What will happen to Binance?

[Tash]

Is MtGox 2.0 incoming?
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Will the exchage be homeless? https://youtu.be/HufsDhSm834
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Edit:

Thailand filed criminal complaint
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017

Japan’s Financial Services Agency warning Binance operating with no license
https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikokushilyo.pdf

Binance is no longer open for business in Canada’s most populous province
https://www.coindesk.com/binance-pulls-out-of-ontario-following-actions-against-other-crypto-exchanges

Singapore’s central bank, the Monetary Authority is looking into it
https://www.bloomberg.com/news/articles/2021-07-01/singapore-to-follow-up-with-binance-in-wake-of-global-crackdown?sref=3REHEaVI

Consumer warning from UK’s Financial Conduct Authority
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

Money laundering in India
https://www.financialwatchngr.com/2021/07/30/binance-may-face-investigation-in-the-134-million-money-laundering-case-in-india/

Cryptocurrency exchange Binance is also banned in Italy
https://tokensboss.com/cryptocurrency-exchange-binance-is-also-banned-in-italy/

Malta
https://bitcoinist.com/binance-in-new-trouble-charity-in-malta-may-face-legal-issues/

Binance now faces a regulatory warning in Lithuania for offering derivatives services.
https://coinnounce.com/binance-faces-a-regulatory-warning-in-lithuania/

Poland’s UKNF Issues A Warning Against Binance Markets
https://www.brokersview.com/news/1781

Russia Blacklists Binance Over Data Distribution
https://www.pymnts.com/blockchain/bitcoin/2020/bitcoin-daily-russia-blacklists-binance-over-data-distribution-china-says-illegal-gambling-uses-crypto-move-funds-out-country/

Netherlands
https://thenewscrypto.com/binance-shuts-down-in-germany-italy-and-the-netherlands/

Binance Not Authorized To Operate In Cayman Islands
https://decrypt.co/75042/binance-not-authorised-to-operate-in-cayman-islands

Malaysia cease-and-desist orders against five entities: Binance Holdings Limited, Zhao Changpeng, CEO of Binance, Binance Digital Limited, Binance UAB, and Binance Asia Services. Binance a unauthorised entitiy
https://www.fxempire.com/forecasts/article/are-binances-regulatory-struggles-just-starting-binance-now-banned-in-malaysia-760167

Cryptoexchange Binance to stop Hong Kong users trading derivatives
https://www.reuters.com/technology/cryptoexchange-binance-stop-hong-kong-users-trading-derivatives-2021-08-06/

Binance may have violated securities rules by allowing token trading of some US stocks, Germany's financial watchdog (BaFin) says
https://www.businessinsider.in/stock-market/news/binance-may-have-violated-securities-rules-by-allowing-token-trading-of-some-us-stocks-germanys-financial-watchdog-says/articleshow/82312381.cms


Under investigation by the US Department of Justice and the Internal Revenue Service
China

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Barclays Halts Transfer of Funds to Binance Exchange
https://beincrypto.com/barclays-halts-transfer-funds-binance-exchange/

HSBC UK is blocking customers from making payments to Binance
https://www.msn.com/en-us/money/companies/hsbc-uk-is-blocking-customers-from-making-payments-to-binance-report-says/ar-AAMTPHt

South Africa Bank Blocks Clients From Buying Crypto on Binance, Exchange Rejects Allegations
https://news.bitcoin.com/south-africa-bank-blocks-clients-from-buying-crypto-on-binance-exchange-rejects-allegations/

Binance Suspends Deposits in Nigeria Following Central Bank Directive
https://worldwidecrypto.net/index.php/2021/02/06/binance-suspends-deposits-in-nigeria-following-central-bank-directive/

Lexia is taking legal action against Binance
https://cryptoguardian.net/news/class-action-lawsuit-against-binance-targets-exchanges-futures-trading/


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@BinanceUS's now-former CEO @BrianBrooksUS has abruptly resigned from the exchange mere months after he joined.
https://twitter.com/CoinDesk/status/1423730217357660160

[Yogee]

This is just another conspiracy theory to me but take it however you want it. I'm not going to contest the registration or other stuffs that deals with legal papers since they surely have the best lawyers available at their disposal. Their shady activities in the past may be exposed later on but a rug pull is unlikely. Binance is also trying to move for mass adoption with their mainstream products such as cards and most likely making amends with regulators.

[Tash]

This is just another conspiracy theory to me but take it however you want it. I'm not going to contest the registration or other stuffs that deals with legal papers since they surely have the best lawyers available at their disposal. Their shady activities in the past may be exposed later on but a rug pull is unlikely. Binance is also trying to move for mass adoption with their mainstream products such as cards and most likely making amends with regulators.

Cayman Islands is only the tip of the iceberg

Thailand filed criminal complaint
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017

Japan’s Financial Services Agency warning Binance operating with no license
https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikokushilyo.pdf

Binance is no longer open for business in Canada’s most populous province
https://www.coindesk.com/binance-pulls-out-of-ontario-following-actions-against-other-crypto-exchanges

Singapore’s central bank, the Monetary Authority is looking into it
https://www.bloomberg.com/news/articles/2021-07-01/singapore-to-follow-up-with-binance-in-wake-of-global-crackdown?sref=3REHEaVI

Consumer warning from UK’s Financial Conduct Authority
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

Moneylaundering in India
https://www.financialwatchngr.com/2021/07/30/binance-may-face-investigation-in-the-134-million-money-laundering-case-in-india/

Big law suit risk in Italy
https://en.cryptonomist.ch/2021/07/06/binance-lawsuit-from-italy/

Under investigation by the US Department of Justice and the Internal Revenue Service
Malaysia’s Securities Commission stamps Binance a unauthorised entitiy
BaFin Germany’s financial regulator warned Binace maybe fined
Kicked out of Hong Kong and Malta
China not so friendly at all

[Yogee]

This is just another conspiracy theory to me but take it however you want it. I'm not going to contest the registration or other stuffs that deals with legal papers since they surely have the best lawyers available at their disposal. Their shady activities in the past may be exposed later on but a rug pull is unlikely. Binance is also trying to move for mass adoption with their mainstream products such as cards and most likely making amends with regulators.

Cayman Islands is only the tip of the iceberg

Thailand filed criminal complaint
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017

Japan’s Financial Services Agency warning Binance operating with no license
https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikokushilyo.pdf

Binance is no longer open for business in Canada’s most populous province
https://www.coindesk.com/binance-pulls-out-of-ontario-following-actions-against-other-crypto-exchanges

Singapore’s central bank, the Monetary Authority is looking into it
https://www.bloomberg.com/news/articles/2021-07-01/singapore-to-follow-up-with-binance-in-wake-of-global-crackdown?sref=3REHEaVI

Consumer warning from UK’s Financial Conduct Authority
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

Under investigation by the US Department of Justice and the Internal Revenue Service
Malaysia’s Securities Commission stamps Binance a unauthorised entitiy
BaFin Germany’s financial regulator warned Binace maybe fined
Kicked out of Hong Kong and Malta
China not so friendly at all

These are local companies that partnered or operating in the name of Binance global right? CZ and his team tried to test the waters with these countries and they were slapped by each country's regulators. They will likely try to operate again in the future following the right process just like what they did with Binance US.

[hugeblack]

Binance is not the entity you want to trust and I hope it doesn't end up as badly as MtGox.
The good thing is that they are constantly trying to improve themselves and despite being pursued by the authorities, they are still making good progress.
I think that if there is scrutiny and strictness from the authorities, they will find a lot of waste and compensation, but I think that the work of Binance is profitable and professional, and therefore things will not be as bad as MtGox.

[btcltcdigger]

Thats a good question. Since november i've been slowly migrating my funds to FTX, however, i don't believe it will be that bad.
And also, keep in mind FTX (which imho is the runner up for best exchange) doesn't support all shitcoins like Binance does

[Stanlo]

Thats a good question. Since november i've been slowly migrating my funds to FTX, however, i don't believe it will be that bad.
And also, keep in mind FTX (which imho is the runner up for best exchange) doesn't support all shitcoins like Binance does

FTX? You mean the blockfolio owners? Well you can never tell yet because money is always the reason why many do the unexpected, if FTX becomes as big as binance they will open arms to new projects as well just to get more money

[Dump3er]

This is just another conspiracy theory to me but take it however you want it. I'm not going to contest the registration or other stuffs that deals with legal papers since they surely have the best lawyers available at their disposal. Their shady activities in the past may be exposed later on but a rug pull is unlikely. Binance is also trying to move for mass adoption with their mainstream products such as cards and most likely making amends with regulators.

Cayman Islands is only the tip of the iceberg

Thailand filed criminal complaint
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017

Japan’s Financial Services Agency warning Binance operating with no license
https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikokushilyo.pdf

Binance is no longer open for business in Canada’s most populous province
https://www.coindesk.com/binance-pulls-out-of-ontario-following-actions-against-other-crypto-exchanges

Singapore’s central bank, the Monetary Authority is looking into it
https://www.bloomberg.com/news/articles/2021-07-01/singapore-to-follow-up-with-binance-in-wake-of-global-crackdown?sref=3REHEaVI

Consumer warning from UK’s Financial Conduct Authority
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

Under investigation by the US Department of Justice and the Internal Revenue Service
Malaysia’s Securities Commission stamps Binance a unauthorised entitiy
BaFin Germany’s financial regulator warned Binace maybe fined
Kicked out of Hong Kong and Malta
China not so friendly at all

Interesting information you've got here. I was aware of a bit of trouble but didn't know so many countries are getting Binance a bit into trouble. I was of the opinion that Binance with its impressive cash flow would definitely have taken care of all the legal and regulator stuff. This surprises me. Maybe they willingly accept some trouble down the road for as long they could make billions until they get banned or fined. They should definitely have enough money to get things sorted out. I am a bit puzzled by this to be honest.

[Tash]

This is just another conspiracy theory to me but take it however you want it. I'm not going to contest the registration or other stuffs that deals with legal papers since they surely have the best lawyers available at their disposal. Their shady activities in the past may be exposed later on but a rug pull is unlikely. Binance is also trying to move for mass adoption with their mainstream products such as cards and most likely making amends with regulators.

Cayman Islands is only the tip of the iceberg

Thailand filed criminal complaint
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017

Japan’s Financial Services Agency warning Binance operating with no license
https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikokushilyo.pdf

Binance is no longer open for business in Canada’s most populous province
https://www.coindesk.com/binance-pulls-out-of-ontario-following-actions-against-other-crypto-exchanges

Singapore’s central bank, the Monetary Authority is looking into it
https://www.bloomberg.com/news/articles/2021-07-01/singapore-to-follow-up-with-binance-in-wake-of-global-crackdown?sref=3REHEaVI

Consumer warning from UK’s Financial Conduct Authority
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

Malta
https://bitcoinist.com/binance-in-new-trouble-charity-in-malta-may-face-legal-issues/

Under investigation by the US Department of Justice and the Internal Revenue Service
Malaysia’s Securities Commission stamps Binance a unauthorised entitiy
BaFin Germany’s financial regulator warned Binace maybe fined
Kicked out of Hong Kong
China not so friendly at all

Interesting information you've got here. I was aware of a bit of trouble but didn't know so many countries are getting Binance a bit into trouble. I was of the opinion that Binance with its impressive cash flow would definitely have taken care of all the legal and regulator stuff. This surprises me. Maybe they willingly accept some trouble down the road for as long they could make billions until they get banned or fined. They should definitely have enough money to get things sorted out. I am a bit puzzled by this to be honest.

The opening post video is about the headquarter situation not looking good
Here is India
https://www.financialwatchngr.com/2021/07/30/binance-may-face-investigation-in-the-134-million-money-laundering-case-in-india/

Big law suit risk in Italy
https://en.cryptonomist.ch/2021/07/06/binance-lawsuit-from-italy/

Barclays Halts Transfer of Funds to Binance Exchange
https://beincrypto.com/barclays-halts-transfer-funds-binance-exchange/

HSBC UK is blocking customers from making payments to Binance
https://www.msn.com/en-us/money/companies/hsbc-uk-is-blocking-customers-from-making-payments-to-binance-report-says/ar-AAMTPHt

@BinanceUS's now-former CEO @BrianBrooksUS has abruptly resigned from the exchange mere months after he joined.
https://twitter.com/CoinDesk/status/1423730217357660160

[mindrust]

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

You could at least give us some insight about it instead of posting a link of a 15min video.

But since I didn't see anything from the bitfinexed account in the first 10 seconds of the video I actually decided to watch it. I will post my opinion later. I see there are some fresh news.

edit:

I see you post the links on your seconds post.

This is just another conspiracy theory to me but take it however you want it. I'm not going to contest the registration or other stuffs that deals with legal papers since they surely have the best lawyers available at their disposal. Their shady activities in the past may be exposed later on but a rug pull is unlikely. Binance is also trying to move for mass adoption with their mainstream products such as cards and most likely making amends with regulators.

Cayman Islands is only the tip of the iceberg

Thailand filed criminal complaint
https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9017

Japan’s Financial Services Agency warning Binance operating with no license
https://www.fsa.go.jp/policy/virtual_currency02/Binance2_keikokushilyo.pdf

Binance is no longer open for business in Canada’s most populous province
https://www.coindesk.com/binance-pulls-out-of-ontario-following-actions-against-other-crypto-exchanges

Singapore’s central bank, the Monetary Authority is looking into it
https://www.bloomberg.com/news/articles/2021-07-01/singapore-to-follow-up-with-binance-in-wake-of-global-crackdown?sref=3REHEaVI

Consumer warning from UK’s Financial Conduct Authority
https://www.fca.org.uk/news/news-stories/consumer-warning-binance-markets-limited-and-binance-group

Moneylaundering in India
https://www.financialwatchngr.com/2021/07/30/binance-may-face-investigation-in-the-134-million-money-laundering-case-in-india/

Big law suit risk in Italy
https://en.cryptonomist.ch/2021/07/06/binance-lawsuit-from-italy/

Under investigation by the US Department of Justice and the Internal Revenue Service
Malaysia’s Securities Commission stamps Binance a unauthorised entitiy
BaFin Germany’s financial regulator warned Binace maybe fined
Kicked out of Hong Kong and Malta
China not so friendly at all

You should have posted these in your OP.

[Jackl87]

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.

[Tash]

.........
You should have posted these in your OP.

I updated now as i looked into the situation a bit more

[aemma]

A platform like Binance has grown so much over the years, built their platform and/or exchange to stand out among others, implemented a lot of services which are beneficial to users like peer-to-peer transactions and so on, therefore I think for a platform whose team have put in a lot of efforts, time and resources, they will only keep moving forward while looking for better ways to remedy any issues coming up. The truth is, most big cooperations today once in a while face issues, but their ability to overcome is what makes them strong, Binance has come to far to fail, and the team are not willing to let all their efforts go to waste and that's the truth.
All these are coming up after the massive bull run, one might even ask why, they are done with fudding BTC now back to Binance since it is the biggest exchange today.
Nevertheless, it has been said time without number that keeping funds on centralized exchanges is not the best way, this is one of the first things to learn nonetheless, so therefore let people imbibe the habit of keeping funds outside exchanges, but as for Binance, it is going nowhere in my opinion and nothing will happen to it.

[Baofeng]

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.

[crzy]

Binance will not leave the market, but these issues are indeed big and I’m hoping that Binance already working on this. They are too big to leave the market, they can’t hide as well because we know the team behind Binance. Though this kind of pressure from regulation can trigger them from stopping their operations, I wonder what would be the best solution for this one, I’m still confident with Binance they can survive this.

[NewRanger]

Thank you for this information. And i think everyone nedd to move their coin to their own wallet. Dont put on centralised exchanger. I got scammed by cryptsi years ago. If mtgox 2.0 happen it will make another crypto winter in 2022 and this time will be more hurt then mtgox.

And this will make decentralised exchange use more by retailer.

Wr have completed ethereum and btc dex now.

its be best choice for us , never safe our assets in exchanges wallet it have huge risk if someday our exchange platfrom banned or something else that make us could not do anything with our assets. better do this right now to prevent same case that happen previously.

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 do agree , this exchanges was the best right now . they earn billions profits from operation and no reason to do this. i am believe all this only want take benefits from binance operation.

[Slow death]

these countries where regulators are chasing binance are countries where if there were another exchange operating in these countries the result would be worse than binance, by that I mean that the problem is not in binance, the problem is in those regulators that are not they are being softer and are not facilitating the binance. if binance, which is one of the best exchanges, cannot please these countries, then the other exchanges that are below binance would not have a chance to please these countries.

Binance will not leave the market, but these issues are indeed big and I’m hoping that Binance already working on this.

probably binance will no longer be in these countries, that's all they can do

[Teraboy]

Thats a good question. Since november i've been slowly migrating my funds to FTX, however, i don't believe it will be that bad.
And also, keep in mind FTX (which imho is the runner up for best exchange) doesn't support all shitcoins like Binance does

FTX? You mean the blockfolio owners? Well you can never tell yet because money is always the reason why many do the unexpected, if FTX becomes as big as binance they will open arms to new projects as well just to get more money

FTX will but it will not so fast as binance consider FTX is fully compliant with the regulation. this exchange site didn't wanna put the risk by avoiding the regulation like what binance does it.
It may not bring any impact in the short term but it will become a big problem in long term. that's why CZ is announcing if he was looking for a new CEO.
He knows that if he will be dealing with bunch of regulations.

[coin-investor]

I am not aware of these issues and I guess many of us here, there's too much at stake for Binance and for us as well, Binance is the number one exchange in the industry, and the majority of us here are trading there, besides the many products and platforms that they are using, I don't see a community now with Binance out of existence, I hope they can resolve these issues, we still need Binance, there's no good alternative for us.

[Sayeds56]

Binance will not leave the market, but these issues are indeed big and I’m hoping that Binance already working on this. They are too big to leave the market, they can’t hide as well because we know the team behind Binance. Though this kind of pressure from regulation can trigger them from stopping their operations, I wonder what would be the best solution for this one, I’m still confident with Binance they can survive this.

Absolutely right, though Binance is passing through most difficlt times of its history but it is too big to die and they will for sure survive this crysis. However, they will work to meet with regulation requirement of each country and eventually they will resume all their operations as they used to in the past. Binance has done immense service for crypto industry  and massive contribution for its adoption which cant not be undone easily.