Binance lots of FUD

[gunhell16]

Due to the amount of bad news coming out about Binance people are panicking. Based on this report,

So I think he's higher now, because of what happened with Ftx, People don't trust the centralized exchange. And now it's the grass of FUD on Binance, Even though we think they are solvent as a matter of fact their assets are at 97% collateral which is a good number. There are also news that have come out

The CEO CZ is also included in this article, actually this investigation they are doing in Binance started in 2018. So it has been a long time, maybe we still need to gather a lot of evidence. But binance has an answer to this, because the news media spread this news and Binance said that their information (REUTERS) is wrong because,

And Gambaryan also said (He is the Global head Intelligence and Investigation of Binance)

And another thing that added to the fear was the withdrawal of Justin Sun.

However, people because of the amount of bad news they hear about binance will think that maybe the whales are fleeing, because there is an issue with binance, that's how it used to be.

And Lately, to calm the crypto market fear Justin Sun deposited 100M$ in binance again.

So, this is another Fud that the critics just magnified. What do you think?Reference: https://www.coindesk.com/markets/2022/12/13/binance-withdrawals-surge-as-concerns-about-its-reserve-report-spook-traders/
Reference: https://www.coindesk.com/business/2022/12/12/us-prosecutors-look-to-charge-binance-and-cz-for-possible-money-laundering-violations-reuters/
Reference: https://www.coindesk.com/markets/2022/12/13/justin-sun-looks-to-calm-crypto-market-fear-as-bnb-falls-8-withdrawals-continue-on-binance/

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[lionheart78]

If the POI of Binance of 1:1 is true, there shouldn't be any problem with funds while people are withdrawing their money. For now, this allegation against Binance needs proof.  Unless the evidence is founded, these are just an act of pitchforking Binance and FUD'ing its ecosystem to crash the Binance market.  It is quite interesting, I think someone is behind all of these incidents.

With regard to the money laundering case, this is just a plan of US prosecutors but hasn't been filed because they need solid evidence for this.  This makes me think, is this a counter on the backing out of CZ to support the now collapsed exchange FTX?

[Johnyz]

Just try to analyze if its a FUD or the real scenario now, Binance is also exposed to FTX as far as I know but since they have a better financial planning, they managed to stay on a good position. If this is another attack from whales trying to destabilize a good exchange then we should be more careful now, and Binance will face a big challenge here. Again, we should not hold huge amount of money on any exchanges, the bear market right now is still powerful and if this news becomes worst, we should expect the worst as well.

[blockman]

Binance is centralized and that's why many are starting to panic when there's bad news about them. What if before the bad news Binance starts to halt withdrawals? Well, that's the real thing but so far, this is just to make a FUD and if the thing is real, Binance will handle it for sure.
Everyone is starting to learn their lesson that no exchange is safe whether it's the most popular and populous exchange, they can't avoid any FUD that will be spread against them.

[Zlantann]

Binance is centralized and that's why many are starting to panic when there's bad news about them. What if before the bad news Binance starts to halt withdrawals? Well, that's the real thing but so far, this is just to make a FUD and if the thing is real, Binance will handle it for sure.
Everyone is starting to learn their lesson that no exchange is safe whether it's the most popular and populous exchange, they can't avoid any FUD that will be spread against them.

The recent audit on Binance carried out Mazars also added to the loss of confidence by investors. Mazars couldn't vouch for Binance's reserves and the methodology used in carryout the auditing was not revealed. Customers are beginning to loose trust in this exchange company because they feel Binance is covering up or hiding some of its financial standings. Yes the company has declared that it is financially sound and Binance has also proved over the years to be a pathfinder in the cryptocurrency exchange market but that was the same news we heard before the collapse of FTX. For them to build back the trust clients have in them, there financial standings should be open and not shredded in secrecy. Lets hope that Binance would overcome this this big challenge.        

[sheenshane]

When Binance exposed FTX, it's expected that they also faced the same issue because Binance is relatively the same on FTX because they are the same centralized exchange.  This is a big challenge for CZ on how he will solve this, it's natural to have FUD especially if this is true, we have easy access the social media where we also gather legitimate news.

The war of centralized exchange and its drama will mak people awake not to leave their assets on exchange, so look at now, people keep withdrawing their money on Binance.  Recently, Binance exposes to Coinbase withdrawal and now, Binance also faces the same on Coinbase before.  It's normal IMO in a centralized exchange.

[blockman]

Binance is centralized and that's why many are starting to panic when there's bad news about them. What if before the bad news Binance starts to halt withdrawals? Well, that's the real thing but so far, this is just to make a FUD and if the thing is real, Binance will handle it for sure.
Everyone is starting to learn their lesson that no exchange is safe whether it's the most popular and populous exchange, they can't avoid any FUD that will be spread against them.

The recent audit on Binance carried out Mazars also added to the loss of confidence by investors. Mazars couldn't vouch for Binance's reserves and the methodology used in carryout the auditing was not revealed. Customers are beginning to loose trust in this exchange company because they feel Binance is covering up or hiding some of its financial standings. Yes the company has declared that it financially is sound and it has proved over the years to be a pathfinder in the cryptocurrency exchange market but that was the same news we heard before the collapse of FTX. For them to build back the trust clients have in them, there financial standings should be open and not shredded in secrecy. Lets hope that Binance would overcome this this big challenge.       

That's an important matter that CZ has brought and having his exchange audited and the auditing firm itself can't vouch for them really sounds awful.
I think that they'll be able to overcome it. As long as you've got billions of assets that you can liquidate at any moment and sell for cash and then use it to clean your reputation, that's possible.
They're a big company and talking about good reputation, that's what CZ wants for his ventures.

[GreatArkansas]

Prevention is better than cure. If nothing will lose to you on transferring your funds to your personal cryptocurrency wallet, then all good, it's okay to follow these rumors FUD about Binance.
I already did withdraw some of my funds on centralized exchanges, not only from Binance.
If you are using Binance or another centralized exchange for some stake with APY, Decentralized Finance (DeFi) could be also your friend and you can use them.

[OcTradism]

There are many fud against Binance, after Kucoin and Crypto.com exchanges.

I believe we are witnessing a fud wave against exchanges respectively one by one. Kucoin after fuds, is still operating well. Crypto.com is fine but need more time to verify.

Binance is a newest exchanges under fud attacks. Latest days, I read news about Binance and there are not enough information for me to consider they are legit or not legit with their statement.

Their audit with AuP (Agreed-Upon Procedure) is a short procedure for audit with agreement between customer and audit company about what point the customer want to be audited. It is a partial audit and not full audit. However it is one of procedures can be used for auditing.

97% or 101% is not much big different but it has been exaggerated to attack Binance.

I will wait for more information in coming weeks but it is good at the moment to avoid storing money on exchanges, not only on Binance exchange.

[russselcarri]

Binance is centralized and that's why many are starting to panic when there's bad news about them. What if before the bad news Binance starts to halt withdrawals? Well, that's the real thing but so far, this is just to make a FUD and if the thing is real, Binance will handle it for sure.
Everyone is starting to learn their lesson that no exchange is safe whether it's the most popular and populous exchange, they can't avoid any FUD that will be spread against them.

The current panic is still going on and I believe in Binance's ability to handle the crisis. But the criticism of centralized exchanges cannot be ignored. But people often only have 7 seconds of memory. When they saw @justinsuntron’s tweets, the market warmed up a little bit, and people’s panic seemed to disappear instantly.

https://twitter.com/justinsuntron/status/1602570929845829632

[Wexnident]

I don't think there's anything wrong with people withdrawing their funds from Binance, it's something that should've been done much earlier on imo, FTX just painted it in a bolder color. I reckon as long as Binance is pretty honest with what it does and the funds are obviously used to what they're supposed to be used for (and not for), they should be fine in the long term. That is unless someone finds some solid evidence of something wrong, like in the case of FTX, then you can probably expect a big impact on the scene, considering how big Binance is as an exchange.

[rozak]

I don't think there's anything wrong with people withdrawing their funds from Binance, it's something that should've been done much earlier on imo, FTX just painted it in a bolder color. I reckon as long as Binance is pretty honest with what it does and the funds are obviously used to what they're supposed to be used for (and not for), they should be fine in the long term. That is unless someone finds some solid evidence of something wrong, like in the case of FTX, then you can probably expect a big impact on the scene, considering how big Binance is as an exchange.

what has happened to FTX provides an important lesson for any holder of large assets not to keep their money in exchanges. withdrawals that occurred as a result of the large amount of FUD currently associated with Binance. and the response to large withdrawals is of course a whip for those who still put their money on the exchange.
Of course, some users are afraid that what happened to FTX also happened to Binance. that's what made this little panic happen.

[palle11]

I don't think anything is wrong with the withdrawal in binance. Traders and investors may want to play safe by taking out their coins with the recent crash of FTX that many people have blamed those leaving their coins at the exchange. It is already a lesson learnt and some hodlers in FTX who still have account and coins in binance may not want to take another chance. Again with the festive period of December, we can expect some kind of rush.

[blockman]

Binance is centralized and that's why many are starting to panic when there's bad news about them. What if before the bad news Binance starts to halt withdrawals? Well, that's the real thing but so far, this is just to make a FUD and if the thing is real, Binance will handle it for sure.
Everyone is starting to learn their lesson that no exchange is safe whether it's the most popular and populous exchange, they can't avoid any FUD that will be spread against them.

The current panic is still going on and I believe in Binance's ability to handle the crisis. But the criticism of centralized exchanges cannot be ignored. But people often only have 7 seconds of memory. When they saw @justinsuntron’s tweets, the market warmed up a little bit, and people’s panic seemed to disappear instantly.

https://twitter.com/justinsuntron/status/1602570929845829632

Well, that's how the market works these days. If there's someone known in the community, they'll start to panic or calm down depending on the response that's been disseminated.
What if there are other popular personalities and added to the FUD, for sure that everyone is nowhere to go but to withdraw as fast as they can because that's what they believe as the sign of Binance's falling.

[michellee]

It seems it has become a trend to attack centralized exchanges so that people lose faith in using them to trade, invest or even store their coins. Is this happening on centralized exchanges or just negative news deliberately spread by irresponsible people because they want to see the crypto market crash? Even centralized exchanges like Binance were hit by the news and showed evidence of funds going in and out of the exchange. If people don't look for clearer information, this can make them panic and they will withdraw all their funds on all exchanges and this can result in the loss of confidence of investors and traders in playing a role in the crypto market.

[tvplus006]

Binance is centralized and that's why many are starting to panic when there's bad news about them. What if before the bad news Binance starts to halt withdrawals? Well, that's the real thing but so far, this is just to make a FUD and if the thing is real, Binance will handle it for sure...

It looks like Binanse did an excellent job with the test, ensuring uninterrupted withdrawal on customer demand, which was a consequence of FUD. And after this FUD disappears completely, Binance will receive even more traders and, accordingly, even more funds that will be transferred from other cryptocurrency exchanges.

[Altryist]

It looks like Binanse did an excellent job with the test, ensuring uninterrupted withdrawal on customer demand, which was a consequence of FUD. And after this FUD disappears completely, Binance will receive even more traders and, accordingly, even more funds that will be transferred from other cryptocurrency exchanges.

So far, they are doing well, indeed the last few days there has been a lot of hype around binance, but as we can see, nothing terrible has happened. And if everything ends well for binance, then this will eventually be a positive moment for them, because they will prove in practice that they could cope with the withdrawal of any volumes.

[nasipadang]

Due to the amount of bad news coming out about Binance people are panicking. Based on this report,

I wouldn't be surprised because people are trying to make the Binance like the FTX which would unlikely to happen, even after the fall of the FTX and Bitcoin we can see that the BNB and Binance are still strong as we know the ecosystem of BNB is much different than the FTX.

Fuds are fuds but facts are still facts, nothing can beat the fact that Binance is one of the good projects we have after the Ethereum and compared to Dogecoin.

[albon]

There is a lot of FUD and investor panic surrounding Binance after suspending USDC withdrawals, and Zhao responded that the temporary halt in withdrawals was due to the fact that some currency swaps had to be routed through an unidentified bank in New York that was not open. In my opinion, there is no need for all this panic, when withdrawals have been resumed, I see that the situation is different from FTX, so what happened to Binance is not in any way similar to the FTX platform, and Binance has sufficient reserves to cover customer deposits and $ 60 billion protects Binance from bankruptcy, for me I prefer to keep my currencies on a cold wallet, and only at the time of trading, I transfer it to Binance, so I am reassured.

[goaldigger]

It looks like Binanse did an excellent job with the test, ensuring uninterrupted withdrawal on customer demand, which was a consequence of FUD. And after this FUD disappears completely, Binance will receive even more traders and, accordingly, even more funds that will be transferred from other cryptocurrency exchanges.

So far, they are doing well, indeed the last few days there has been a lot of hype around binance, but as we can see, nothing terrible has happened. And if everything ends well for binance, then this will eventually be a positive moment for them, because they will prove in practice that they could cope with the withdrawal of any volumes.

This is a good chance for Binance to prove their worth and their strong support system, they are very genius when it comes to handling their crypto work and securing the site will always be their top priority aside from going all over the country. This FUD will surely make Binance more reliable and most trusted crypto exchange, but I agree on not putting too much money on exchanges and still advisable to have your own wallet. Binance should also assure the safety of the funds after making such big withdrawals.