What will happen to Binance?

[bakasabo]

What do you mean under the word “collapse”? Being hacker or performes exit scam? I think after Mt.Gox, exchange can not simply disapper (I’m not speaking simple exchange, but about major exchange). People wont let this exit scam happen. They will find every responsible person and punish them. Binance will simply turn into fully centralized exchange and that is it.

[Erdogan]

What do you mean under the word “collapse”? Being hacker or performes exit scam? I think after Mt.Gox, exchange can not simply disapper (I’m not speaking simple exchange, but about major exchange). People wont let this exit scam happen. They will find every responsible person and punish them. Binance will simply turn into fully centralized exchange and that is it.

If an exit scam or hack on exchange occurs, it is completely independent of us. Nothing will ever be too big to fail.
I don't think anything bad will happen to Binance, but it's always better to be careful and only keep the minimum amounts of money you only need to trade in the exchange.

[Fredomago]

I'm not seeing a Mt. Gox incident here, it's not comparable as we have a lot of exchanges already. And I doubt that Binance will suddenly disappear. What I don't like though is that they really gain a lot of power since their inception in 2017. And maybe that's what they are now in the hot seat with a lot of investigations from different crypto regulated bodies. But CZ is a businessman and probably just re-invent himself if the ecosystem if everything turns sour.

That is what it will save the market in the case binance goes down, back then the dominance of Mt Gox was monstrous with no exchange even coming close, so when it went down the crash that happened was massive.

Right now even if binance is way bigger than Mt Gox ever was at the same time there are many exchanges out there that at least can compete with it so in the worst-case scenario the market should not crash as hard as it did back then, but obviously I expect those holding BNB to panic sell and lose a fortune in the process.

having other alterative in case Binance unable to win those cases, but for sure there are ways that CZ considering and eyeing to make sure that his business will continue.

A matter of legal consent and most of the time it takes more money and time to roll and it means that the business can still facilitate.

Worse case, Binance holders are the one that will collapse bringing this coin to uncertain place. But again, the market will continue
even the top exchange will take down after all those cases / regulations are unable to win in the legal way.

[irsada]

We already have a lot of dex maybe this is a sign of big adoption of dex will happen???
I personally think that Binance will be able to overcome all of this, all that the country needs is fair regulation for both of them.

[BitTraderCute]

the information you provided I see is very complete but you have to know that an exchange like Binance does have such potential, but hopefully it won't happen because I know the management at the exchange is very good and professional so hopefully Binance will still be a place best exchange.

binanc still be best exchanges today or in future, at this moment they have best security system and highest trading volume. there  is no exchanges that have serives as best as binance have. even binance CEO want to step down from position if someday with strong regulation knowledge could replace him.

[goaldigger]

the information you provided I see is very complete but you have to know that an exchange like Binance does have such potential, but hopefully it won't happen because I know the management at the exchange is very good and professional so hopefully Binance will still be a place best exchange.

binanc still be best exchanges today or in future, at this moment they have best security system and highest trading volume. there  is no exchanges that have serives as best as binance have. even binance CEO want to step down from position if someday with strong regulation knowledge could replace him.

There’s no doubt about being the best with Binance, but those are not just simple issues, Binance have to solve some of them and answer all those allegations to prevent bigger problems in the future.

Binance is still vulnerable to this kind of problems, they’d better solve it before its too late. Right now, Binance is still growing despite of that problems, if the public knows more about these, they may start to panic.

[shinratensei_]

binance CEO want to step down from position if someday with strong regulation knowledge could replace him.

This is the point. CZ wants to avoid the regulation instead of facing it and make binance to be compliant with the whole of regulation in the various countries.
That means if CZ was not having a good knowledge to deal with the regulation. Binance has already entered as the major exchange site with so many expansions.
Binance must build a team that was focusing on the regulation.

[zasad@]

Most of these articles have lost their relevance.
It is always easier for a large exchange to negotiate with regulators in different countries, so that the exchange will continue to work.
Even if the exchange is blocked somewhere, users can easily use its services through VPN and other services.

[Tash]

Most of these articles have lost their relevance.
It is always easier for a large exchange to negotiate with regulators in different countries, so that the exchange will continue to work.
Even if the exchange is blocked somewhere, users can easily use its services through VPN and other services.

Its not about the articles, been edited after.
Its all about the opening video and the fact that a homeless exchange can not exist function operate.
With that much heat around it which country will deal with it and have no reward

[adzino]

Regulatory issues. Nothing very "serious". All problems stated above can be solved by gaining proper license and following the current laws of the country where Binance wants to provide their services. The only issue with this is they will probably be forced to do KYC on each and every users. But doesn't matter, their no KYC requirement is bullshit.

Most of these articles have lost their relevance.
It is always easier for a large exchange to negotiate with regulators in different countries, so that the exchange will continue to work.
Even if the exchange is blocked somewhere, users can easily use its services through VPN and other services.

I have seen posts on reddit where users were flagged and had to complete KYC even though they haven't reached their daily withdrawal limit or did anything suspicious. Has been happening more lately. So I don't think VPN is going to help anyone if they get flagged for KYC.

[marine4u]

With the growing contradictions related to binance us, perhaps it will be really difficult for Binance to continue to become the No. 1 exchange. There are large communities that are coming to support FTX if it does not quickly improve the situation.  In this scenario, Binance could be overtaken by FTX for an exchange's reputation.  I exclude the possibility of improvement of BSC

[mu_enrico]

Lol, I created the same topic on local Indonesia, and it seems people are still optimistic about Binance. Most users are not here when Liberty Reserve and Mt. Gox closed, so it's understandable Binance closure seems impossible from their perspective.

Anyway, as much as I enjoy converting my coins there, I don't have coins in my Binance wallet in case of a sudden shut down. Remember the mantra, "not your keys, not your coins."

[ivankoh]

In this scenario, Binance could be overtaken by FTX for an exchange's reputation.  I exclude the possibility of improvement of BSC

If Binance really became weak, then CZ would not have spoken openly with such legal regulations. Otherwise, perhaps defi platforms would be a good antidote to those signals. Example: Sovryn - it's good to be able to start. After all I don't see how serious it is. They will open good negotiations.

[Sayeds56]

In this scenario, Binance could be overtaken by FTX for an exchange's reputation.  I exclude the possibility of improvement of BSC

If Binance really became weak, then CZ would not have spoken openly with such legal regulations. Otherwise, perhaps defi platforms would be a good antidote to those signals. Example: Sovryn - it's good to be able to start. After all I don't see how serious it is. They will open good negotiations.

I don't think anything will happen to Binance it will contnue operating as Leading world exchange but its legal team who i believe are very strong will work with local Regulatory authority to be compliant with regulations. Binance has huge contribution towards development of crypto industry and its IT team has done wonderful job to contnousaly  introducing  new products for traders and investors as well for creating awaeness about crypto worldwide.

[Tash]

In this scenario, Binance could be overtaken by FTX for an exchange's reputation.  I exclude the possibility of improvement of BSC

If Binance really became weak, then CZ would not have spoken openly with such legal regulations. Otherwise, perhaps defi platforms would be a good antidote to those signals. Example: Sovryn - it's good to be able to start. After all I don't see how serious it is. They will open good negotiations.

I don't think anything will happen to Binance it will contnue operating as Leading world exchange but its legal team who i believe are very strong will work with local Regulatory authority to be compliant with regulations. Binance has huge contribution towards development of crypto industry and its IT team has done wonderful job to contnousaly  introducing  new products for traders and investors as well for creating awaeness about crypto worldwide.

And from which country would the operate from?
If a place like the Cayman Islands is not interested in your business, that means serious trouble
I think you commenting whitout even knowing what the thread is all about

[techearn17]

In this scenario, Binance could be overtaken by FTX for an exchange's reputation.  I exclude the possibility of improvement of BSC

If Binance really became weak, then CZ would not have spoken openly with such legal regulations. Otherwise, perhaps defi platforms would be a good antidote to those signals. Example: Sovryn - it's good to be able to start. After all I don't see how serious it is. They will open good negotiations.

I don't think anything will happen to Binance. Binance is a strong exchange. Yes, I think Binance should work patiently and patiently, not out of warmth. Good and bad times are coming upon everyone. This bad time of Binance will also go away. I hope that Binance will know what these things will be in the future and what will be the preparation for it.

[Dump3er]

Is MtGox 2.0 incoming
https://youtu.be/HufsDhSm834

I don't really think that binance is planning a rugpull i mean they are making billions of profit every year with their exchange so why would they even need to do a rugpull. I don't say though that the tweets that are shown in the video are not true or that this did not happen but i also think that it is pretty normal that you will always find a handful or maybe even a few hundreds of users that had a bad experience or even experienced some kind of scams if you have millions of users, but this does not necessarily mean that the exchange itself is a scam. It could have just been 1 employee of binance that was doing shady things or just a simple mistake.

This reminds me of our good old friend "Big Vern" from Cryptsy back in the early days. The exchange was running well, yet it disappeared out of a sudden and Big Vern even left the country I believe. I was just trying to google search what actually happened to him, but can't find anything. The reason I bring this up is because I was about to say that I can't imagine CZ doing a rug pull as he is a global celebrity so to say. Most of the people who are deeply involved with crypto might detect him somewhere. How would he hide as a billionaire? That seems impossible to me unless he is alright with living like a homeless or on an island where you get fucking bored after a while even with billions.

[bitkanu]

To date, I don't see any problems at Binance just because of the resignation of the CEO of Binance US.

The resignation by CEO of binance US could be caused by some reasons. Think about that, when there was someone who has become CEO in a big company and why does he need to resign from his position? It's not only him but FTX was also doing the same thing as buyback the FTX shares that owned by the binance exchange site.
That could be a signal for something to happen. It seems like the prediction about the problem by binance with the regulatory approval will become the real story

[iTradeChips]

Most of these articles have lost their relevance.
It is always easier for a large exchange to negotiate with regulators in different countries, so that the exchange will continue to work.
Even if the exchange is blocked somewhere, users can easily use its services through VPN and other services.

I do wonder if most of internet media right now is mainly consists of reporters for hire. What I mean is that they were paid to write scathing articles against cryptocurrency and also the different companies and exchanges that are related to it like Binance and Coinbase. There are monied person out there that is hell bent in destroying Bitcoin, Cryptocurrency, and the Blockchain technology in general. We will never know how this will play out but I think Binance should be aware of that and will do its best to survive.

[Tash]

Not looking good
In liquidation status and apparently removed from the registry. The entire management team has resigned. The company is not in good standing and does not qualify
https://scambinance.com/investigations/186-binance-holdings-limited-cayman-islands-all-management-resigned-company-in-liquidation.html