What's next?

[tjtonmoy]

The accusation on Binance was for Binance.us which operates in the USA. The concern was about certain altcoins, which are not meant to be traded in the USA. SEC made it clear that they were not after Bitcoin, instead they were targeting some shit altcoins. We can see that clearly because if we look at the market, bitcoin was the least affected by this. But as the market sentiment goes, Bitcoin did face some trouble. So, if that's true, then there's no need to worry about it. Bitcoin was never the problem in the crypto industries, it was the centralized exchanges.

Even if the most recognized exchange aka Coinbase or Binance is erased out of existence, nothing major will happen to Bitcoin. As we all know that the market sentiments are attached to it, we will face some price dump and FUDs but when it's over, everything will be back to normal. That's just the worst case scenario. But as the problem is regarding the use of Binance in the USA, maybe USA will ban Binance there. But it may continue to operate in other countries as it is doing right now. Only time will tell. But as long as you are not keeping your assets on Binance or other centralized exchanges, you are good. Always remember, Not Your Key, Not Your Coin.

[kesmex]

Hi guys
What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

-Regards

What will happen next depends on CZ and of course Binance's lawyers,
if they win against the SEC of course it will have a positive impact, and even BNB prices can pump high too,
but if they are proven wrong then this will be bad for Binance and most likely there will be a lot of cash out from the exchange.

[ScamViruS]

I used to use Coinbase for free trading from one crypto user to another crypto user via email, that was four or five years ago. Then sometime coinbase changed some rules and closed many accounts, but they allowed to withdraw funds from those suspended accounts. And that was my last use of coinbase.

Binance is currently the most widely used exchange by crypto traders, investors, and is widely accepted due to its ease of use. This pressure on Binance may affect the market temporarily, but it will not cause any major long-term impact on the crypto market. Because if the operation of Binance is stopped, then a new player will emerge in the market which will take the place of Binance. Because many exchanges have collapsed in the past and companies like Binance have taken over the space. So crypto market is free market, if you are smart enough no bad news will affect you. The crypto community is now waiting to see the outcome of this lawsuit against them, and what acceptance it creates in the market. Because crypto users may already be busy looking for alternative exchanges to these exchanges, because no one will sit for anyone, no one will risk their own funds.

[KingsDen]

In as much as I do not encourage people to leave their funds on Binance, myself I'm a victim. Most times the money I need for fiat is being kept on Binance before I convert to fiat.
Binance is going no where and even if Binance will fail, it is not now. Binance is too global.

SEC is only after Binance US, they won't be able to hurt Binance globally but only in the US, most individuals use centralized exchanges like yourself to convert their cryptocurency to fiats. If you keep those amount on exchanges it's not bad since traders also keep their trading amount on exchanges to make it easier for opening trading order and not having to wait for coins confirm before they can start trading.

Since you're not storing your coins on exchanges then you're not doing anything harmful, the coins you want to convert to fiats won't stay long on the exchange and if the exchange was to collapse while your coins are on the exchange, it won't hurt you much due to the amount lost.

Apart from the above said, I have seen exchanges that failed honorably. Before the closed down, they informed their customers and give them a certain duration of time to withdraw their funds. If smaller exchanges can do this, how about Binance? If means that even of Binance want to close operation in a certain country, they will give notice to the people to withdraw their coins, nothing to bother or panic about.

[_BlackStar]

Apart from the above said, I have seen exchanges that failed honorably. Before the closed down, they informed their customers and give them a certain duration of time to withdraw their funds. If smaller exchanges can do this, how about Binance? If means that even of Binance want to close operation in a certain country, they will give notice to the people to withdraw their coins, nothing to bother or panic about.

Of course - this is part of how they keep investors safe. Binance will probably do so if they are sued for discontinuing US services - so there will definitely be time to go public and require all of its customers to withdraw funds to their respective wallets. Binance did the same when they removed some altcoin from their listing - so time was given to customers to move their assets elsewhere. I'm sure Binane will - just don't trust them 100%.

[Quidat]

Apart from the above said, I have seen exchanges that failed honorably. Before the closed down, they informed their customers and give them a certain duration of time to withdraw their funds. If smaller exchanges can do this, how about Binance? If means that even of Binance want to close operation in a certain country, they will give notice to the people to withdraw their coins, nothing to bother or panic about.

Of course - this is part of how they keep investors safe. Binance will probably do so if they are sued for discontinuing US services - so there will definitely be time to go public and require all of its customers to withdraw funds to their respective wallets. Binance did the same when they removed some altcoin from their listing - so time was given to customers to move their assets elsewhere. I'm sure Binane will - just don't trust them 100%.

They had been on this market for a while now and issues and challenges like this is somewhat that had been anticipated by CZ or the team itself.They are running a business and having back up plans
is something that always next in line or automatically be considered that they are already that advanced on what they should gonna do. They do know on how to handle themselves on situations like this specially if legal actions and decisions would kick in. Whats next on this market? We dont know on what would happen and it would be entirely be depending on how Binance would be solving out with these current issues.

Sure thing on here that whatever the decisions then it would really be making out some significant impact here on this market.This is why for us traders or investors then we should really act out
basing on what we are really that seeing or experience. Use up our common sense and would act out accordingly on which we do seem that it would really be something that benefits us.

[Dr.Bitcoin_Strange]

Lately last year, I don't seem to remember the date accurately. Even as I have tried to find the topic but can't find it, I still remember that on that thread, one legendary member made an open statement and said that "Binance will crash this year and CZ will run to hide." After reading that, I just thought to myself, what bullshit it is, but yeah, it's no bullshit any more; it seems it's becoming a reality now. I am already beginning to feel some sense of pity for CZ, but he should know that no very successful business doesn't have some bad time. If he luckily gets off this shit, then the exchange will gain trust from people (just my guess).

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[_BlackStar]

-snip-

They had been on this market for a while now and issues and challenges like this is somewhat that had been anticipated by CZ or the team itself.They are running a business and having back up plans
is something that always next in line or automatically be considered that they are already that advanced on what they should gonna do. They do know on how to handle themselves on situations like this specially if legal actions and decisions would kick in. Whats next on this market? We dont know on what would happen and it would be entirely be depending on how Binance would be solving out with these current issues.

Sure thing on here that whatever the decisions then it would really be making out some significant impact here on this market.This is why for us traders or investors then we should really act out
basing on what we are really that seeing or experience. Use up our common sense and would act out accordingly on which we do seem that it would really be something that benefits us.

The Binance and SEC situations are inherently favorable for some traders – but they also have a negative impact on their holders. Binance is a decentralized exchange that is basically reputable - but again you shouldn't rely 100% on that reputation without other risk considerations. Binance has had a lot of impact on the growth of bitcoin users - that may be true, but we have to be wise enough to trust them.

The situation might be very different if Binance and the government had found it mutually beneficial. The market isn't going to be forever dependent on Binance anyway - let alone bitcoin, that has absolutely nothing to do with it.

[Peanutswar]

Recently binance have an issue regarding their license and this case many people get panic and sold their BNB and as we except this time the market crash for their Coin for sure CZ will do something about it because they don't want to get the same as the other exchange that didn't manage and make a rug or bankruptcy. This timing could be good for the people who accumulate to the BNB as their recover immediately.

[KingsDen]

Apart from the above said, I have seen exchanges that failed honorably. Before the closed down, they informed their customers and give them a certain duration of time to withdraw their funds. If smaller exchanges can do this, how about Binance? If means that even of Binance want to close operation in a certain country, they will give notice to the people to withdraw their coins, nothing to bother or panic about.

Of course - this is part of how they keep investors safe. Binance will probably do so if they are sued for discontinuing US services - so there will definitely be time to go public and require all of its customers to withdraw funds to their respective wallets. Binance did the same when they removed some altcoin from their listing - so time was given to customers to move their assets elsewhere. I'm sure Binane will - just don't trust them 100%.

Great to understand that you share same believe with me, but as you rightly said, that shouldn't make us to trust them 100% and we also do not have a clear reason to panic of mysterious funds disappearance on Binance as FUD carriers will make it to look.

P.S: sorry for some typo errors on my first post in this thread, really suffered you to read and understand.

[Bushdark]

Recently binance have an issue regarding their license and this case many people get panic and sold their BNB and as we except this time the market crash for their Coin for sure CZ will do something about it because they don't want to get the same as the other exchange that didn't manage and make a rug or bankruptcy. This timing could be good for the people who accumulate to the BNB as their recover immediately.

Even though more people will keep selling there BNB and busd tokens because of this, it will not make the exchange to fall because just like CZ had explained many weeks ago, Binance as an exchange has reserves and insurance that protect the tokens even though many decided to sell there holdings. Now we all can see that Binance is a strong exchange nit like other exchanges that do not have reserves set aside for in case anything happens to the exchange. CZ is a smart person and we know that with all these that is happening to Binance, it will make it more successful and stronger with time.

[bettercrypto]

Recently binance have an issue regarding their license and this case many people get panic and sold their BNB and as we except this time the market crash for their Coin for sure CZ will do something about it because they don't want to get the same as the other exchange that didn't manage and make a rug or bankruptcy. This timing could be good for the people who accumulate to the BNB as their recover immediately.

Honestly, when I was thinking that I should transfer the assets I have in binance to my wallet in metamask first, I just created a wallet under the BSC network just in case something unexpected happens on the Binance platform. at least my assets such as Shiba Inu and other coins that I hold are safe at the BNB trading fair.

Because of course we don't control what will happen in the future, even if we say that Binance is a big exchange, with the kind of harassment that the SEC is doing, we still can't say what will happen, it's good to be proactive and careful, right?

[CarnagexD]

Hi guys
What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

-Regards

But this kind of news is FUD. Remember, markets are driven by participants' emotions. What happened now to risk assets after a negative news event that causes fear to the masses? It goes up. Because of fear of this kind of news, they sell their position or their assets out of fear.

Rumor will stay a rumor until it is proven right. There are always a kind of economic and global events or news like this. But those things don't really happened does it?

[YOSHIE]

What do you think about the situation around Binance?

Europe has been hot in the media lately, especially about the discontinuation of Binance's exchange operations in several European countries, including Canada and others, for now, the foam position in Europe is Binance, including the strongest and number one in crypto trading, Coinbase is in second place, meaning that Binance is used more by the European community, as well as greater taxes that are obtained by government authorities.

I consider that even though Binance has currently stopped operations, especially in Canada and several other European countries and even though the new rules implemented by the Canadian authorities are not approved by Binance, however Binance still expects more policy regarding Canadian regulators to come, particularly around exchanges operating in Canada, In my opinion, all the problems faced by exchanges in Europe, policy and its continuation are in the hands of the governments themselves, if they think about what is best for people in crypto trading, of course they will change the rules that can be accepted by all parties, stock exchange owners, the people and the government.