Bitcoin Forum

https://www.cnbc.com/2023/06/06/sec-asks-for-emergency-order-to-freeze-binance-us-assets-anywhere-in-the-world.html

There is a shocking development where SEC asked to freeze Binance assets. However, the immediate effect of this news was not negative. Bitcoin prices and other coins also moved up even after this news. It shows the trust people have on bitcoin. Those who were investing casually are already out of the scene. The current holders have got strong hands and it means that prices for good crypto coins will only move up from here.

SEC now going after coinbase too

It only affects Binance.US so the effect will likely be contained there. SEC suing crypto companies have become like an old news for people who have been around. We will probably see or hear more news like this in the future but the impact will likely be the same. There will be a temporary decline in prices but will recover the next few days. Better to get used to these "attacks" on exchanges and crypto in general.

Well initially it has it's effect when the news came out as bitcoin hits sub $26k. But then again, maybe there is manipulation or what as the price surges as high as $27,250++ if I'm not mistaken.

But now, it seems that there are short selling as the price is now at $26,200. So we might say that the impact is not that significant. Although this news is big if I'm not mistaken, but maybe effects are going to be short term only.

SEC and their problem: the news was not shocking to me anyway; it was already expected a long time ago since they were already throwing stones gradually at Binance months ago after the FTX incident. The only shocking thing was the unexpected drastic price drop, which removed almost $1600 from the market within 24 hours. I believe a lot of traders assets will definitely be liquidated, especially those of future traders. But as we can see, the market is already auto-correcting; let's watch and see what it will look like in the coming days, if the Court will approve the SEC request to freeze Binance's U.S. holdings assets.


Who knows who they have next on their to-do list? Let all big exchanges under the US soil prepare their table for they might receive an unwanted guest very soon. 

Yes. Because Binance is not a US exchange and CZ is not a US citizen.
And overall, crypto doesn't care about the government and its lawsuits because it's about freedom and independence.

The US government is looking for avenues to destabilize the market and cause FUD which will lead to a drop in the price of Bitcoin and others. But such a move is not yielding the targeted outcome. The price was affected slightly yesterday but today the rebound was massive. There were different predictions that the price will go below $20k but all didn't come to pass. I am suspecting that the crypto space was already expecting this attack because the SEC has been attacking Binance for some time now. It could also be that the Bitcoin sector is becoming resistant to some external attacks.

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The rush to secure a court order to freeze the assets of Binance is showing that the US government is seeking diverse means to seize some of its assets. But I am sure that CZ and Binance are already prepared for this attack and might have moved most of their assets. I just hope that none of thier customers would loose their funds.

If this is true, it means a rare Phenomenon. but what is certain is that they are not ordinary investors who are likely to leave the market due to small sentiment and leave the market. I think they know where the wind is going. yes. This shows that quality cryptocurrencies are ready for upward price movements from now onwards and people's trust and confidence in Bitcoin is getting stronger.

Its not Venezuela's asset or Russia's reserve that they could just freeze assets. There are elites in there investing in Binance US who would object to this order. Very aggressive of SEC to do all these when they don't even have a regulatory clarity.

But this could be the SEC's last attempt to drag the price down.

I don't think the freezing of Binance exchange platform account will have an effect on Bitcoin. Because Bitcoin was existing before all those exchange platforms came to an existence so bitcoin has nothing to do with them.
A user in the forum made a comment that after BetterRule incident Binance will the next be the next one to be seized and this is what is happening now. And someone here again saying that after Binance it will be coinbase.

When I initially read this news I thought that the SEC was going after Binance with this asset freeze.  That would have been big news.  If they're going after Binance.us, that basically means nothing.  Nobody uses Binance.us and I can't imagine they have enough funds being held to matter.  It does display a little bit that the SEC has limits of what it is capable of doing.  I'm sure their main target was Binance, but had to settle for some tiny company that licenses their name instead.  Honestly, Binance.us imploding completely would hardly be news.  It does show the SEC is continuing to ramp up their attacks against crypto though, which I guess is concerning.

I read on twitter that SEC given Binance.Us 10days to give back the funds to the customers  for this issue. Im not sure if its verified info as it just a screenshot though, but I think CZ's hat is strong and will likely fight back on the matter. Coinbase too are being tailed after Binance so there is an ongoing war vs crypto considering those two are top firms in crypto industry.

And in a response to these news Binance.US has also come with news about delisting about 40 crypto trading pairs from their exchange, I wonder if deleting all these Cryptos trading pairs is going to solve the law suit case or help them to win the case at court.
If at the end Court grants SEC their request and eventually they freezes Binance.US asset ,it may cause another catastrophic event on the crypto space.

https://i.ibb.co/q5vtYVY/IMG-20230607-190526-371.jpg (https://ibb.co/C2fkKDK)

Any bans from the SEC will not affect the global market. Yes, we will have a price storm for some time, but I do not think that this will last very long. Also, I don’t think that traders will have problems with those assets that get delisted; there are plenty of other exchanges that work without verification, so globally, I think we won’t even borrow any major changes.

I don't know if you were keen enough but when the news came out that SEC was suing Binance and CZ, the Bitcoin and other crypto prices actually sharply slumped immediately but a few hours later, the coin prices rebounded.

The following developments did not affect the price negatively but overall, even with the bad news, Bitcoin price can never stage down for good. It will always go up again. We have been through worse like Luna and FTX crash and yet here we are.

Sometimes such news about sec doesn't have a direct impact on the bitcoin market since most of the exchange customers in the US already have and using alternatives to Binance since they already got forehand hints of the issue with sec and Binance lately.


I don't know if this is going to have a long-term effect on the price of Bitcoin, but since it doesn't have this short-term effect right now I believe Bitcoin has moved passed the wave already this time.

Binance and Binance.us are two different entities and the one that SEC is dealing with now is the Binance.us.

You expect to see this happen whenever a known exchange gets sued by SEC or anything that's related to hacking or any other negative news. The market's reaction will have it plummet for a while but get to see on what's the market status now. It's not that a lot that we've seen for the market to go down and the impact of it can be said not that much.

Well, many people still relate that the exchange problem is a bitcoin problem which seems as if they are inseparable. Even though the main problem for investors started when they chose the exchange as their trust, then there was no bitcoin trust at stake.

It gives me the impression the SEC is trying to bully Binance out of USA, so the government won't have much competition when the CBDC or the digital centralized dollar is launched nationwide.

Also, if the deletion of those pairs is true it is kinda shocking, specially those pairs of BTC against some altcoins like DOT and BCH, depending whom you ask those are legitimate projects... I don't care much for shitcoins, though, each one of us has their own definition on what a shitcoin is.

Things are getting weird, they may be trying to get as aggressive as possible towards liquidity providers before the presidential elections and campaign further unfold?

Taking the action after ban is not equal to following the rules from start. It is like admitting by binance that they were doing things wrong. Am I correct ?

Wouldn't have said it any better!!

And unfortunately this is whats happening with the whole SEC conundrum,  and how can it be also be a coincidence that Binance is being pushed out or being fixed with the regulation tag and suddenly we have the EDX showing up...Someone in the background has made sure to have a safe passage for such an exchange to have a ready market and I think the markets are ready to move on looking at how price has jumped up.

With Binance its not only in the US, I hear they have left Canada, Netherlands and possibly more European markets won't access their services all because of regulation....and at this point makes me wonder if regulation is what we need to go forward.

It actually had an effect but not a significant one.
Binance is not Bitcoin. If Binance should crash today Bitcoin will still be alive. Binance is just another operator in the market, but a very big player.
That aside, I believe if the assets were actually frozen, it would have had a bigger effect on Bitcoin.
Binance argued that if their assets are frozen it would mean passing a sentence before the court even passes a judgment because freezing of their asset would mean they won't have any money to run their business while the case is in court.

I get that SEC is just doing its job, but this all looks like a coordinated attack at this point.  

There was no actual freeze so how did something that did not happen affect the markets?


That means it's not just the SEC trying to regulate Binance but everyone in the world, and as one saying in my country, if everyone but you tells you you're drunk, then you're drunk, since I see Binance fleeing from every jurisdiction that is asking them to keep customer funds safe for real not just #safu! The SEC asked for us customer funds to be held in the US, yet CZ threw a tantrum, probably because deep down he's just as insolvent as FTX and if everyone asks for those money to be held in trustable and verifiable soruces it will show there is no money!

What can exchanges do in order to avoid such attacks in future ? Are they even capable of avoiding such attacks ?