the exchanges. This may not have as bad an effect as compared to the second scenario where Binance shutting down all of a sudden due to some unforeseen issues (as we have seen with other exchanges in the past like FTX etc).

Any mishap or unforeseen incident which causes the binance to shut down at once with prior notice and freezing the people's funds will have a very bad effect on the market even more worse than we had seen the crash during the Luna crash or during the FTX issues. The reason is that binance is the biggest crypto exchange and we are not really mentally for the fall of this exchange.

Quote from: rat03gopoh on November 05, 2023, 04:42:37 AM

Quote from: hugeblack on November 05, 2023, 04:03:33 AM

and the price of Bitcoin will likely decline sharply,

Except for the intervention of authorities, Binance doesnt become another FTX drama and immediately releases all user-owned bitcoins in all cold-hot wallets without any complicated process nonsense requirements. Bitcoin is always the decider.

It is not only because of the authorities' binance shut down or due to any regulation. Also, it is also not because Binance wants to scam and they shut down the business, what if there is a successful hack attempt on Binance and they lose a major portion of their cryptos Huh

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Quote from: hugeblack on November 05, 2023, 04:03:33 AM

and the price of Bitcoin will likely decline sharply,

Except for the intervention of authorities, Binance doesnt become another FTX drama and immediately releases all user-owned bitcoins in all cold-hot wallets without any complicated process nonsense requirements. Bitcoin is always the decider.

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The short-term impact will be catastrophic, considering that what happened with Luna will be a spectacle compared to what will happen, and the price of Bitcoin will likely decline sharply, and most alternative currencies may be affected, and the cryptocurrencies we know may disappear, as the Trust Wallet and CMC are both for the same platform.
The long-term effect will be good in enhancing decentralization and the importance of not leaving your money on the platform.

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Was it like there was a time that when some news about them or technical issues happened to them and then the market drowned for a while? I can't remember that but I think there was this scenario before and the market really in turmoil on the spot. Anyway, I've got a few bucks sitting there and if they shut down, I would feel bad though, money is money. Tongue

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Binance is not at the top by accident!! These guys have gone into markets others exchanges dare not to cross and have a large footprint in onboarding users into the world of crypto and made huge collaborations of influencers such as Cristiano Ronaldo that have given crypto some exposure...

Now, if we think of Binance going down, expect the markets to go down as the uncertainty of other exchanges will be affected and panic selling is expected till markets normalize!! Otherwise as much as we hate centralization, Binance going down is a double aged sword that will hate markets and needs not to go down imo.

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The Binance completely shuts down method is what will determine its effect, but in any case the price will be affected. These are examples of how it is affected.

If they close for any reason and return customers’ money or liquidate all the balance at intervals, the impact will be limited for Bitcoin and more impact for altcoins.
They suddenly closed and sold everything they had: Bitcoin will be affected more as there is liquidity of more than 200,000 that will be sold.
They were hacked and the amount was stolen: It is difficult to sell 200,000 without tracking your trace, so the possibility is less that they will be refunded.
They stole customers’ money: This is the worst scenario, especially for altcoins, and Bitcoin will be affected by at least 50% drop in price.

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My account is currently dormant however depending on how the exchanges dynamics changes, I may come back again.

If I ever do though, there's always a chance I get to be one of the unlucky fellas lol. In other words, those who do not use the exchange as a means of long term storage but was actively trading when shit went down.

mindrust

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I have some referrals on binance making money for me and that’s about it. I don’t hold any coins there at the moment so it won’t effect me very badly if they shut down. It is not nice to lose a portion of my monthly income but it was a referral income and referral income don’t last forever anyways so it is not really a big deal. The worst thing is, binance had so many shitcoins available to trade and losing this isn’t good. Sometimes we need to dump our shitcoins for something real and binance is one of the best places for this job. I want binance to stay in business for a long time.

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Quote from: libert19 on November 03, 2023, 11:18:31 PM

Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

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.

Bitcoin will recover as it did in past however I wonder how much effect will be on BNB as it's native token of supposedly decentralized chains of opBNB and BSC.

The effect on Bitcoin is indirect and temporary. In the long run, the fall of Binance and even the rest of the centralized exchanges shall be beneficial to Bitcoin and even its price. I believe the price of Bitcoin would be a lot higher if there aren't centralized exchanges. But the effect on BNB would be tragic. Binance's collapse would be fatal to BNB even if BNB is now more than just a native coin of Binance exchange. Binance is now like a prostitute but it still is an exchange more than anything else. Binance exchange remains to be the lifeblood of BNB.

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Nope, I stopped using binance since time they made kyc mandatory.

Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

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.

Bitcoin will recover as it did in past however I wonder how much effect will be on BNB as it's native token of supposedly decentralized chains of opBNB and BSC.

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Quote from: fokinlipat on 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.

Short term, there is an effect for everyone when they shut down. I guess it's already in the minds of everybody that anything can happen with these centralized exchanges that may impact the entire market negatively if that happens.

Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

Many users will also loose funds and some will loose faith on crypto.

That is because of their own fault for letting their funds stay on exchanges. They shouldn't do that and all of us have been telling not to store funds that they're holding for long term into exchanges like Binance. Because if a trouble comes, a hack or what or they suddenly becomes bankrupt, there's no way that they can recover that anymore. That's the consequence for not listening to people's suggestion about how to keep our funds safe and that's not through any exchange.

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Quote from: fokinlipat on 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.

If your context is exchanges shutting down or getting hacked, the simple solution is not to use that exchange as a wallet which several people have done before and the habit has not changed yet. Only keep funds that are locked up in trades over there and do review those trades in case they are keep unfilled for long.

Once you are trusting a centralized exchange with your money you have no other option. Its a necessary evil and yet it will affect many people if a exchange like Binance shuts down.

I will be sure to buy BTC at a discount when that happens. Grin

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Quote from: Lucius on November 03, 2023, 11:03:19 AM

Quote from: stompix on November 02, 2023, 01:18:25 PM

After FTX went down why would you keep your money on an exchange, and besides, this is not losing faith in crypto, it's losing faith in a centralized exchange that wasn't even supposed to exist in the first place, you know, all that thing about being your own bank and stuff?
~snip~

But Sir, isn't CZ our great leader and aren't our coins SAFU? Even if he is hacked, the great leader will surely give all the tens of billions he earned to his clients - because he's a jolly good fellow, which nob'dy can deny Grin

Every time I see the CZ, Saylor and Bukele crowd I can't stop thinking of :

The guy attacks Bitcoin, puts higher fees on it, launches centralized coins, make a fun of all its users by tricking them into buying all possible shitcoins and useless meme and NFT, flees and abandons every country when it's about to respect the law, doing basically the same as FTX, doesn't pay a dime in income but freely dumps your data to the IRS and still the crowd is cheering because it lets them have the possibility of earning money others are losing!

As for the guy in the quote and others like him, unfortunately, way too many, I sincerely stopped myself a hundred times from asking them a simple question
- Once you dig your tongue 20 cm down some internet celebrity ass does it start tasting like chocolate or why are doing it?

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Quote from: stompix on November 02, 2023, 01:18:25 PM

After FTX went down why would you keep your money on an exchange, and besides, this is not losing faith in crypto, it's losing faith in a centralized exchange that wasn't even supposed to exist in the first place, you know, all that thing about being your own bank and stuff?
~snip~

But Sir, isn't CZ our great leader and aren't our coins SAFU? Even if he is hacked, the great leader will surely give all the tens of billions he earned to his clients - because he's a jolly good fellow, which nob'dy can deny Grin

What the average user of the forum thinks, maybe this post shows best ->

Quote from: KiaKia on November 03, 2023, 05:13:04 AM

~snip~
I was a victim of two hacks on centralized platform before and one paid back after a year, the other doesn't even takes a month, this is why I still recommend Binance exchange to anyone out there because they have the best interest for their business in mind.

Binance cares about it's users and also it's reputation, hacks took place with trust wallet and it doesn't even take them long to pay back all those affected, that's because they already have damage funds available.

I am not saying something bad can't happen to Binance but there is a difference in a platform that cares about it's rep and one that does not care, if MT GOX want to refund all the money they could have already, because it's been too long already, so stop bringing their case back, it's all gone.

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Quote from: fokinlipat on 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.

I don't rely on Binance, nor do I hold BNB or any of their coins or share in projects, so, it won't affect me. But it will affect me in a way that my savings, including Bitcoin and some altcoins, will go down if Binance shuts down because of bankruptcy or hack, money stealing, etc. If Binance just decides to shut down and let users to withdraw their funds, then it won't affect crypto market significantly, but such a scenario is unlikely to ever happen.

Quote from: stompix on November 02, 2023, 01:18:25 PM

I will probably need an ambulance!
I will keep stuffing myself with beer and popcorn and develop a carpal tunnel syndrome from typing "I told you so" a million times that I will need surgery!

I think you'll get cirrhosis from drinking tons of beer and diabetes from tons of popcorn before developing a carpal tunnel syndrome from typing. But I think you'll probably get psychosis from hearing Europe is going to freeze from BADacker too.
I'm joking of course, god bless you!

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Will it affect me? No and yes. No, because I don't have funds there. My account there was already inactive ever since compulsory KYC was implemented. But, yes also, because, being one of the largest crypto trading platforms, Binance shutting down might affect the price to a certain extent. That affects everybody including myself. Not to mention that many will indeed lose funds in the process. As to losing faith, I don't care much. If one is to lose faith in Bitcoin simply because a centralized exchange shuts down, then such faith is misplaced. It won't be a big loss.

albert0bsd

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Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

Will it affect you in any way if Binance completely shuts down?

Not really, I'm just going to search for another CEX or maybe move definitely to some DEX.

I only use binance some 1 time each month to buy some bitcoin, but I immediately transfer it to my Cold Wallet, soo nothing to worry about.

sokani

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Quote from: fokinlipat on 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.

The ban of cryptocurrency in my country has limited most persons to trading through P2P. There are local exchanges where I can carry out crypto-to-fiat transactions but I don't really like their services and the two popular ones are having serious issues at the moment. So Binance has always been the place where I carry out most of my crypto to fiat transactions because of their reputation, price rate and the P2P trade. So if they were to be shot down today, it's going to affect me in a way.

Day to day traders are mostly going to be affected and other persons that have their funds in there but the effect on the overall crypto market? Maybe a little.

Z-tight

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Quote from: electronicash on November 02, 2023, 03:09:15 PM

i suppose they will announce ahead before shutting down.

They would only do that if they are solvent at that point, but what if they are insolvent or they suffer a major hack and lose most of their customers' funds, they would simply halt deposits and withdrawals, declare bankruptcy and shut down, and as usual it would now result in a long process to see if some customers can get some of their money back. So in other words, don't rely on a centralized exchange to give you an update before they shut down.

Quote from: fokinlipat on 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.

I don't store my funds in any centralized exchange. If Binance bites the dust, so many shitcoins would be removed from the market and BTC price would temporarily drop. But at least so many people would learn that they should only hold their funds in self custody and that funds cannot be #safu in any centralized exchange.

electronicash

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i suppose they will announce ahead before shutting down.
i rely my trading on binance so it should affect me for the most part but there are lots of exchanges anyway. one thing that is important in binance for users including me is the p2p which we use to exchange coins for local currency. thats really the most helpful for us.

i find it hard to shut down binance.com though but probably the local binance which if the government shutdown their operation. this is very possible if they can't comply with the regulations in one country. binance though is very compliant.

noorman0

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Obviously not directly affected by any cause, I'm not a Binance user (anymore). I will not deny the fact that the number of crypto users is still concentrated in this one company for the majority of their activities.

The marketcrash may be inevitable, but it wouldn't be the first time and I don't think it would be the biggest impact. Just assume Binance has 2 times the power of FTX. But the positive impact, people's trust with centralized services may be finished.

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Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

Will it affect you in any way if Binance completely shuts down ?

I will probably need an ambulance!
I will keep stuffing myself with beer and popcorn and develop a carpal tunnel syndrome from typing "I told you so" a million times that I will need surgery!

Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

Many users will also loose funds and some will loose faith on crypto.

After FTX went down why would you keep your money on an exchange, and besides, this is not losing faith in crypto, it's losing faith in a centralized exchange that wasn't even supposed to exist in the first place, you know, all that thing about being your own bank and stuff?
On the contrary, it's going to be good for cryptos, people will stop getting fleeced by Binance and their fees, they will use their own wallets, less money to be made by manipulation on those exchanges less access to pump and dump shitcoins which are a money pit, rather than being worried of it happening it's better to have them all dumped by users as soon as possible! There is absolutely no downside to getting rid of a CEX like this that does everything possible to hinder BTC while promoting their alternative centralized crap!

bitmover

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Quote from: fokinlipat on 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.

There are pretty solid alternatives on the market, like coinbase bitstamp, Kraken, and many other small ones in local markets.

Bitcoin was already big when binance was founded in 2017. Bitcoin and cryptocurrencies don't need binance, it is the other way around

Rikafip

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Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

Will it affect you in any way if Binance completely shuts down ?

Not anymore. Since my Binance Visa debit card is expiring in a few months and Binance didn't find another card partner I withdraw everything i had there (which was not much btw) so no, I personally won't be affected much.

Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply.

Drop will be significant indeed, but only in the short-middle term. Bitcoin price would eventually recover and everything would be back to normal, like it happened in the past.

Quote from: fokinlipat on November 02, 2023, 11:40:07 AM

Many users will also loose funds and some will loose faith on crypto.

Some will maybe losse fait in crypto, but you would have to be very ignorant to loose "faith" in bitcoin just because you trusted some centralzied entity to store your money, going directly against everything bitcoin stands for.

alani123

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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.

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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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