Bitcoin Forum

The last weeks were marked by notable news splashes about Binance, and the problems of this exchange.


- The media reported about layoffs at Binance. Bitcoin exchange Binance has begun laying off staff. Presumably, the percentage of laid-off staff will be 20%, reported reporter Colin Wu, citing his own sources.

- The world's largest cryptocurrency exchange, Binance, has lost a quarter of its market share in the past three months as a U.S. regulator prosecutes it for allegedly violating U.S. federal laws. In February, New York regulators shut down Binance-branded Stablecoin issuance.

- The SEC has sued Binance and Changpeng Zhao. The Securities and Exchange Commission (SEC) sued bitcoin exchange Binance and its CEO Changpeng Zhao.
The U.S. regulator brought 13 charges, including unregistered offers and sales of BNB and BUSD tokens, Simple Earn and BNB Vault products and stacking.
The suit also alleges that Binance failed to register its Binance.com platform as an exchange, broker-dealer or clearing agency, as did the U.S. unit. Zhao was sued as a "controlling person."

These and many other negative news stories, about the world's largest exchange, have been in the air for months. Question:
- In your opinion, is this a consequence of increased pressure on China by the U.S.?
- What will the problems of Binance lead to for crypto market and crypto users?

I have been checking their careers page and with this layoff, they've got a lot of hirings on their website but this is across all over the world and includes remote positions.

I don't know if there is something to do with it. US has been known to be too strict with their ruling regards to these exchanges and isn't that Binance already expressed their disinterest to operate with their US market?

I guess more with the market manipulation. Because with such news we have already seen how quick the market has reacted. Other than that, it's more with their exchange and trust issues whether their users will be quick to withdraw their funds just as seeing the news that CZ/binance has been sued.

Binance is the largest exchange, and the lawsuit by the US's SEC would surely affect the crypto space, but this effect is expected to douse over time as this is still an allegation, and it will remain as such until the court delivers its verdict.

Mind you, Binance and CZ might eventually be guilty of most of these allegations, at times some companies operate like gods as if nothing can touch them, but not in the US and other sane countries. If they think they can do and go scot-free as they do with their global branch, then they are jokers.

There can't be any consequence in my opinion. The question is whether they are guilty or not. China will not come out and support illegality on another country's soil. Besides, China seems to pretend they are not in support of cryptocurrency, so they are expected to be mute in this regard.

First, cryptocurrencies must fall due to this ugly news, yet Binance.US is just a branch, a branch smaller than the global brand. This makes me believe that the effect will quickly subside over time, and I don't see it crashing Bitcoin below $20,000, at least, before the court's verdict as we don't know yet how severe the penalty could be.

It's bad for the crypto market that the world's largest exchange is associated with such incidents. If a mistake has been made, there should be punishment. It's not good for crypto to be monopolized by one exchange or one country. The accusations are very serious. If these accusations are true, the market will be negatively affected and it may take a long time for the market to recover. But if the news and the lawsuit are intended to manipulate the market, it will undermine the trust that crypto is trying to build. This will always cause a delay. I hope we see crypto in a better situation as a result of this news and the lawsuit.

This has nothing to do with China.

After the news, bitcoin fall from over $27000, down to almost $25000. Some people like to panic or to make use of such market situation to sell. SEC sued Binance, but not that Binance is closing down, or Binance go hacked, but which could have caused more downtrend.

Nope, CZ gets sued because he broke some rules and regulations, not because he's Chinese.
There will be crypto price drops and a bearish wave, but who cares. The crypto market survived FTX, I'm sure that it will survive any turbulence caused by the lawsuits against CZ and/or Binance. The BTC price recovered pretty fast after the FTX drama(around three months), I'm sure that Bitcoin is still capable of getting thru a bullish phase by the end of 2023(even though I expect the real bull run to hit somewhere around the second half of 2024).

Who remembers the event that mtgox collapsed at that time it was also rated as the largest exchange in the crypto space, looking at the development of crypto to the present and envisioning the future, I see that we still too fragile before the news. The matter between SEC and CZ and binance, I think it will take time for things to clear up, and over time I will also lean towards the possibility that things will calm down, the problem is we are looking at how The SEC's behavior in recent years towards this crypto space is harsh, the legal corridor is not really clear between the parties causing problems to arise, and users are easily moved by news and reactions about the crypto space. The price was clearly shown after the statements were made. But to be honest with me this is just one of many different events in the space, and it doesn't stop the evolution of crypto over time.

Right now millions of dollars are moving out from Binance exchange and even Coinbase is affected, people did have problem of not listening, Binance exchange broke some rules, nothing bad happened than this, so why are people moving out their funds? Binance exchange have enough fund to pay for any losses, so why don't you trust binance now? Lol, it's funny.

What will happen will still happen and it will eventually pass too, there is no reason to be in worries because of this news, what I will advise someone like CZ is to go hidden and build a decentralized exchange, we need people like him in crypto space, enough of this centralized exchange problems, SEC target Binance exchange because of FTX collapse, it's my own believe because Kevin came out in the open, promising CZ that Binance exchange will pay for all he did with FTX, I believe this war is still ongoing.

There is no cause for panic, in every bear market, things always feel like we are in a bigger mess that we aren't going to come out of, but in time, things gets better, I believe that same thing will unfold soon.

It's obvious that if Binance exchange is facing this kind of challenges from government regulations other exchanges may not scale through, this is part of the reasons you will discover many fee related issues with the exchanges when government is not giving them a breathing space, they will have to result the whole consequences on their users.


There's still more hole for those using Binance to withdraw their crypto asset off the exchange, today they are laying off their staffs and next you will hear is that they have close down.


When there's more pressure on Binance, it may ended up getting banned, bankrupt or face more accusable challenges from the government, in view of these, many investors were already taking their asset off the exchange to their personal wallet, the earlier the better.

In my opinion, the case that happened to Chang Peng Zhao regarding binance recently has nothing to do with the pressure exerted by the US on China. Even though Chang Peng Zhao was born in China, things like that cannot be related to the issue of US pressure on China, because it has nothing to do with the problems being faced by Changpeng Zhao at the moment. Besides, Changpeng Zhao is currently not living in China, but is currently living in Singapore. So basically changpeng zhao has a problem about this binance, it's all because of the problem of the accusations leveled against changpeng zhao, about accusations of violating securities laws.
If the problem facing Binance doesn't clear up in the near future, it will definitely affect users who trade crypto on Binance. Because it is certain that it will more or less cause worry among Binance users over the incident that is happening to Changpang Zhao as the founder of Binance. For the crypto market, it will definitely have a little effect, but I don't think it will have a big impact for now, because the current state of the crypto market still feels normal as usual. But if the Binance case continues, maybe there will be changes in the crypto market. Because there will probably be a lot of users on binance, who will withdraw their crypto assets for safekeeping, and to guard against when the worst happens.

news information that makes the market collapse, yes maybe seize business or economic competition between countries. as far as I remember, the US president was once a FTX party, making FTX's market power quickly famous. if you remember the money line from the FTX source is very strong for people who have important roles in the US. I think maybe it's like wanting revenge for the loss of FTX. but it seemed difficult to attack CZ.

As a result, we can see that the price is falling and will likely continue until Binance and the SEC agree with each other. The problem here is that the SEC's actions always attract quite a lot of attention, considering that there will be a lot of speculation about ATH, especially when it comes to dropping the price of Bitcoin and other cryptos on the market. Since the existence of the SEC, almost all exchanges have experienced uproar and still for the same reasons, namely related to registration. So I wouldn't be surprised if an exchange the size of Binance is an ideal top target. Regardless of the impact on the current price, I think the solution is securing assets to each other's wallets to be the right choice, until this case really subsides or is resolved.

If you're keeping up with the latest developments besides Binance, the SEC has also sent a letter to Coinbase:
source PDF https://storage.courtlistener.com/recap/gov.uscourts.nysd.599908/gov.uscourts.nysd.599908.1.0.pdf

Actually it's just an exchange, nothing else. If the bad news in Binance can affect the crypto market, it just show how many people are leaving their funds in Binance, they're either sold of their coins or move to other popular exchange. There are a lot centralized exchanges out there, even few of them collapse, people can still use other exchanges and don't need to panic. We need to panic if there's a technology can hack Bitcoin, but we all know it's currently impossible to happen.

I don't think its bad at all. Binance is a middleman and middlemans are not necessary. It is known not to leave much money in exchanges, too many exchanges have folded. While Binance broadens the crypto scene it also puts an emphasis on trading. Trading is not crypto.  

And if Binance goes bankrupt or something more serious happens, we can use another exchange with no problems. Exchanges come and go, and traders choose their exchanges so that if one large exchange closes, they will move their funds to other exchanges.

Maybe there will be a decline in the crypto market due to the news, but the crypto market will rise again and has always been like that. So they don't need to worry because many other exchanges could become the next Binance.

Remember not to keep a lot of crypto on the exchange because we don't know what will happen in the future.

We all understand that Binance is the leading crypto exchange, so any influence on it will affect the market. The overall market reaction to the news released by the SEC has impacted prices and caused panic in everyone, the impact of this crisis may vary and depend on the market many factors. There will be some investors and market participants who feel insecure and switch investments from Binance to other exchanges. This can lead to a decline in the volume and price of cryptocurrencies traded on Binance.
If the Binance exchange faces fines or operational instability, it could cause investors to lose confidence in the exchange and affect market sentiment. If Binance finds a way to solve its problem, it could help ease investor anxiety. It can increase investor confidence in the cryptocurrency market and lead to an increase in the price of some cryptocurrencies.

Personally, I see the situation with Binance as a manipulation to bring bitcoin and cryptocurrencies down to the necessary values. That is, this situation, in my opinion, is just a pretext for taking necessary measures and creating panic. It is unlikely that Binance will be so easily destroyed - especially by the SEC

Since we all know Binance to be largest cryptocurrency world exchange couple with its situation currently, people may like to take action by pulling out their investment and assets from that exchange people who are holding BNB, BUSD in Binance exchange are likely trading it to usdt as well as converting their bitcoin holdings to usdt Stablecoin to secure their investment. I think this could be the most reason why we are facing this bear market currently, to me I don't think this really calls for so much panicking.

After all these years of observation, I would not be surprised that SEC receives commands from influential people in the USA who want to lower the rate and buy bitcoin.
Well, seriously: we have all just seen that because of such news, the price has fallen to 25,500 dollars. What prevents them, like Elon Musk, from throwing in such reasons for the depreciation of the main cryptocurrency?
But I am glad of such news because I have been wanting to buy around 20,000 dollars for a long time. It's not surprising if we see more negative news in the near future, which will continue to lower the bitcoin price rate.

The effect of COVID-19 and the impact of Russian invasion of Ukraine had so much negative impact on most businesses. Most businesses had to downsize to cut costs. Apart from some leading pharmaceutical companies that made so much gain from the sales and distribution of vaccines and some Oil and Gas firms that benefited from the high price of crude and gas, many firms underperformed. Also, the introduction of artificial intelligence is changing the workspace. Some companies are laying off staff because these AI tools can replace humans. Laying off of workers is not a cardinal sign that Binance was facing business problems.


From the surface view of Binance, it looks more American than Chinese. It indeed has a high number of Chinese staff but most of the top executives are American and European. And it pays its tax in the US, which means it contributes financially to the economy of the US. Except the US is seeing what I am not and feels that Binance is having secret ties with China. It is also possible that the US government wants to promote more American exchanges to take some market shares from Binance.


We are already experiencing the impact of this court case. The result is always FUD which will affect the price of most cryptocurrencies. The sector will become volatile and this will discourage people from investing.

The cryptocurrency market is a sensitive one and investors quickly react by such information.  The layoffs is surely a sign that business is either closing up or being restructured. The regulation in Canada that binance couldn't meet up with automatically means some workers would be relieved of duty since the service is not needed in Canada for now just with what happen in coinbase losing almost 900 employees. Laying off employees is reasonable but it will create understable panic and we have seen the effect on the market. Yesterday bitcoin lost more than $2,000.


These are very much heavy allegations that is capable of pulling the trust of binance of the rug. Investors confidence is required in  crypto exchange especially cex


I don't think this is about China. If binance have compromised then sec has all legal means to go after them to protect investors.

It is impossible to anticipate the impact on the crypto market and consumers with precision. In the near term, unfavorable news surrounding a popular exchange such as Binance might contribute to a drop in market confidence and perhaps lead to market volatility. While Long-term, regulatory efforts and greater compliance procedures may result in beneficial developments for the cryptocurrency sector. However, the long-term impact on the crypto market and consumers will be determined by how the regulatory landscape evolves, Binance's measures to resolve the charges, and the responses of other industry participants.

I may not or may not be able to answer your question directly but would like to note some few things from the allegations. We have all read the news first it was Binance and today Coinbase. I see this as witch-hunting and a precursor to crypto regulation. Did Binance and Coinbase actually break the rules? I have yet to see any statement from them. If this is actually true then I am really pissed that they weren't so meticulous in learning and obeying the laws in other countries. There is no cause for alarm or any need to panic by the news, bitcoin, Binance and Coinbase will survive this.

As they say, "there is no smoke without fire. And there have already been many claims to Binance, from attempts not to comply with U.S. law, to assistance in financing the Russians associated with international terrorism and the unleashed war in Ukraine. Seysa has made additional accusations, and clearly not from nothing. China is trying hard to show itself as the "second pole of the world", which will not do the bidding of the "first pole of the world. Especially in such a delicate subject as the alternative financial system, i.e. cryptocurrencies. How this will end is not entirely clear. For example, I am worried about the risk of possible blocking of the exchange and freezing of funds stored there, with the subsequent multi-year process of proving that my funds are "clean before the law". And this variant of the situation is not excluded...

some people take this moment to buy BNB because they are very good at taking advantage of the news. well unfortunately this is just momentum, for those who have bought but they hold it for a long time I think they will actually spend their own assets. As for how Binance will go forward, I don't think I can say for sure whether Binance will lose to this rumor or will actually make Binance rise in the future.

I wouldn't be surprise its one side of a story as there is a growing tension between the 2 superpower from tech war, economic war and the build up on South China Sea.

We already felt the problem over night because of the prices. But this could just be for the media though. Binance being targetted for a long time has already seen this coming I pressume.

It is true that the SEC lawsuit against Binance has had an impact on the crypto space. Anyhow, the allegations against Binance and CEO CZ remain unproven. Therefore, the principle of presumption of innocence must be maintained until a legal process is completed and a verdict is rendered. Although the lawsuit against the major players in the crypto industry could have a short-term impact on market sentiment and confidence, Leads to increased volatility and caution among market participants. But as the legal process unfolds, it will likely become clearer about the allegations and their potential impact on Binance and the broader crypto market.

While the allegations of violating the rules are quite serious and weighty against Binance and its founder CZ (Changpeng Zhao). Nevertheless, it is important to recognize that Binance is a leading crypto currencies exchange with robust and professional legal team. They will certainly take all necessary measures to defend their position effectively in the court and do all what they can to survive this crisis. I am optimistic that the outcome of this lawsuit will be in favor of Binance , as potential closure of their business in USA will have far reaching consequences, not only Binance but  for the entire crypto currencies market.

It's absolutely riveting to discuss the recent issues that Binance, the behemoth of cryptocurrency exchanges, has encountered. The internal restructuring and layoffs are certainly disconcerting, yet not entirely surprising given the tumultuous crypto landscape. Now, do we consider this a result of US pressure on China? I think we might be oversimplifying the issue if we do so.

The legal troubles Binance is facing are largely a product of their own making - they have allegedly breached the US federal laws. This isn't about geopolitics; it's about business ethics and regulatory compliance.

Should Binance's missteps cause us to fear for the crypto market as a whole? Possibly, but only in the short term. A market shakeup could indeed unsettle crypto users, especially those heavily reliant on Binance. However, the crypto space is adaptive. Alternative exchanges may rise, fostering healthy competition and potentially leading to a more resilient market.

I can tell you one thing, it does not grow confidence amongst potential investors, when the government goes after one of the biggest centralized Crypto exchanges, but we know these centralized services are easy targets for governments to attack.

This event is just a new warning to people who rely on these centralized services and a good wake up call for them to take control of their own Private keys. (Not your keys, not your coins)  ::)

The question is not whether he was Chinese or not. The question is specifically about the business that finances the Chinese budget, or is directly controlled by the Chinese government. Let's not hide it, but now there is an active confrontation between the U.S. and China, plus the state (China) is increasingly, by soft or hard methods, gaining influence or control, yesterday's private Chinese companies...
The second problem - the U.S. is trying to regulate the crypto market by law (there are many reasons), while China, on the one hand, "clamps down" on the use of cryptocurrency for local population, but tries to use cryptocurrencies for external "consumers", and first of all for countries that are under sanctions or managed by "not the best guys".

I see more money is pouring into DEX, maybe people are worried about the news these days related to SEC and Binance US as well as CoinBase. For me, the fact that this information has affected everyone's general investment sentiment, after a series of rather gloomy days, we continue to come with unhappy information from quite influential parties in this field. Although the price is currently recovering a bit, but I think the controversy will continue to unfold when it is really resolved.

Charles Hoskinson (founder and chief strategist of the cryptocurrency project Ada (Cardano)) expressed his opinion on the reasons for the SEC attack on the Binance cryptocurrency exchange.  He believes that those in power (one of the instruments of influence of which is precisely the SEC) consider cryptocurrencies to be absolutely unnecessary and harmful financial assets.  

Cryptocurrencies are the last obstacle on the way to the introduction of digital currencies of central banks (which, in turn, aims to build a digital concentration camp for all Humanity).  

This opinion of Charles Hoskinson is confirmed by the recent words of the head of the SEC, Gary Gensler.  He stated that he sees no point in the existence of cryptocurrencies, since there are already such fiat currencies as the US dollar, euro, Japanese yen, etc.

And they already exist in digital form.... This, in my opinion, is a direct allusion to CBDC.

We are talking so far about legal violations of US SEC and not the international global Binance. Users who lost their money or the possibility of confiscating the platform have not been reported. All that ends up is compliance with legislation or more regulatory restrictions or fines will be imposed. Therefore, I do not see it as negative news that you should interact with. With negative news.

Do not forget that during the past months, cryptocurrencies began to interact positively with all the regulatory news, we may see a rise in the price as more regulatory restrictions mean that it has become difficult for binance to escape with clients’ money or manipulate prices as more eyes will monitor it.

I compare these sort of incidences with the start of new era for Bitcoin. They give shocks to the Bitcoin economy, bring down the prices and creates some sort of FUD. However, it forms amazing opportunity for the new investors and existing one who has missed the discounted purchases. I think it’s time to jump in and buy more.

However, this is time when we should not be holding our Bitcoins on the exchangers anymore. It does not matter if worlds biggest exchange is falling apart or government ain’t giving shit about it. All we have to do it create strong resistance through Bitcoin HODLING in our WALLETS.

I don't know: I think that most users won't move a finger. But I hope the latest news (summarised in the OP) help uneducated people be aware about the risks they are assuming because of holding their funds in a custodial wallet property of a centralised exchange.

With time, more and more people will end up being aware, but it's clear that things grind slowly in this regard, for the benefit of giants like the aforementioned.

In the light  of current lawsuit brought by SEC against Binance, it to important to recognize that these allegation of violating the rules are serious. Consequently, it would be highly risk to invest in BNB coin at this stage. As resolution of this dispute remains uncertain and it might take long time before final verdict reached. Therefore, individuals welling to buy BNB, coin should carefully evaluate their risk tolerance level, as well as safeguard your investment by using stop-loss.

The SEC has filed a petition to freeze the assets of Binance US. The situation around the cryptocurrency exchange Binance continues to heat up, with the Securities and Exchange Commission (SEC) asking a court for permission to freeze assets, including cryptocurrencies, associated with the US branch of the Binance US platform a few hours ago.

The petition seeks an asset freeze on assets associated with BAM Management US Holdings and BAM Trading Services, the holding and operating companies of Binance US, as well as relief for customer fiat and cryptocurrency assets held on the platform. The order covers dozens of accounts held at Axos Bank, defunct Silvergate Bank, Prime Trust and other institutions.

https://www.courtlistener.com/docket/67474542/4/securities-and-exchange-commission-v-binance-holdings-limited/

On a broader perspective it's bad. The distribution of the supply of almost all cryptocurrencies is more concentrated on centralized exchanges, in general, the utilization of crypto fluctuations is still the main reason for users. Which means, people haven't really been tempted to use crypto in real life despite its brilliant utilities.

It is believed that Binance, Coinbase and Tether are the three basic pillars of the modern crypto industry. 

They can be compared with three whales, on which (according to the ideas of ancient people) the planet Earth lay.  We are now seeing a regulatory attack on at least two of these three whales (on Binance and Coinbase). 

All this can have long-term negative consequences for the entire crypto industry.  The price of Bitcoin is not falling yet.  It is possible that the capitalization of other tokens and coins that the SEC wants to recognize as securities is now being poured into the capitalization of Bitcoin. 

However, the collapse of Binance will be a painful blow to the entire cryptocurrency market.

Which takes the gist of what happened 2 days ago that the state of Binance could create opportunities for other cryptocurrencies to attract users and divide the market. Competitors can position themselves as more compliant, secure, or transparent alternatives, potentially changing market dynamics and  I think that the result of the lawsuit and the effect it will have on the crypto market is uncertain.

If you review the history of Binance, it has become an expert in addition to the business that Exchange manages, it is to respond to lawsuits, it has them in most of the countries where it works as an exchange, nothing new here, and using the adjective crisis is exaggerated.

More "propaganda" for the exchange, nothing is going to happen at least not in the short term, but it is a sign for you to understand what your financial relationship with that exchange should be.

some people actually take the momentum from this, they say if there is any rumor in the crypto world right now it is a way for us to buy without having to be difficult to predict through the charts, but something like this cannot be done for people who do not understand when to enter and exit in profit. because this is momentum, it could be that when we hold back and binance really collapses, it will have a dangerous impact on our assets. well, the safest thing is to save fiat.

Looks grim. I'm not so concerned about layoffs induced by economic conditions because those jobs are recoverable. Though, if they're reducing staff because of regulators targeting them, that's a different matter. U.S federal agencies have tentacles all over the world and it becomes outrageous how single agencies in one country can collapse entire companies (I suppose that's the SEC's goal here).

Even if companies are in foreign jurisdictions, any financial transactions that are facilitated through U.S. financial institutions immediately allow the U.S. government to have jurisdiction over those transactions. (NY has many banks that facilitate global transactions, so it usually falls in their jurisdiction on the federal level). The solution to this would be to cut out the U.S. market if Binance was concerned of being targeted, but then what happens to a business when they reject a lucrative market?


IMO, the U.S. is doing what they can to squash all crypto markets in preparation for their launch of CBDC's within the next 4-5 years. I knew regulation was coming, just didn't think it would be in the form of frivolous lawsuits. By the way, these lawsuits get expensive and take years to reach fruition. Perhaps the SEC might have a weak case against Binance, but the negative publicity will have its intended effect. We won't know unfortunately, all this stuff is sealed from public eye.

i think you are right there
Binance is an artist on its own rights.

But only that, Binance could actually be a con artist here because it's a long time player in this kind of issues, CZ himself is not too worried because he had already known the way out, but what happens if the government eventually seize their licence of operations and banned them, aren't there going to be a massive lose of asset from them, are they not going to get liquidated, but the truth will always emerge one day about not your keys not your coins while the remaining aspect of the cryptocurrency network keeps moving.

Today the news came out one by one:

- U.S. District Court summonses the CEO of Binance CZ. The United States District Court in Washington, D.C., issued a subpoena to Binance CEO Changpeng Zhao.

This came just two days after the SEC sued the exchange for violating securities laws. The subpoena stated that criminal proceedings were pending against the CEO.

- Binance.US will delist about 100 trading pairs and suspend over-the-counter (OTC) trading on June 8
Binance.US will remove selected pairs for extended trading on June 8, 2023 at 9:00 a.m. Pacific Time / 12:00 p.m. EST. Earlier, the SEC demanded that the U.S. branch of the Binance exchange return fiat funds to customers.
Thus, regulators and the courts decided to make sure that Binance exchange will be held accountable for violating the law from their perspective. The court proceedings may last for a long time and it is unknown how the litigation between the largest cryptocurrency exchange and U.S. regulators will end.

https://cryptonews.net/ru/news/legal/21113589/


- Will Binance face secondary sanctions for serving Russian citizens? In early May, Bloomberg reported on an investigation by the U.S. Department of Justice's National Security Division into Binance Holdings Ltd. The parent company of the largest cryptocurrency exchange by trading volume, Binance, is suspected of violating sanctions against Russia.

The agency intends to find out whether Binance officials or companies allowed Russians to circumvent US sanctions and transfer money through its trading platform. At the time of writing, neither the exchange nor its executives were reportedly accused of wrongdoing.

At the same time, the U.S. Internal Revenue Service, together with analytical firm Chainalysis and Ukrainian law enforcers have been monitoring cryptocurrency transactions of Russian citizens.

https://forklog.com/exclusive/grozyat-li-binance-vtorichnye-sanktsii-za-obsluzhivanie-grazhdan-rossii

IDK and I do not think so, Because first of all Binance and Coinbase, none of them is chinese company so why will USA put pressure on these companies if they have no direct link to China. As stated in the following article:
These hugely successful companies came from China. But you’d never know (https://edition.cnn.com/2023/05/04/business/china-born-companies-downplay-roots-dst-intl-hnk) That, So, what other reason remains there to degrade the functionalities of both exchanges in USA? The only reason is both were not following the security acts.

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I do not think Binance will lead crypto to disaster or any severe kind of problem because we read much news about how much money was outflow from Binance and Coinbase when the news breakout but we should also think where that money is going. That money is going here:Source (https://cointelegraph.com/news/sec-coinbase-binance-lawsuits-surge-defi-trading-volumes#:~:text=According%20to%20aggregated%20data%20from%20CoinGecko%2C%20total%20daily%20trading%20volumes%20on%20Uniswap%20v3%20(Ethereum)%2C%20Uniswap%20v3%20(Arbitrum)%20and%20PancakeSwap%20v3%20(BSC)%20%E2%80%94%20which%20account%20for%2053%25%20of%20the%20total%20DEX%20trading%20volume%20in%20the%20last%2024%20hours%20%E2%80%94%20increased%20by%20more%20than%20%24792%20million%20between%20June%205%20and%20June%207.)

But i do agree that, once these exchanges will be banned partially or fully, how citizens are going to buy BTC, But wait, that factor can also not effect the market, because there are many BTC ATMs in USA, as these exchanges are only going to halt there functionalities in the USA only so i do no think we should worry about it.

In my opinion, the factor that caused Binance to experience a crisis was because it was too ambitious and expanded in many countries. In my country, the Binance group also opened exchanges but it seems that there are not many users. They advertise in many media such as television, newspapers, online media and many more. Of course this costs money. marketing increases.

The parent company of the largest cryptocurrency exchange by trading volume, Binance, is suspected of violating sanctions against Russia and The agency intends to find out whether Binance officials or companies allowed Russians to circumvent US sanctions and transfer money through its trading platform. At the time of writing, neither the exchange nor its executives were reportedly accused of wrongdoing.financial institutions immediately allow the U.S. government to have jurisdiction over those transactions. (NY has many banks that facilitate global transactions, so it usually falls in their jurisdiction on the federal level).

"Negative correspondence between two Binance employees was tweeted out
Today, crypto analyst and Cinneamhain Ventures partner Adam Cochran posted compromising correspondence between former Binance Chief Compliance Officer Samuel Lim and previous Head of Business Development Alvin. Evidence in the SEC's case against Binance in the form of correspondence from an internal chat room, first between Sam Lim (former head of compliance at Binance) and Alvin (former head of business development).   Their conversation concerns stock bonuses, where Sam also talks about the risks of owning BNB. The first screenshot of the conversation, which Cochran posted in the 15-part thread, had Alvin saying that BNB was heading towards "zero", followed by Lim's infamous quote, which quickly spread in the cryptocurrency community: We work like a fucking unlicensed securities exchange in the US, bro. "

https://happycoin.club/v-tvitter-vylozhili-negativnuyu-perepisku-dvuh-sotrudnikov-binance/

One thing to underline is that the SEC only sues Binance.US. and not to Binance globally. Because they are just security guards for Americans using Binance.us. And although there was a spike in withdrawals when CZ and Binance.US were sued. but this in reality has little effect on the level of user trust in the binance platform. even the number of withdrawals globally is not that worrying and SAFU is actually owned by Binance as CZ disclosed.

I don't think the lawsuit against CZ and Binance.US has anything specifically to do with competition issues with China or anything like that. The SEC just researched and found a little loophole there and sued him. like he did with Ripple. But if CZ wants and doesn't care about US users then he can just stop operating his platform in that country. but it seems that CZ still wants to survive and pay attention to the comfort of the users there. because there are quite a lot of users from the US.

and currently the final decision regarding sec vx xrp in court has almost reached the end of the judge's decision. and I think because of this the SEC seems to be in a rush to put pressure on the crypto-related industry. because if the problem with XRP has been resolved. and if xrp turns out to win in a long running case. then the assets that are valued by the sec as securities may not be sued by the sec. let alone a project that has the same concept as xrp.

On the other hand, aggressive marketing is a normal business practice, which any self-respecting company should use. The global battle was bound to happen sooner or later - and it is good that there is such a strong exchange as Binance. in my opinion, the SEC made a mistake in choosing a competitor.

The market is not stable and the price of Bitcoin fell immediately the news carries the allegations against the world biggest exchange. I still don't know why the American government are very strict with there rules which still makes things very hard for there users especially people that are using the exchange. I am very certain that Binance is going to survive this attack by the sec against the largest crypto exchange and other exchange like Coinbase. There had been fud against Binance coin before and now we are seeing the same things happening again.

FUD and FOMOs.
Remember how hard the market fell last time with FTX issue? Even if cases are not totally the same, people would more likely associate one another because it involves funds on the exchanger which is why it won't be surprising to see a market crash but I hope it won't be too hard that the market will have a hard time to recover. Supposedly, the market should not crash because of what happened simply because it is still an allegation. It is just people tend to react easily which causes to do so. I disagree. Scope of accessibility of an exchanger has nothing to do with issues concerning funds, as accused to Binance and the other exchanger. In fact, it is even the reason why it became the largerst exchanger, because being more accessible makes the volume larger basically.

Binance is very active and the banks are threatened for this, so probably they influence SEC to file a case against Binance and might saw the weakness of Binance. This can affect the whole Binance but i think this is just temporary and Binance will prevail. Many investors knows what the real value of Binance and its contribution in cryptomarket, many will continue to support Binance even if there’s a pending case like this.

I also think that there must be some influence of the banking lobby behind this lawsuit, granted, CZ and Binance probably made mistakes and they are now being used against them in court.

But the fact is that Binance is not only a cryptocurrency exchange, it is a bank and offers basically full banking in crypto currency and stable coins to their clients: saving accounts, collateralized loans, instant payment systems, P2P markets... The banks of USA may feel threatened by Binance because it's rapid growth, specially outside the USA and among those who do not like the fees and problems of traditional banking.

For example, have you taken a look at the Paypal fees? Binance Pay does not have any. One of the biggest reasons it is becoming popular here in my country as a payment method.  :P

However, it seems that a major problem arises when Binance is completely prohibited from operating by the authorities who consider themselves the most authorized in regulating this domain. Many users will lose trust in Binance when this top exchange collapses for its global version. We do not know if the issue lies with Binance in the US region, but it could potentially impact the global version of Binance, which is not available in every country like the Bitcoin ATMs in the US.

all this fuss has nothing to do with china, this is only business of Binance being deemed to have violated some rules set by the SEC to make the cryptocurrency ecosystem in the country healthier (they said).

maybe for now the valuation of the crypto market will be quite affected, considering that Binance and BNB are 2 entities that influence the crypto market and this news has a negative impact on both of them which causes disruption to the valuation of the global crypto market. hundreds of millions of dollars in losses will be inevitable, considering that this news is bad news for the crypto market and causes a decline in the confidence of investors. but this is only temporary, of course the crypto market will get better in the future, it just takes time.

Let us consider that similar to a company where staff is getting lay off due to recession or may be that company getting on the verge of bankruptcy or something like that. Now what are we left with? Just a normal news where company is trying to make its stand with the help of reducing financial burden. If US government went strict on them then that’s not the fault of a Binance US. They have to pack their things and flee the country. Sad for the US employees I guess but can’t help it if company wasn’t up to the standard of SEC or internal politics. Nothing much will happen except a FUD, FOMO sell offs, whales buying more at discounted rates and regular guys going nuts about it. After few months dust will be settled whales will become more rich because they took the chance and regular investors would cry with the statement “they wish they would have bought or kept their investment as it is”.

I agree with you. All this hype looks like a big financial manipulation to further take assets out of weak hands. My guess is that the SEC attack will end up being next to nothing, but will keep people in fear for a month or two. Those who are quieter will win.

Binance is good exchange as come many less potential exchange.Some people doesn’t like the exchange with kyc,if you consider such things.It’s better to skip the binance.In such way,their some exchanges which doesn’t require your kyc for the trade.Localcrypto doesn’t need any kyc for the transaction,it was like the localbitcoin.Localbitcoin was closed in a recent past,So it’s better to choose the available Local crypto or binance to inverse your money.

It always the negative intended effect though. Over the course of years, all these lawsuits all over the world against crypto basically are bullshits to begin with but somehow all of those made it to the headlines especially to the mass majority of people that are still wondering if putting their money in crypto is a good idea

Im kinda expecting things like this to happen once in a while or atleast until we get to the next bull run cycle

the dibinance crisis will make all crypto impact the market.
something that is big and well-known if it suddenly becomes problematic will certainly have a bad impact.
maybe the crypto market will drop very deep if binance threatens to collapse.

I don't think binance will be threatened with collapse. Yes, in the worst case they may close Binance.US, but I don't think that will happen. More likely, they will find some compromise that suits everyone. The SEC doesn't control the whole world, so their decisions can have a global impact on the world economy. And they are unlikely to shoot themselves in the foot by deciding to ban.

It already did but it didn't last long. So from $27k and then it plummet and now recovering and back to $26k.

That's for sure but all of these happenings will have temporary affection to the market. And once it's done, it's done and the market will recover after all of these big news.

We'll see but I think that we won't see as big as the drop of the FTX collapse. Binance is far from that IMO and that's why there is nothing to worry with.

I don't know about crypto but it will destroy the fast food jobs!

All those wanna be traders , basement millionaires, kinds that want to buy a lambo with a dogecoin, evey single one of them getting trainwrecked by reality and enting with a life of sticking other's wurst in somebody's else bun will ruin the american dream of the fast food worker that turned billionare.



Of course it cost money!
Money you sheeple stuff in ChowZhow or whatever his name is pockets every day while praising what a hero he is for taking your money and paying less taxes that the Rothschilds!



So was Charles Ponzi and poor guy Bernie! So many experts and the heroes of many men have left us, wonder when CZ will get his special congratulation treatment in some cell?

Yes, the SEC won't be stupid enough to shoot themselves in the foot and lose a big source of income from those exchanges, what they are doing is just scaring and wanting more money.  it can be said that their greed is growing and they want more. personally, I also predict that there will be an agreement between the parties, which is almost certain.  Binance will not want to give up a fertile market like the US, and the US government does not want to lose a huge tax source from the crypto market.

I think there will be an agreement between the parties. I don't think they would prefer to eliminate such a large volume of shopping. They just scare. Let's say it is banned there, an alternative is created immediately and it continues in the same way. These cases are not as effective as they used to be. They need to look at the banks until they come to the stock markets. There are many things that need to be fixed. I think this situation will pass. The crypto market will continue without any exchange, but I don't think anything will happen to Binance.

Binance is the biggest exchanges and if you experience a crisis, of course this is very dangerous, but I'm sure Binance has a large capital and will not experience a crisis, and about 6 hours ago I withdraw from Binance and everything is no problem.

If you are sure that Binance will not crash and there will be no problems, why are you withdrawing all your assets from Binance? Everything is risky, and nothing can be said about the future. I'm also using Binance and don't want anything bad to happen to it, but I still don't rule out the possibility that one day it will crash.

It doesn't make much sense to just compare the case study of the crisis that Binance went through with the small withdrawals you made mate, because you really won't feel the problem as an ordinary user who probably doesn't have a large amount of assets on Binance. In fact, what Binance is currently facing is not a crisis such as a lack of money, but rather an audit problem that has befallen them through the SEC.

Now the situation and conditions that are being faced by Binance are slightly different from before, so it is only natural that there are many people who have started withdrawing their assets from Binance for them to secure in their own wallets. And actually I also don't want to see Binance in a big trouble because Binance is a good exchange and also has more services that can be used by its users than any other exchange when it comes to crypto.

I don't think this is exactly the reason but I think it may have a small share in the fact that there are two governments that we constantly see in the cryptocurrency markets.


To answer this question, in the possible Binance crisis the market will be severely affected and crypto investors will see very bad days. It should not be forgotten that Binance has been operating as the most popular and strongest pawn in this market for a long time. In the serious crisis, this platform which has reached a very serious power in the cryptocurrency markets in terms of daily trading volume, number of users and user funds will certainly have a very bad effect. In addition to being the strongest in the market, Binance, which offers various services for cryptocurrency markets will also cause many users to suffer after a possible crisis.

Undoubtedly, in the event of a potential Binance crisis we will encounter very serious price movements, price drops and bad news in the cryptocurrency markets.

The price movement I think is over although it may just be a stagnant price for the rest of the month. It could also move downwards to $22k, crazy market but I think its necessary for BTC to be uninteresting for the public.

China opening its people for crypto is likely their way to allow their people to combat inflation. Its also affecting them but they are confident as its not in the mainland but only in Hongkong where they could easily shutdown if its problematic.

It will take some time for the development of the case against Binance so all things on the Bitcoin market will go back to normal in just a few weeks.  I do not think that there is a manipulation here but SEC exercising its authority over an exchange that does not follow their regulation.  If Binance US followed the SEC regulation then there shouldn't be an issue like this.

Both are for money, so both sides will find a way to compromise for mutual benefits.  i also firmly believe that nothing worse will happen because no one wants to lose such a large source of income. to me, these news is nothing more than Fuds to get people to dump their assets, and there are a lot of people who are quietly buying.  When news like this hits the market, I usually focus on accumulating more bitcoins, and I believe bitcoin will recover soon for the sharks to profit. so instead of fear, we should take advantage of it.

Binance is the number one exchange by volume according to the coingecko and coinmarketcap so it will affect the crypto industry.

Especially with the latest news from the SEC it really hit the market hard if the SEC won I think we are gonna see more bleed in the market but if binance won we might see the mini bull run again. tho if Binance and Coinbase lose I just think both them will remove the coin that considered as securites and will make more bleed to altcoin or close the US office but this rarely case

Events are moving swiftly...

- After the SEC lawsuit was filed, market depth for the top 25 crypto-assets on Binance.US dropped by 78%, Kaiko analysts pointed out.
"Market makers left immediately, leaving [the platform] with almost no liquidity," the experts noted. Representatives from Wintermute and Keyrock confirmed to The Block that they were among the firms that left Binance.US.
The depth of the market reflects its capacity, by which you can judge how many buy/sell orders it holds and how quickly and with minimal price deviation transactions are executed.
Lack of liquidity can lead to significant price slippages, negatively affecting trading efficiency and the attractiveness of the site.
- Binance has announced the delisting of a number of spot pairs with BNB
The spot platform will stop supporting the following trading instruments: BIFI/BUSD, DASH/BNB, FIO/BUSD, GAL/BNB, ILV/BNB, KLAY/BNB, LIT/ETH, MC/BNB, MINA/BNB, MLN/BUSD, ONE/ETH, OXT/BUSD, PEOPLE/BNB, PEOPLE/ETH, QNT/BNB, WAXP/BNB, XTZ/ETH, ZEC/BNB, ZRX/ETH.

Source https://forklog.com/

You should've done that long ago.
If this crisis makes people worried about the safety of their funds and learn about self-custody it's all for the better.

I see a lot of positive aspects in this. First of all this is going to put a pressure on Binance. Stress test it so that we'll finally, in Buffett's words, se who's swimming naked.
Then there's the issue of Binance's insider trading and commingling of funds, which shouldn't be happening. They were too full of themselves and playing with fire, until they got burned, so if that makes them lose money on lawyers and fines, it's fine by me.
Finally, we have the issue of regulation in the US. The fact is, crypto regulation doesn't exist yet, but Gensler is trying to make exchanges look worse than they really are and working outside the law. A great example of this is comparing Coinbase to Binance, when Coinbase was being audited and it wasn't doing any insider trading and commingling of funds.
Armstrong said they're ready to go to court, and IMO this is going to take many years, so the SEC will have another chair by the time we see a verdict.

Binance is the largest exchange right now and the issues faced with SEC can't stop their coins BNB keep stable on the higher price, dropped more than 30% from $320 and BNB current price on $240 seems how bigger impact from SEC Commission announcement last several days. Its not first time what happen with Binance exchange but I don't sure how long Binance keep stable and strong against with SEC Commission and we know their reputation success destroy many altcoin kinds until have lower values.

Binance seems not respond against SEC, actually its bad impact how to make Binance's member keep trust with this exchange without have new update or announcement about Binance exchange in the good position right now.

Contrary to this idea, I think we may see some more price fluctuations and sharp price movements this month because apart from the situation we talked, a few important economic data to be followed will be announced this week. Although Bitcoin is making sharp moves in a certain price range for now I think it can make a few more drastic moves without going too far out of these price ranges. In particular, although we have seen movements between a price band that can be considered stable in the last few weeks, I think it is even possible to see price movements outside this area depending on the future economic data will announced this week.

Although I would like to think optimistically I also think that there will be no decision or move to increase the use of Bitcoin by China in the near future. I think that a government that has been against Bitcoin and cryptocurrencies almost from the very beginning, will not make such a breakthrough in a very short time.

Legal actions against cryptocurrency exchanges have occurred in the past, and the industry as a whole has shown resilience and adaptability. While Binance and other exchanges may seek to address regulatory concerns and continue operations, the specific outcome will depend on the details of the situation and the actions of the parties involved. The cryptocurrency market has evolved over time, and the presence of alternative and decentralized exchange platforms provides users with options. However, the reputation and market position of major exchanges like Binance can still influence market dynamics and user behavior.

CZ seems to have even suspected that this would happen to him and to his exchange company, Binance. So since long ago he always said through his tweets that in essence Fud and the like one day there will be much more. and he always emphasizes the 4 points that he always shares in his tweets namely
Sourch: https://twitter.com/cz_binance/status/1610018096122851328?s=20

And it seems that CZ has also hired the best lawyers to solve the legal problems that befell him and Binance. So I think users' trust in Binance will still be strong. but caution is also needed because history has proven that several large exchanges in the past have failed.

Or maybe he deliberately provoked this attack. After all, if he gets away with it, it will greatly strengthen his position on the cryptocurrency market. Although this attack should have been invented, because the need to dot all the dots and get clear rules is long overdue

This issue is happening in the United States and I think it's only going to affect the Binance US alone since that is where the major problem is coming from. I still don't get why Garry had taken it upon himself to attack exchanges and making them to shift away from the United States since it looks like the law is too tough for them to be able to stay safe in the region without problems. Garry had been accused multiple times if manipulating the market for his own selfish interest and if this continues it could affects his reputation as a public figure.

The FXT collapse did thought us huge number of lessons and which I think a lot of people must have learnt something from that event, from the report then on chain data shows that number of address that moved their cryptos from exchange to noncustodial wallet saw an increased number of transaction. However, Despite that Binance is an elephant in these industry, The contagion may not impact the industry negatively much.

I'd like to mention and draw some parallels with some other post of yours (regarding Russia gas ban):


If we draw some parallels with SEC and Binance situation, the US is clearly attacking Binance (and Bitcoin in general), because they dared to refuse to ban Russian customers. I guess you can call the US a terrorist state then? Which can try to close any exchange to reach their goals? Pretty much any economy in the World can suffer from the economic terror of the US. If you can't see these similarities here, that's hypocrisy.  ;D

maybe the binance team knows already how to resolve their situation with SEC. they have a lot of resources to rectify this situation they are in. and we won't know their action up until it is already resolved. for sure, this binance issue will only be one of the challenges that this market will encounter. in my opinion, they can easily surpass this problem. it may have short term impact but long-term? i don't think so.
we have seen a lot of failures in this market, and we are talking about binance here. i don't think they will ruin their reputation by not resolving the conflict they are in.

It may be an exchange only, but Binance case brings real impacts on crypto market.
The current drop in crypto market is clearly caused by the case. The impact may not last forever, but it really ruins the hype for the upcoming bullrun season. Crypto market rises quite fast before we have Binance case. Now, crypto market looks difficult to move up since many people are afraid of the future of their crypto assets.

It is not only about where people save their assets. People easily move their assets from Binance to another top CEX. But we have another problem related to the case, it is about people's trust in crypto exchange. If SEC easily intervenes number 1 crypto exchange, it means SEC is possible to bother crypto world at any time. People may feel afraid that the government and SEC have a plan to destroy crypto world gradually.

Hacking happened many times on Bitcoin. But the hacking is to steal Bitcoin, it is not about destroying Bitcoin world. Hacking is impossible to steal blockchain technology or crypto technology.

Did not expect if binance also experienced a crisis, if binance experienced things like what happened to FTX, it is certain that the price of bitcoin will drop below $ 5000, this is because binance and binance groups that are spread in almost all countries are the largest exchange.

I think the actions taken against Binance and Coinbase exchanges will extend beyond USA and have far reaching consequences. The confidence of investors is severely shaken and it will take long time to restore it. As we all understand that crypto market is very volatile and  generally driven by sentiment of participants, which is currently very negative and evident from outflow of funds from exchanges.. However, despite recent developments, the leading crypto currencies, Bitcoin and Ethereum have not been significantly impacted and gradually recovering their previous price levels.

If it has been shaken, then we should be seeing less than $20k price at this point? But what the price seems to hold and in the long term doesn't have a effect on the price of bitcoin itself?

It's because there are investors who are smart not to get affected by this negative news. It's only those from the US that might be affected in Binance.US moves out of that country. But then again, all exchanges might follow suit as well. Coinbase has plans already, so it's just a matter of time that exchanges going out of the US market. For sure it might not be good as US is the biggest bitcoin investors, nevertheless, we are still have that bitcoin halving next year that will be the catalyst for the bull run that no one ca stop, not even SEC or US government for that matter.

Maybe it could just as you say. because we don't know what facts are behind all the events that happened to CZ. And right now the news media seems to be at war between those who are pro-CZ and those who are pro-SEC.

But the latest news currently mentions the Judge actually ordering CZ and the SEC to compromise or negotiate regarding the freezing of Binance assets that the SEC wants and this negotiation is meant to possibly avoid freezing these Binance assets. the point is that this case may also end in a settlement that is not too heated or ends peacefully. by making a certain agreement. And well if this happens of course CZ's Reputation will increase even more.

After all the disturbing news, the BNB rate has fallen quite a lot, nevertheless, I think that the Binance will cope with all the difficulties, and the bad news is just FUD that should not be perceived negatively. Now is the time to buy promising BNB tokens, the price of which has been testing the level of powerful support for about $ 240 for the third time. At the same time, I am not so afraid of problems with binance that I participate in the stake program from Maverick for Launchpad.

https://telegra.ph/file/03cfa5fe33a0ff73ca0c1.jpg

Moreover, yesterday there was news that Binance is successfully defending itself in court.

We all know that Binance is the largest crypto market for now and many investors are joining the market, so when there is a problem like this, we will definitely feel great pressure and greatly affect the crypto world, especially they violate US federal laws, of course this will be a big problem for the Binance market, and this is also due to US pressure on China so that this problem is even bigger, And we hope that all these problems have solutions so that we can return to using Binance as before.

Great answer, thank you ! I'll explain why :)

Breaking laws, violating CONTRACTS, financing terrorism, or helping rogue countries/regimes to circumvent sanctions, are ILLEGAL ACTIVITIES !

And here again, it's perfectly obvious that you're trying to wishful thinking - that it's "the US fighting Binance and BITCOIN".

Would you care to prove your statement, and show where else the U.S. is fighting BITCOIN, accusing the structures of financing terrorism and violating their commitments, and demanding a ban on BITCOIN transactions ? :)

By the way. question, part two - in which part of the SEC claim does the demand to Binance prohibit or limit the Bitcoin transactions sound? I'm waiting very carefully for the reasoned advice, with links to the original documents corresponding to your "morass" :)

Turning this particular debacle into a political mess is meaningless and silly op. This isn't the first time that SEC launched an attack on a crypto exchange and it certainly will not be the last.

This is a fight between centralised and decentralised entities(Not some hidden war) which led to a bloodbath as expected, but corrections like this current one are very common and are temporary.

The crypto market will turn bullish again pretty soon with/without a reason.

The crisis between Binance and the SEC will affect a part of the market not the whole. I don't think it's anything serious. Just one of the usual happening FUD’s. Most of the market makers seem to have left the market on the Binance US side, which is actually a good thing. However now is the time to dive into Bitcoin. I'm tired of encountering similar scenarios every semester. The market is over this time every in bear period there are FUD events that will make you say we went bankrupt and at the end of each cycle, Bitcoin sees a new all time peak and altcoins show huge rises. Perhaps a year from now, those who dive into crypto during the FUD time will be as wealthy as in the past market cycle.

Yup guys, it's just FUD!
Have some more FUD, fresh one:
https://www.cysec.gov.cy/en-GB/entities/crypto-asset-services-providers-casps/casp-register/93362/

Binance has just exited Cyprus over MiCA regulations, which basically means that the whole EU is going to be off-limits for them
Oh wait, it's not FUD, it's s fact!

I wonder if they will be able to keep their operations alive in Bartovia at least!

Exactly because Binance is today the largest and geographically the largest exchange, I created this topic to understand other people's opinions, and to assess the risks of further interaction with both Binance and BNB in particular. This problem is not about cryptocurrency bans. It is an issue of regulation, compliance with laws and commitments, and much more. Let's say - I am very pessimistic about the probability of Binas collapse, but with non-zero probability I allow the risks, a sharp restriction of its work all over the world. The SEC is a very significant organization, and it has strong influence outside the US.
I'm sure there wouldn't be any problems, well at most a small claim/world or a mini fine, if Binance didn't REPLACE the 2 commitments it made. Or rather, Binance pretended that "nominally we are fulfilling", but in fact did it only "on paper". These two commitments:
- Fulfilling the terms of service provision/control for US citizens (this is an internal US issue, and they have the right)
- Providing, or rather, the "through fingers" solution to help bypass sanctions, financing and assistance in the transit of funds for the representatives of the country, the recognized aggressor and terrorist.

In doing so, Binance tried to "turn on the fool" and pretend that they do not understand what they are violating and how :)

In a word - we are watching the development of events!

One of these commitments like you have said, I don't think to bypass the sanction by any means will be a good taste for binance, it would be like robbing peter to pay Paul meaning no resolution because the matter will later surface and I don't think CZ would want this option. To me that will still not create a very good business environment for binance and crypto community in US as fear will still be locked in the air.

The recent crisis at Binance, one of the world's largest crypto currency exchanges, has caused concern among investors and traders in the crypto market. Binance has been facing regulatory pressure from various countries, including United States, Japan and the United Kingdom, which has led to restrictions on its services in these regions. The impact of the Binance crisis on the crypto market is uncertain at this time. While some investors may be hesitant to continue trading on the platform, others may see this as an opportunity to invest in alternative exchanges or crypto currencies. The overall effect on the market will depend. on how quickly effectively Binance is able to address the regulatory concerns and restore investor confidence.

That is long gone. It was multi million business and there is no coming back in the US geo for Binance for time being. They should have done the ToS acceptance as per the government since very long and it’s not like Binance is completely at the fault but the government authorities as well. The Binance did Update their system time to time. First they had no KYC, then they were supposed to do the basic KYC and later it all started with full KYC concept as per the account level.

That part was already clear and most of the exchangers do follow it no matter what. Over the period of time authorities have changed many asset natures from cold asset ti securities from trading commodity to commission and what not.

It’s obvious any business would fail to adopt over the time if they are changing the rules like clothes.

At this point, I have to ask: where have you spent last 10-13 years?  ;D

It's common knowledge that all countries are generally against Bitcoin, because Bitcoin is a threat to banks and their existence.  

And note it's merely my opinion, not a fact so I'm not obliged to provide any sources (unlike you posting your fake news without sources and pretending they're real facts haha). But nevertheless I will:

"Now, the Biden administration has been accused of trying to "quietly" ban bitcoin, ethereum and other cryptocurrencies in a move that's been described as "Operation Choke Point 2.0"—referring to a 2013 government initiative that sought to cut off undesirable industries from banking services."

"The U.S. government is using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry,"

"And the administration’s efforts are no secret: they’re expressed plainly in memos, regulatory guidance, and blog posts. However, the breadth of this plan—spanning virtually every financial regulator—as well as its highly coordinated nature, has even the most steely-eyed crypto veterans nervous that crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely."

https://www.forbes.com/sites/billybambrough/2023/02/09/us-accused-of-trying-to-quietly-ban-bitcoin-ethereum-and-crypto/?sh=6b7762e86403

The lack of regulatory clarity is a common complaint among crypto firms, which argue that the United States is pushing the industry overseas, and ultimately ceding authority to foreign regulators that have established clearer guidelines.

And that may be true, but Gary Gensler, the outspoken crypto-skeptic and top cop at the SEC, doesn’t seem to care.

“Look, we don’t need more digital currency,” Gensler told CNBC on Tuesday. “We already have digital currency: It’s called the US dollar. It’s called the euro or it’s called the yen; they’re all digital right now. We already have digital investments.”

https://edition.cnn.com/2023/06/06/business/nightcap-crypto-sec-binance-coinbase/index.html

And I could go on and on and on...


Oh, come on, grow up. These are the formal reasons presented to the public. But everybody knows what the REAL reasons are...  ;D

Binance being a big exchange can certainly have an effect on the crypto market for its negative news. And already we can see all coins including Bitcoin BNB, Ethereum getting dumped. however, no specific time can be said for how long such a problem will last. So it is better not to invest in the current panic market because the analysis will not work very well in the current market. Binance is known as the top exchange globally so it is only natural that negative news against them will have a long impact on cryptocurrency and we have to accept that as well.

And here is some very interesting material. As they say "not everything is so unambiguous" :)

Opinion: why bitcoin-maximalists see the SEC as an ally !
It may seem paradoxical, but many bitcoin supporters welcome the SEC lawsuits against cryptocurrency exchanges Coinbase and Binance.

Earlier, Swan.com bitcoin CEO Corey Klipsten, in a commentary for Fortune, called the SEC's stance on cryptocurrencies "consistent," while Strike payment application head Jack Mullers said that SEC Chairman Gary Gensler was trying to "protect the integrity of America's financial markets."

Both criticized Coinbase for listing altcoins and called Binance an offshore exchange that trades unregistered securities. Such a position finds support among prominent members of the bitcoin community, including Max Kaiser, Samson Maw, Matt Odell and others.

According to Castle Island Ventures partner and Coinmetrics co-founder Nick Carter, this bitcoin guru behavior is turning the first cryptocurrency into a cult


Original article and full text: https://forklog.com/exclusive/mnenie-pochemu-bitkoin-maksimalisty-vidyat-v-sec-soyuznika





Twenty-four hours of sweating, thinking up something, writing some nonsense - not tired? :) You shouldn't have sweated.)
I'll be brief: creativity - crap, the author - 100500 times trying to wishful thinking.  I have already pointed out to you 1000 times your problems, pathetic attempts at manipulation and regular lies :)

Bottom line - go rewrite your answer  ;D

PS And in general, do not distract busy people with your nonsense ! :)

One thing that's for sure is that SEC filing a law suit and it actually gets proven are two different things. We saw how Ripple went perfectly safely out of the SEC's Clutches proving them innocent. Same might happen with Binance and Solana as well. But the best part is that Binance and other exchanges will now atleast start fearing a regulation and ensure their operations take place smoothly in favour of the users and not for their profiteering.

Yes, and here you can also add the news that Binance informally assists in registering residents on its exchange in countries where its presence is prohibited.  You are right to say that we should always assume a non-zero probability that everything will go according to the worst scenario, I remember perfectly well the times when Poloniex and Bittrex were much more popular than Binance, but now CZ has definitely brought its exchange to the tops.
The BNB's course was not very well affected by the fact that Binance curtailed its activities in Cyprus. Nevertheless, the price of the token is still within the support level.

I hope "Funds are Safu" will continue to exist without bad changes because I like Binance.

I have also heard about a lot of news through sources as well as opinions related to the above issue, there are supporters and opponents and there are also quite neutral people. Personally I find it a bit confusing as this seems to be the way to validate the price of btc in the market, my question is a bit counterintuitive as to why it doesn't appear earlier? The relationship between the US and China in recent years is really not good, China's strong rise, the US wants to show its voice, but I see China is dominating. In general, the problem is quite negative because in the crypto environment there are many problems related to investment, sometimes panic is spread quickly to navigate the price, also those who want to consignee wants to do this many times.

The Securities exchange commission may have a bad image on the faces of the public but it doesn't kill the fact that Binance did something wrong, no way in those charges Biance will deny all in court that they are not responsible for such, and besides, I still think it is a payback time because of how FTX collapse back in 2022, Sam Bankman will be happy wherever he is now with this Binance scrutiny and hunt.

BNB holders are not the only ones affected, more than 20 reputable altcoins were hurt as well and also felt the heat, they are been profiled as security and not only Binance alone will face those charges, even the altcoins founder will face the same charges, and it will affect the market in a long run because look at ripple charges till now, they are still battling in court for the same reason.

Well, whatever it was - but Binance tried to do it, and then also tried to pretend that he did not understand what it was about. The problem of circumventing sanctions to stop funding a terrorist country means that tomorrow Binance will help ANY rogue country, receive uncontrolled funding, bypass international sanctions.

Now I am writing an answer, and Kyiv is undergoing another rocket attack from the country of an international terrorist, explosions are not far from me, air defense is working ... And this is a consequence of the actions of many, including Binance

After the FTX crisis, the level of trust in central platforms in general has declined, but the level of trust in Binance has increased relatively as it is considered the safest alternative, since most users do not have a culture of private wallets and deal with the platforms just as they deal with banks.
Today, Binance is going through a crisis (of course less risky than FTX), and it is natural that this contributes to a greater decline in the level of confidence, which explains the on chain data that shows that the volume of withdrawals from the platforms has increased in general.

I heard a very INTERESTING and reasoned opinion in the next branch:

“There are quite clear accusations in the SEC’s actions against Coinbase and Binance: these exchanges allowed securities to be traded without being authorized to do so. And they offered services such as “staking”, which are very similar to banking products and therefore also require authorization. .

Are any of these allegations related to Bitcoin? No. The SEC has already clarified that bitcoin is not a security. So the accusations have nothing to do with bitcoin.
.....
So let's calm down. This is not against Bitcoin. This is against shady business models where companies pretend they are decentralized when they are not, and want a cheaper and less consumer-protective way to fund their business (or directly run away with your money). And it's also about crypto exchanges that pretend they're not banks, but they are, as long as they offer products like so-called "staking" (which has nothing to do with real proof of stake)."
https://bitcointalk.org/index.php?topic=5456588.0

This is really closer to the truth. And most likely the hype on the topic "SEC infringes on cryptocurrency" is just a PR action of exchange players who may lose a very attractive "tax-free and uncontrolled income", which they are used to and on which they have built entire financial empires, which until today seemed "untouchable" through the manipulation of words, technology and calls for "an honest, decentralized world." At the same time, they continued to do it dishonestly, centrally and bypassing the law.

If you don't invest now, when did you plan to invest, until the market is green so you can get rekt? No that's a wrong footsteps dear friend, you should invest now that the market is dried of volume and less interest from many people in tbe market. Take a deep breath and look at Binance situation, it's a temporary fight, and it will soon be over with, and from the look of things, only the US citizens are affected, very soon bitcoin will go back to where it was before and will be stronger this time. The last time China were hating crypto and today, it seems some part of them are considering accepting bitcoin back to their place.

It doesn't matter whether the market is green or the red, I feel comfortable doing that investment when there is no volatility in the market and a good relaxing analysis can be done. Now if someone invests then maybe he will have huge profit or use loss because there is volatility in the market now.  And at this moment the market will not move at its normal pace and chart analysis may not work at this time as well. that's why I made that comment.  Investing is one's personal matter I don't force anyone to be follow my strategy

In my opinion, traders love the cryptocurrency market because of the high volatility, if you know how to take advantage of this, it can give you much more profit in a short time than a stable market.

However, flat is also good for trading, but there will not be such great opportunities, the result may be less but more stable, everything will depend on the strategy. Of course, the binance crisis affects the market, after the lawsuit we saw the fall of the entire market, and those who were not afraid and bought at this time can benefit, any crisis is an opportunity.

And if you add to that the possibility to avoid taxation and conceal income - crypto becomes a mega-attractive market ! That's why they so fiercely resist any regulatory innovations, which will either deprive them of access to the market, or "open" data about them, and there will be a question - of taxation and responsibility, and a very serious responsibility...

I don't see any signs of a panic market, to be honest. Well, yes, the main coins sank due to a lawsuit against binance, but this is a completely expected reaction. I can't say that the drop was much larger than with any other unfavorable news, that is, the market did not react with panic, but simply with an expected decline, which is not critical. Moreover, the SEC has not achieved significant results, it seems that they just decided to hush up the matter for the time being. It seems to me that binance will only benefit from such publicity and attention to itself. And for the market as a whole, this is a weighty example of the stability of the cryptosphere, even in the face of state institutions. So this should attract new investment and raise the value of assets.

Binance, Binance US and SEC announced the following deals:

- Only Binance US employees can access customer funds in the short term
- Binance US will take steps to ensure that no Binance Holdings official has access to private keys for various wallets, hardware wallets, or root access to Binance US Amazon Web Services tools
- Binance US will share detailed information on its business expenses, including estimated costs, in the coming weeks

Agreements that are agreements still need judicial approval.

source : https://www.coindesk.com/policy/2023/06/17/binance-sec-strike-deal-to-move-all-us-customer-funds-wallet-keys-back-onshore/?outputType=amp

Traders from the countries where the regulatory pressure is coming from are probably not using the platform anymore or even if they are using it, they are obviously afraid of it shutting down services, but I believe even if they halt services for a certain country, they will obviously give some time to their users to withdraw their funds before they close down the platform for them which is one thing that might give traders some peace of mind.

Global traders of Binance are probably not afraid of anything yet apart from trading BNB because it has become highly volatile right from the day the news of SEC suing Binance came out and it has dropped significantly since then with no sign of going up any time soon.

Bro I can't agree with you. Where regulators in various countries, including the United States, Japan and the United Kingdom, are losing control. There you say the negative. Binance is known as the top exchange worldwide. So it is very natural that any accusation or negative criticism against them has a long impact on cryptocurrencies. Meanwhile, everything including Bitcoin is falling in price on Kipto market. So I think it is better not to invest in this panic market now. That's because if you invest now, you will face losses.

Binance is currently the largest exchange in the crypto currency world and has a large market dominance, so I think Binance will have a good impact on the market if there is currently some crisis. But I also know that the cryptocurrency world has its ups and downs. But Binance's crisis doesn't mean the end of the cryptocurrency world.  I think that sometimes when these things happen, first there is a crisis and the market is down for a few days, but then the market will recover again, just like what happened after the crash of the FTX exchange.

Muahaha this guy is hilarious... ;D I have provided valid facts with sources and you're replying with this crap? It's clear as day you don't like being exposed as a liar and a clown. Your masters want to destroy Bitcoin. Prove me wrong.

serveria.com - this is not a place for trying to show stand-up, for actors with a developmental delay :) Move your post to where you will be appreciated, with your "talents".
What are the facts? What a selection of fakes, which are pleasant for YOU for YOUR consciousness, you present as "truth", and mentally self-satisfied! :) As always, you do not answer specific questions, you are talking nonsense, evidence "from the fence."
Do you really think that the PERSONAL thoughts of a certain Billy Bambro
, who even in the title of HIS article wrote "I write about how bitcoin, cryptocurrency and blockchain can change the world." - is irresistible true? Are you serious ? :))))
I beg you - do not disgrace yourself, find some other way of self-realization, but reasoned dialogues and an assessment of reality are clearly not yours! :)

So, now let's leave the patient with delusional consciousness and return to reality.

It seems that the problems, the real problems for Binance, are not only in the USA:

French authorities announced an investigation into Binance - media
The French branch of Binance has been under preliminary investigation since February 2022 due to alleged illegal provision of cryptocurrency services and non-compliance with anti-money laundering obligations. This is reported by Le Monde with reference to the prosecutor's office in Paris.
According to the authorities, the allegations against the platform relate to its activities as an unregistered digital asset service provider. The prosecutor's office also noted several "acts of money laundering with aggravating circumstances."
The media claims that the case was initially supervised by the Special Interregional Jurisdiction of Paris, but in February 2022 it was transferred to the Financial Crimes Investigation Service.

The problem is that these are not accusations with some vague wording, a very serious crime is being claimed here. everyone understands very well that the company provided such "services" in other regions as well.

The crypto industry will not collapse just because of Binance, but with the dominance that Binance is creating, they are very different from all the other exchanges, and FTX is nothing. Assuming Binance collapses, it will be a major blow to the market, it will be much worse than any crisis that has occurred before. Of course, the market cannot crash, but it will be very badly affected, and it will take a long time for us to recover.

In my opinion, besides Bitcoin, Ethereum, and Binance are the two biggest factors for the market's growth.

As we already really understand the situation:
1. First and foremost, the SEC has no claims against bitcoin and cryptocurrency in general.
2. The SEC reasonably considers some alternative cryptocurrencies as stock-type assets, and some exchange services as services from a banking service - the claim is only to regulate this moment, otherwise it turns out - banks should be regulated and taxed, and crypto exchanges that do the same - No. Untouchable for the laws - no!
3. Claims against Binance are based purely on the illegal actions of this company, and they violate the laws not only in the US, but also in other locations.

Most likely the result will be:
- Binas will lose its positions, and most likely there will be the next iteration, because. Binance will now sign the “settlement agreement” again to avoid really big problems. But after a while, it will again support illegal services. There will be either a new "scheme" or a new gasket company, which will simply be closed and a new one opened
- The crypto market will react with slight fluctuations, but there will be no global drawdown of cryptocurrencies.
The problem with Binance is not a mass problem of cryptocurrencies, it is a local problem of a company that conducts illegal activities.

The whole thing has gone slow down with the government since the exchange seems to have been in agreement with meeting up with some of their conditions and yet we have to let the main idea be emphasized here that with or without Binance or any other exchanges, bitcoin will continue to move and remain, every holder of bitcoin are not on centralized exchanges, to the best of my knowledge, most bitcoiners have their coins on a decentralized non custodial wallet, including the Whales, should in case any exchange cease operations today, only it users will stay affected while nothing is going to happen or change about the bitcoin market because this isn't the first time exchanges are going down.

Nothing lasts forever or stays at the top forever, Binance will lose its position just a matter of time, just like before Binance came along, we have Bittrex or Poloniex also top exchanges. But I am still not convinced about the illegal allegations against Binance because even the SEC has admitted that they do not have any evidence for that, and the court did not freeze the assets of Binance in the end. One thing that we overlooked is that if the SEC really had evidence of fraud or unauthorized use of Binance funds, I think the US Department of Justice did not sit idly by.

The SEC claims against Binance are due to the fact that this government organization believes that cryptocurrencies are subject to regulation. 

According to this organization, any operations in the virtual space that are carried out by US citizens are subject to legislative regulation.  However, in my opinion, this is not the case.  Virtual space should not be under the jurisdiction of governments of different countries.  Virtual space is an independent non-state formation, which is created by people from different countries (and not one country) with their own labor.  In my opinion, the virtual space should be separated from states.  Cryptocurrencies as part of the virtual space should also not be regulated by the securities laws of individual states.  This is ridiculous. 

Users of the virtual space should draw up a Declaration on the Independence of the Virtual Space and require their governments not to interfere in the relations between Internet users that arise between them in the virtual space. 

The maximum that governments are entitled to is to require the payment of a small tax on the sale of virtual digital assets for fiat currency.

The problem with the exchange of Binance is now not only a headache for CZ but also a headache for all users. Because most of the cryptocurrency space is occupied by these crypto exchanges. Now we all wonder what will happen to those who have invested in this exchange or those who are using this exchange if this exchange is closed down due to legal complications or any hindrance in its operations. I personally don't want this exchange to shut down in any way due to legal complications. Because this exchange is providing many benefits to all the users and there are many facilities in this crypto exchange. It is our hope that the complications in the law of this exchange will be removed very soon.

I think nothing will happen to the Binance exchange. I am sure that they have a huge staff of lawyers and lawyers who will solve problems with SEC. There has already been news that they are doing well: The Court of the United States of America refused to freeze Binance's assets.US at the request of the SEC and it happened on June 14. CZ is a smart guy and he created such a huge exchange, with many types of earnings, and all this is legally justified.
I remember when Bittrex and Poloniex were leaders in 2017, but they didn't even come close to occupying a powerful position as a Binance.

This is one of the claims - the US has its own legislation, let's remember this. It is THEIR RIGHT to have their own laws in their country, and accordingly - they apply to all US citizens.
And if someone, outside the US, offers US residents services that are contrary to US law - the US will logically assume that they will demand to organize the service in such a way, EXCLUSIVELY FOR US CITIZENS, so that there are no illegal actions within the framework of US law. Or - stop providing this service to US citizens. Quite logically, quite ACCEPTABLE.

And the rest of the world the United States does not care! All claims are only interactions of the crypto world with US residents who are required to comply with the "rules", i.e. LAWS, USA.

The second requirement of the US is not to help circumvent sanctions using BINANCE crypto ACCOUNTS. Which is also a perfectly legal requirement.

But there is not a single ban - something like: just stop trading cryptocurrency, ban cryptocurrency in your countries!


Therefore, the overall picture is quite fair.

But there is another nuance - in the USA, alternative cryptocurrencies are essentially equal to shares, and the SEC, remembering that 95% of the tokens were a scam aimed at deceiving investors, also treats them "with special attention", and that is why it requires registration with the SEC to minimize the risk of robbing potential investors. Note - the SEC has no complaints about bitcoin, there are alternative cryptocurrencies! This also seems like an acceptable move.

Regarding taxes - you are absolutely right here - since these are "digital shares", the owner receives income, which means he must pay taxes. This is one of the requirements of the SEC - to prevent US citizens from receiving and hiding taxable income on Binance sites outside US jurisdiction.


So it seems to me that you are seething and accusing the SEC of some kind of pressure - to put it mildly - are far from reality, and there are more manipulations than real reasons for concern

When a company wants to conducts business in the United States, it has to comply with various restrictions. We know that Binance trades globally, but Binance US is used for especially for US citizen. In recent times, there have also been allegations of irregularities, that is why  SEC filed a case against Binance and its CEO Changpeng Zhao. If Binance convicted in the case, there is no doubt that it will have a major impact on the crypto market as Binance is a leading crypto exchange platform in the world. Even when we saw the fall of FTX exchange, the market was decreasing drastically. As a result, if Binance's accusations are proven, we could return to a long bearish market.

Even the market will be worse than what FTX did if Binance crashes. But I don't think anything too serious will happen to us with what's going on. What the SEC is doing is not even supported by many politicians, and they are just baselessly accusing Binance and exchanges because they did not have any regulation before. So the SEC cannot say that exchanges are breaking the law.  SEC was looking for just money, and everything was settled when they got it, IMO.

What is certain is that if I see, Regulatory oversight comes into effect. As for the impact on the crypto market and users, the problems faced by Binance can have both short term and long term consequences. In the short term, negative publicity and regulatory actions may contribute to increased market volatility and reduced investor confidence. Users may also face temporary interruptions in service and uncertainty regarding the safety of their funds.

In the long-term effects are more challenging to predict which makes many users shift their activities to other platforms besides securing temporary assets and on this side as a form of regulatory compliance and transparency.

Yes. The Binance crisis has caused turmoil and the way it is today, and it is wise here that I think it is important not to mix up the problems faced by one exchange with another crypto market because Regulatory action can lead to greater transparency and legitimacy in the long run, improving investor protection and promote a healthier ecosystem.

I can agree with you on the basis of altcoins because I have been saying for years that if a single individual creates a coin and sells it to you, that's shares, and that's mainly a scam 99% of the time, I can create a token in 5 minutes, it became that easy, and would you pay me to give you some of that? Of course not, but some people spend money on designs, and websites, and social media and suddenly people start to believe there is a layer there, there is none what so ever, that guy spent 5 minutes on the token and fooled you with paint.

However, the "LAWS, USA, ACCEPTABLE!!" parts are just bunch of BS, I get it, you love USA and kudos to you, I hope I can love any nation like that ever, but the reality is that they are making the playbook as it goes, not that they are making it valid when they are first starting, they are changing stuff in the middle. That's the issue.

Nobody told Binance they can't work with Russian citizens when they first started, USA was happy to accept Binance and the tax they pay from their income for years, and then one day there were sanctions and USA asked Binance to participate, well when Binance started this wasn't a requirement, so why do they have to follow every time USA wants to change something? What if they change it to "only bitcoin no other coin from now on" tomorrow? Or what if they say "crypto companies have to pay 99% taxes?" that's not going to be okay, is it? Maybe they sound too crazy for you, but USA wants to block an ENTIRE NATION right now, that's as crazy as it gets.

I think the problems of Binance are partly related to the geopolitical tensions between the U.S. and China, as well as the regulatory uncertainty and scrutiny that surrounds the crypto industry in general. I think the problems of Binance will have a significant impact on the crypto market and users, as it may affect the liquidity, security, innovation and reputation of the sector.

1. Everything is correct here, and this is why the SEC has no complaints about Bitcoin, but there are questions about many altcoins. It's nice to have the same opinion.

2. Do you think US Laws are not acceptable to US Citizens? Perhaps I conveyed something not quite qualitatively in a language that is not my native language. But .. Specify what you did not like so much in this proposal of mine?

Regarding the fact that I "love the USA", I will tell you a secret - I adore the Czech Republic, its capital Prague with beautiful bridges, and the country as a whole - due to beautiful cities, friendly people, delicious cuisine. I adore Poland, I lived in Warsaw for several years as a child. Lazienki Park is a must visit. And Krakow? Mmmm... Their little confectionery shops?! This is a fairytale. Or Estonia - a beautiful, small country with a long history and a beautiful center of the capital - Tallinn. And Singapore? One port from the height of the cable car to Sentosa Island is worth seeing, and Archidea Park is not to be missed. Mexico, Cancun or Playa del Carmen is an amazing place for a tourist! The oldest culture, visit at least Chechen Itza or the dead city of Tulum .. Sri Lanka - wild nature, a sky showered with stars, friendly people and the ocean! The United States is a world of technology, huge amazing territories, Yellowstone, Alaska, ... And a few dozen more countries that I was lucky to visit in my life. And I love them all! But not only the USA, do not attribute to me what is not there :)

"No one told Binance that they cannot work with Russian citizens," - and here you start to manipulate or are simply mistaken! And it's very easy to prove. The SEC and some other "services", after the imposition of sanctions against the country of the terrorist, imposed sanctions, and all financial institutions and organizations were provided with information that Russia, and its citizens, are at risk, they can take measures to bypass the sanctions, in including financial ones, and the task of any international financial structures is to ensure the implementation of sanctions, and not to create conditions for this group of people who implement services that allow you to enter, transform and transfer any funds, violating INTERNATIONAL sanctions.
Please - carefully read the accusations from the US, including France, who openly say that Binance is accused of money laundering, and providing services to circumvent international sanctions. Yes, there were no specific names, but a simple and clear explanation - PROHIBITE fiat-cryptocurrency-fiat transactions for users with Russian citizenship, or companies registered in Russia, or such companies where the ultimate beneficiary is a citizen of Russia. Study and the question will be removed! :)

But I know Cz will have a good stand in this and maybe he already prepared this thing before it happen. We all know the rivalry of US and China. I am sure his legal team has prepared a lot, it will affect the market but it will not be so huge and market is always like that, when well known institution got a problem with sec market reacts, it is not new in our crypto world this thing.

I'm also quite sure that Binance has its own way of dealing with the problems they are facing because Binance is a very experienced exchange and is familiar with the SEC. So that Binance will also not sit idly by with the accusations thrown at them by the SEC so far and Binance is also still trying to resolve the problem this year until it is completely resolved. If you have been a Binance user for a while, you also don't have to worry about the problems faced by the exchange as long as you don't keep more assets on the exchange for a long period of time.

During such periods, it is better not to keep any funds on the exchange at all. It is clear that CZ will use all possible means to solve problems with regulators, but Binance has been actively cooperating with them before this incident, so this situation is not so simple and may take a long time to resolve.

The pressure on Binance began to be exerted for a long time before of this lawsuit and the exchange has been experiencing a very large outflow of funds for a very long time, which shows its resilience, but who knows how many more possible blows it will withstand. But as time has shown, this did not have any significant effect on the market, only minor local drawdowns, which recovered very quickly, so most likely CZ will continue to try to resolve these issues and keep the binance afloat.

That is both against liberalism and also against the so called freedom USA always roots for. USA is not a free nation, it's not filled with freedom, it is one of those nations that has the most strict laws and regulations that it might as well be a dictatorship at this point, you do change the president but nothing changes when the president changes, just because Robert De Niro can say fuck trump doesn't mean that it's a free nation.

Binance is a private company, and not a USA based one neither, and it does cater to Americans if they want to, they do not force anyone to use it, they offer it and if anyone wants to use it then it's available, but you want USA to be able to block Binance from working with Russians as well? You think USA should even have the right to tell Binance to stop working with Russian citizens just because of their presidents war? What a freedom.

To be more precise, the recent crisis is of Binance.us and not of global Binance, people are confusing and causing unnecessary panic. The SEC has jurisdiction only in the US territory, they don't have any jurisdiction outside of the US, so it's unlikely that Binance will have a problem with the SEC. But no matter which exchange, we should not put too much of our assets on it and should not put our trust in anyone, including CZ even though they are the largest exchange in the market today. Always using a non-custodial wallet is the safest solution.

Binance is a leader in exchanges that will have a positive or negative impact, it must be admitted that since Binance's presence has made crypto users continue to increase, this is because Binance actively campaigns and opens local exchanges in many countries and languages, and if there is a crisis or problem, of course it will create problems for the future of cryptocurrencies.

Somewhere I can agree with you, but in general I disagree. Let me explain why...

To begin with, there is no need to "idealize" the concept of freedom. Freedom is basically everything that is not prohibited by law :)
And in this regard, the U.S. does absolutely legitimate - you are a U.S. citizen, you must obey the laws and adhere to them. If there are "dodgy citizens" who want to live in a successful country and not pay for it - we will find you and you will pay in full for cheating and actually stealing taxes (deliberate tax evasion, hiding additional income).

The other side is Binance. Yes, it is not a company from the U.S., and there are no claims to it. There is a "strong recommendation", from the U.S. government, not to help unclean hands, U.S. citizens, to do unlawful acts. In general, there are no more problems.
I don't know where you live, but I think your country also signed up to and complies with some of its international obligations, such as anti-money laundering, combating the financing of rogue and terrorist regimes, etc. Although this applies not only to your fellow citizens, but also to companies and people with other citizenship.
This is normal in the age of globalization.

I agree, the important point is never to put all our assets in custodial but non-custodial . And it is true that much is wrong about this matter. Cz is not involved in anything because Binance US and Binance global are different. And the case that happened to Binance US has been brought to court and Binance US has been declared not having a problem. The assets submitted by the SEC to be frozen were also rejected by the judge, so there is no longer a problem, but now Binance is being examined by the Francis regulations, but not only Binance, all crypto exchanges are also included. The good news is that CZ has clarified, Binance will be cooperative and maybe it can be resolved in the near future.

This is only a personal opinion. The scenario must be like this before the halving, so that the price tends to be corrected sideways, until after the halving then it will rally like crazy. Smart investors will see this as an opportunity that will not be obtained again in the next few months. You definitely have to be vigilant, but excessive fear can actually be an obstacle to your investment success!

It is quite clear that the SEC vs Binance case can also be considered as FUD which can impact the market. In the previous half, Covid was FUD which also had an impact on bitcoin capitalization, and if people realize that then they'll be pretty optimistic about hold their asset in long term.

The troubles with the SEC and Binance may not be over, but they just seem more in control than before. Binance is not running from prosecution, they are defending themselves with what they have. Maybe it would be good if everyone believed that it was just FUD going on for a while, and after that the market would move up.

As far as I see, the Market has already moved up and one of the reasons for that is binance and SEC situation. I would say it turned out to be more about FOMO than FUD, because binance has shown strength against accusations and it added more confidence for investors, who found another reason to join the market.

The case between Binance and the SEC is quieting down, but the crisis of Binance is not over because they are facing many difficulties in the European market when a series of governments are forcing them to stop operating in Europe. I don't think this is Fomo, but Fuds's impact on the market is still negligible.

The government crackdown on Binance will not stop anytime soon, and it could be bad for the future of Binance. But I don't see anything to panic about even if Binance is in real trouble, it's more of an opportunity for us to buy cheap bitcoin than to panic when things go down. If the market continues to dump is a rare opportunity, it is not as scary as many fear.

Freedom isn't an absolute entity, rather, it's harmoniously intertwined with laws and rules ensuring societal balance. Associating stringent laws with dictatorship is a misstep; many progressive societies use tough laws to safeguard citizens' rights and societal constructs.

The effects of a leadership change is a multifaceted concern, with its complex nuances, delayed repercussions, and indirect impacts often not visible outright.

Turning to Binance, the U.S. emphasizes more on international collaboration against unlawful deeds, rather than intruding into a private corporation's matters. They're focused on adherence to global regulations tackling money laundering and similar offences.

As for U.S. interference in Binance's relations with Russian citizens, it's a layered issue, entwining geopolitics, financial norms, and global law. In a globalized era, a nation's reach often extends its geographical confines.

I would say that doubts and uncertainty are connected not with fear for the future of the cryptosphere as a whole, but with the fact that investors are in a waiting period. It is still difficult to say how recent events will affect the market. After all, at the same time there are both positive prerequisites (for example, the ETF) and negative ones (the case of binance and coinbase). Where the wind will blow is unclear.

I don't think we can compare it though if we are talking about FUD. Covid-19 is real, so as far the huge drop last March 2020, it was the scare on what could be the effect of the pandemic not just for us, but for the whole market and the world. But after everything has settled down, bitcoin remains so resilient and it become a hedge against Covid-19.


Yes, it's not over yet, we haven't seen the decision, but it seems that Binance is ready and I doubt that there will be lingering effect on the market itself regardless of the negative outcome of the case.

You see the thing is, global money-laundering schemes are a huge problem for civilized countries. And all countries are struggling with it!
And the second topic - russia and international terrorism - is a global problem which directly or indirectly affects us all. Believe me - if we continue to turn a blind eye to this, leave "loopholes" - the world will be drowning in blood very soon. And here I fully support any tough measures to stop financing of terrorist groups and terrorist regimes, because I live in the country which suffered very much, exactly from Russian terrorism, and I personally saw what "state terrorism" is...

It is true that things are not clear, but if I say what caused the price of bitcoin to skyrocket in the past few days, I think the news about the ETF is the leading cause, not the controversy surrounding Binance. Because like I said, Binance is still having a lot of trouble in the European market, and that can't be taken as good news for the market.

But no matter what news it is, I will always be happier if the market drops more because I will be able to buy bitcoins cheaply. I prefer the market with more Fuds than the Fomo.

The problems don't stop...


Court rejects Binance's petition against the U.S. Securities and Exchange Commission

Last week, the administration of Binance filed a petition in U.S. District Court against the Securities and Exchange Commission (SEC), claiming violations of the Securities Exchange Act. Binance asked Judge Amy Berman Jackson to prohibit SEC attorneys from making public statements that Binance and its founder Changpeng Zhao had violated U.S. customer deposit rules.

Regulators alleged that the cryptocurrency platform's administration mixed billions of customer deposits and its own assets without the ability to adequately segregate them.

Attorneys for Binance have argued that the language used by SEC officials in public statements creates confusion, influences the court's opinion and misleads the public. And in general, the Commission failed to present proper evidence in court.

Former SEC Legal Director John Reed Stark tweeted that Binance's motion for a court order against the SEC's lawyers represents the first time a cryptocurrency exchange has gone on the offensive.

But the district judge did not address the merits of Binance's claim, instead dismissing the motion outright. Judge Jackson attributed the decision to the lack of need to reiterate the ethics obligations of both parties, because it does not affect the merits of the case.

https://ru.investing.com/news/cryptocurrency-news/article-2268171

I think CZ is a smart person and ready in case something unexpected happens, like the SEC case. I think this kind of thing has been prepared beforehand and if it does happen, it's just a matter of implementing it into the operational plan in terms of completion. I think CZ also uses a team of reliable experts such as M.Kendall Day, former deputy assistant attorney general at the US Department of Justice, as a company representative to fight against SEC lawsuits. and Day's track record is also bare-bones as head of the Money Laundering and Asset Recovery Section.

I thought the problem had subsided, but no...
- The top management of cryptocurrency exchange Binance, began a mass exit from the company. So the top managers express their disagreement with the indifferent attitude of the head of the platform Changpen Zhaoc to the U.S. authorities' investigations into the company and him personally.
They left the company this week:
General Counsel Han Ng.
Director of Strategic Affairs Patrick Hillmann
senior vice president of compliance Stephen Christie
and others...
- Australian regulator searches local Binance office
- Binance suspends support for Multichain-related tokens

I don't want to imagine that something could happen to the Binance exchange. Now it looks powerful and even the attacks of the SEC and other regulators cannot affect this powerful authority of the exchange. This is not even an exchange, but already an entire ecosystem. Binance earn, p2p, and many other functions make it the number one exchange.

At the same time, we can judge public opinion about the exchange by the BNB token. And at the moment its price is low relative to past levels, and it looks quite attractive to buy.
Almost 1/3 of ATH!

https://telegra.ph/file/8b9116c78bd08d10e9512.jpg

The problem is not the attacks. The problem is that Binance seems to have real problems in the form of violations, and very serious ones! You can see that the stated claims of the SEC are about restrictions on transactions for US citizens, France - about money laundering, Australia also has some kind of third party suspicions. Plus there were very serious accusations of helping to withdraw funds from the sub-sanctioned individuals as well as using Binance mechanisms to support the terrorist regime in Russia.
And plus the departure from the company of top managers who openly declare problems within the company - this is a very bad "bell"...

On the one hand - it would be very unfortunate for such a platform to leave the market... On the other hand - the inevitability of punishment for crimes or aiding and abetting crimes is the basis of normal life.

At this time, dependence on Binance is clearly unavoidable because you are right in saying that Binane has given trust to its users and given the best so far, by never doing anything that disappoints. binance has penetrated into all sectors and continues to innovate to make its users feel comfortable and helpful. but I believe whatever is happening at the moment on binance, they will be able and able to solve it as best they can and they will not damage this good reputation, there will definitely be a solution.

Binance is not the only crypto exchange in the industry.  If we look at the reputable one, there are many.  So I do not think that the problem with Binance will impact the cryptocurrency industry for too long.  It will be short-lived and the cryptocurrency community can easily cope on the changes if somehow Binance got a problem and got shut down.  It will just have a short time FUD but eventually the market will recover before we know it.  Though I still hope that Binance will be ok after all these cases filed against them.

A crisis that occurs on Binance will certainly have a big impact on the market, as we know that Binance is the largest and most influential exchange, if there is a crisis there will be a big storm and maybe it can make the bitcoin price drop below $ 5000. but I have withdrawn BNB and ETH 2 times on binance and everything is fine.

Problem. Yes, sir. especially for Hodler, their waiting period will increase because the price yesterday and today still hasn't spiked and the previous Binance target will be $1000 if I'm not mistaken reading last year's news. but, with a note that if BTC goes to $ 100,000 first..

But, for those who have just entered, this is the moment you have been waiting for. When else can you get BNB at very affordable prices.

Yes binance is largest crypto exchanger in the world. It’s crisis Impact on all cryptocurrency. And i think binance will overcome gradually this this crisis. Because they are very positive to overcome this crisis. Already xrp won from the case with SEC. So i think Binance will also overcome there has no doubt. But if unfortunately they unable to overcome crisis will be longer. And for that a big negative impact will creat for cryptocurrency market. And bitcoin price and all altcoin price will fall but if they able to overcome soon crypto currency market will boom there has no doubt. And we wish for Binance.

It's hard to predict what will happen, but I also believe that Binance will overcome the challenge this time because what happened was only around Binance.us and the SEC and not the global Binance. But let's also take into account that they collapse for any other reason and that would be a cataclysm for crypto industry. Everything is possible with cryptocurrency, nothing is impossible with crypto market. So always have a backup plan for yourself.
I love every time bitcoin and the market go down because I get bought cheaply, but with the collapse of Binance going to seriously affect the market, I don't want that to happen.

All crypto community hope nothing bad happens to Binance because it will impact the whole cryptocurrency market, I can't imagine what the lowest bitcoin price will be in case of global binance and efforts to restore confidence in crypto market will be very difficult because public will not trust any centralized exchange except DEX.

I reviewed the development history of the binance company on wikipedia, binance was founded with a very long process until now through various problems/obstacles and CZ's dedication to the development of binance must be appreciated because he is on the side of investors and protects customer funds from any impact that happens to the internal exchange. I understand that every investor/trader should increase the security in managing funds on any exchange because we never know the future impact on the exchange, but I analyze something different on binance compared to other exchanges, because of their commitment to developing the best and safest exchange services for the crypto community.

Although they are the best exchange, they always give the best user experience but don't trust what they promise, especially the safety of our assets. Because there is no guarantee that they will be immune to all hacker attacks or can guarantee that they will never crash. We should still have backup plans for the worst case scenario because everything will always be fine until it crashes. The future is unpredictable and nothing is certain.

Be that as it may, if you read the latest news about Binance, it doesn't look very positive:
-The bitcoin exchange Binance has cut more than 1,000 employees in recent weeks. This is reported by The Wall Street Journal, citing its own sources.
According to their sources, layoffs are ongoing and the company could lose up to a third of its staff of about 8,000.
Reductions are taking place around the world and, according to former employees of the exchange, mainly affected customer service.
A Binance spokesperson confirmed to the publication that the company is laying off workers, but declined to give specific figures.
- Bitcoin exchange Binance is preparing to cut corporate benefits for employees, citing declining profits. This is reported by The Wall Street Journal. Since June 19, the company has stopped offering certain benefits, including reimbursement for mobile, fitness and telecommuting.
- During the launch of Binance's US division in 2019, bitcoin trading volume exceeded $70,000 in the first hour. This was reported by The Wall Street Journal.
According to a note by the head of the company Changpeng Zhao (CZ), which was familiarized by journalists, the demand came not from external traders, but from the platform itself.
The WSJ authors said this situation could signal "fictitious trading," making it difficult for regulators to assess the depth of the market.
Back in 2022, the agency became interested in Zhao-affiliated trading firms. One of them was Sigma Chain, which was a market maker and, according to the SEC, owned by CZ himself.
The WSJ noted that Sigma managed dozens of accounts on the platform. The regulator claimed that the day after the launch of Binance.US, fictitious trades between market maker accounts and exchange employees accounted for nearly 70% of trading volume.
- Binance has withdrawn its license application in Germany

Welp. Looks like it's the end of the Centralized Exchange Era in the industry. It was fun (for hackers and scammers) while it lasted but I think the whole industry's not going to be significantly impacted by this change unless the collapse happens in one fell swoop. It's not unbeknownst to many how pivotal Binance is in introducing millions of people to cryptocurrency but if we're only going for the legacy here we'd stay stagnated and the industry may die off in the process. Best to move on albeit with losses of course cause people will start selling their bitcoin holdings soon as they see the first sign of Binance's collapse but at the end of the day, recovery is still a huge possibility and with the up and coming halving and a possible bull run, if things go well we might not even worry bout Binance's shenanigans anymore.

How is it going to have a delicable impact on the market supply or demand when not everyone uses Binance to store their bitcoin and assets, most of its users are traders and exchangers, major holders don't uses exchanges, whales have more understanding of why they shouldn't try such, consider the numbers of exchanges we have, the numbers of people that uses exchanges with the number of those that have their personal wallet and those that are whales on the two sides, Binance alone is too small to push the market even if it seize to exist today, only it's users will be affected and not the bitcoin network as a whole.

I don't think a single exchange crushing will ever take the price of Bitcoin down to $5000. We tend to overrate Binance too much. They're a big exchange and the exchange with the largest amount of Bitcoin but the don't control Bitcoin. They're just big players in th Bitcoin industry.

If Binance should crash it would have negative effect in Bitcoin, not just on the price but on the adoption too. Many people who are anti crypto will have another reason to come against Bitcoin, but that doesn't mean it would be the end.
Bitcoin is decentralized entity, even though the things happening in the economy affects Bitcoin, they don't control it. I don't even think the crash of Binance will drop the price of Bitcoin below $15000.

Yes, perhaps the trend towards decentralized platforms also affects the negative events with centralized exchanges ... But it seems to me that the mass consumer will not soon abandon centralized / lamp / "convenient, simple and friendly" exchanges. From the practice of communicating with people who are just starting to enter the crypt - for them Binance and P2P are an almost unsolvable technology :)
They are more familiar in terms of interaction. Plus there is "the usual support service", etc. a nuance that, for not-so-tech-savvy users, is a convenience.
But I perfectly understand that in 5-10 years this audience will tend to 0

Of course not. The mass user is already accustomed to the level of service and opportunities provided by centralized exchangers. This is especially attractive for beginners, who, to interact with crypto currencies, require a minimum of actions. In case of any problems, support will help them, the safety of crypto assets is ensured by the exchange itself, undoubtedly, these are pluses for beginners who can make mistakes at the initial stages when interacting with crypto currencies. Convenience prevails here, which just attracts users, especially beginners. Also, platforms such as binance immediately provide a range of services in one place, it turns out that this is a wallet (moreover, it is multi-currency, since coins of completely different standards can be “stored” in one profile), a marketplace, a p2p platform, and various related small services. As for the decrease in the audience of centralized exchangers, one can only guess. There will always be newbies and lazy people who will find these exchanges more convenient to use despite losing control (which is what ownership of others would be) over their assets.

It is difficult to say what negative effects will affect bitcoin and the market when Binance collapses. But there is no denying that they can be considered as one of the most influential players on the market today. Of course, their demise won't kill bitcoin and a drop to $5k is highly unlikely but $15k or $20k is entirely possible. I think Binance's influence is bigger than Luna and FTX combined, so it's very likely that bitcoin will drop to $15k. Although the future is unpredictable, but I firmly believe that Binance will not be able to collapse with the problems they are facing, it is not really a big problem that cannot be solved.

To paraphrase "Hey, these platforms are user-friendly, secure, and they offer services that even the average Joe can navigate easily." And of course, there's always the "convenience" card you play so arrogantly.

Still, I must disagree. Inexperienced traders may be tempted by the convenience of a centralized exchange because they have everything they need in one convenient location. Is there any way to protect yourself from hackers who may gain access to your assets through these marketplaces? Doesn't that seem like giving a total stranger the combination to your safe?

Oh, and regarding your claim that the popularity of centralized trading platforms will not decrease... Repeated examples from the past illustrate that consumer trends shift as new technologies emerge. Who's to say these "newbies and lazy people" won't switch gears with the advent of DeFi and DApps?

And I think we are thinking too far though, I'm not saying that it will collapse, but it seems that the leadership of CZ and SBF is two different things. So I doubt that CZ will simply allow his project to go on that route. On the contrary, we have seen it grow tremendously since it's inception in 2017. I remember back then when it open, a lot of customers rush in to Binance and then comes the issue of registration that they need to stop for quite sometime as they can't handle the load.

But after that, CZ projected that his business will grow in billions and today in 2023, its the top exchanges that we have right now and continue to take over the next couple of years. And with regards to the Binance case against SEC, it didn't put a dent on the market.

Cant really be still confident though because once the government do really like on taking down a particular platform specially if its against on a certain company then we cant really be that so sure nor really be that confident that they would really be able to make things that wont really happen on which as long this one isnt over yet then there's always a tendency that it would really be able to failed out in the end of the day.
For now people are still that standing strong and trust binance platform and even into its coin on which it isnt really that suffering declines or dumps which does prove out that it didnt really make out that
significant effect but well everything could happen.

They might have failed on having that kind of throwing those issues but we cant be sure on when would be the next one. Hopefully there would be no any that would come out
but im already anticipating for the next one that would really be happening.