Will Binance get closed down?

[DrDoctor1234]

CZ also said that it gave them a valuable lessons. So I think they have a lot of things to improved security wise and it could be a complete overall of their system. He also mentioned about getting some experts. So they are business as usual if they open early next week and allow the exchange to go back to it's normal operations.

Binance is a unicorn company worth well over a billion dollars. I get that they'll try to get back to normal operations soon, but most governments/regulators will do everything they can to regulate and get a tax slice of that income, and they'll use this security breach as evidence that more regulation is needed.

So I hope it will be back to business as usual, but eventually they'll be pressured to consider regulations. Even if they move their head office, they could be forced to abide by rules to offer services in particular countries.

[Netnox]

At current exchange rates, the total worth of the coins that was stolen is well above $50 million, and this is not a small amount. I am not sure about the annual turnover of Binance, but I hope that their balance sheets don't turn to red as a result of this. The collateral damage will also be there, on top of the losses from the robbery. Now Binance will be forced to set up additional security measures and hire additional staff to prevent a repetition of such incidents in the future, which is again going to put a hole in their pocket.

[jossiel]

Binance will be fine, but if regulators get to them I can envisage they may be required to do KYC for ALL transactions (not just above 2 BTC per day).

If that happens... well I won't be using Binance anymore.

I'm sure that you're not the very person that will stop using Binance if they starts to require KYC.

That's why many are still using them because 2 BTC limit for a non-KYC account is still quite good for a small investor. And with the recent hack, they are still good to go. Let's see on how they will return tomorrow and how people will act on it.

[Yaunfitda]

CZ also said that it gave them a valuable lessons. So I think they have a lot of things to improved security wise and it could be a complete overall of their system. He also mentioned about getting some experts. So they are business as usual if they open early next week and allow the exchange to go back to it's normal operations.

Binance is a unicorn company worth well over a billion dollars. I get that they'll try to get back to normal operations soon, but most governments/regulators will do everything they can to regulate and get a tax slice of that income, and they'll use this security breach as evidence that more regulation is needed.

So I hope it will be back to business as usual, but eventually they'll be pressured to consider regulations. Even if they move their head office, they could be forced to abide by rules to offer services in particular countries.

So it will be a continue mouse and cat game, ala catch me if you can scenario for Binance. But I don't think they are willing to be forced and abide by the rules.

This is how they built their company, no KYC at least for 2 BTC limit, which is enough for casuals and average Joe.

[EdenHazard]

I'm not sure the user of binance will really leave their plarform just because it has scammed. I saw binance exchange has a power to make the user believe that this incident will be fine and everyone's assets will be replaced by him so as there is just a little maybe who decided to move their assets to another exchange although it will be usesless. Because there no exchange which have a high security until the hacker can't steal the asset on their platform. Each exchange has a gap to be hacked maybe just measure of time, but it will be good for some exchanges who has hacked because they will learn from that incident.

[The Sceptical Chymist]

I'm not sure if Binance will get shut down--probably not--but I bet they're going to start requiring KYC info from at least their US-based customers.  That would suck, because it's the only reason I use Binance and not exchanges like Polo or Bittrex.  Didn't know they were out of Malta, either.  I figured them for a Chinese company.

On a related note, Binance has restored the deposit function, but customers still can't withdraw any funds.  I'll have a LOT more faith in them once they get withdrawals happening again.  I've got some coins on there that I want to move as soon as I can, and I'm not sure what the holdup is.  Binance sure as hell isn't being transparent about the reasons about that, at least not on their website.

[klaaas]

If that happens... well I won't be using Binance anymore.

Indeed i feel the same on that. When they run out of places [ countries ] to flee the forced kyc for customers its the same exchange as any that force you to submit your details.

[Publis]

Binance is not an exchange that can be easily closed. Every crypto trader knows about Binance and uses the exchange. This Binance may prohibit people from any country from visiting its exchange.

[nydiacaskey01]

Binance is one of the well managed cryptocurrency company in this world today and they continue to expand and develop their site to suit their clients need so closing down or being closed down due to different reasons is unlikely. They experienced being hacked and they admitted it and yet their business is still running, this is one of the worst thing that could happen to an exchange site and yet they continue to operate. New sites are coming out and being launched but still, Binance is standing.