[POLL] Will BNB crash? Will Binance go bankrupt?

[fullhdpixel]

CZ considered FTX as a threat to its dominance on the crypto industry (it was the second-largest crypto exchange), so he had no other choice but to "destroy" it by dumping FTT tokens. You don't mess with the "crypto kingpin" after all. Binance is now too powerful, setting a dangerous precedent for the entire crypto/Blockchain space. A collapse of the biggest crypto exchange in the world, would cause a severe harm to the industry that would leave it with no room for recovery. Not only that, but Binance becoming a monopoly would pose huge centralization risks for the entire space.

Binance's native token (BNB) may be down, but it will emerge bigger and stronger than ever as it's backed by the biggest crypto exchange in the world. I'd say bankruptcy is very unlikely right now. I hope other exchanges step up to the game (Huobi, Coinbase, etc) just to take out as much market dominance from Binance as possible. Once Binance is no longer a monopoly, nothing should stop crypto from achieving its full potential. Who knows what the future lies for the entire industry? Just my thoughts

CZ can do this again on other crypto exchange who has their own token but those who don't have their own tokens are lucky because they are safe from this game. They have a good chance to advance in the top ranks. With what power binance have, do you still think that it will collapse?

I don't really think so but if let say it is then I think there are still a chance for recovery because there are still plenty of exchanges left and then there is always new exchange that comes out every day, ready to replace the position of those who collapsed. Even though binance is considered to be a monopoly, I think there is still a chance that crypto will boom and binance still have their own contribution about it.

[1714807632]

1714807632

[ivankoh]

Currently I don't think Binance would passed through these process as FTX does, the exchange is known to be a global leading exchange and for that is a strong and solid trading platform.

Personally I agree with your point.  Although binance has had numerous problems since November 2022 including seemingly serious FUDs like mixing customer deposits with collateral, binance's banking partners limit the amount of fiat.  After the collapse of FTX, regulations were tightened for centralized exchanges.  Cz is no longer worried about rival FTX, that's an advantage and if he manages to make sure everything goes well then binance will still be the #1 position for centralized exchange.

[Strongkored]

After the collapse of FTX, regulations were tightened for centralized exchanges.  Cz is no longer worried about rival FTX, that's an advantage and if he manages to make sure everything goes well then binance will still be the #1 position for centralized exchange.

Right now it looks impossible for Binance to go bankrupt or experience what happened to FTX but that's also what a lot of people don't predict at FTX or some other big exchanges that end up going bankrupt the drama is being hacked but actually because they don't manage their funds properly, tightening regulation only reduces the opportunity for entrepreneurs to open exchanges because there are many things that must be fulfilled but it is difficult to avoid misuse of user funds.

[Dr.Osh]

in fact, CZ is not that stupid to say what could make Binance crash without the slightest consideration. how many times have we seen that Binance has really big problems, like hackers and so on. However, Binance is always responsible for its mistakes. besides, I also think that Binance is too big to go bankrupt right now. Binance becoming one of the most popular exchanges today is not just because of rumors, but because of the proof that they are truly professional. On top of that, the BNB price is currently holding steady at the $300 mark.

[mahedi8217]

As a novice investor, I think there is little chance of going bankrupt. They operate a reliable trading platform, and the value of their coin is increasing. Additionally, they assess a high cost for each transaction. Why then would they declare bankruptcy? I don't anticipate it happening soon. Because it won't happen soon, you can push this thought out of your mind for the time being.

[kamvreto]

in fact, CZ is not that stupid to say what could make Binance crash without the slightest consideration. how many times have we seen that Binance has really big problems, like hackers and so on. However, Binance is always responsible for its mistakes. besides, I also think that Binance is too big to go bankrupt right now. Binance becoming one of the most popular exchanges today is not just because of rumors, but because of the proof that they are truly professional. On top of that, the BNB price is currently holding steady at the $300 mark.

and in conclusion this is just FUD made to tarnish binance's reputation. But binance is stronger and won't be affected just because of such obscure FUD. withdrawals and deposits went well on my account and there have never been any problems. Binance is very popular right now and CZ won't be as easy to go bankrupt as it was with FTX. Binance is quite professional and cares about its users to keep them safe and not feel that their assets will be targeted.

[Chainsmokers]

in fact, CZ is not that stupid to say what could make Binance crash without the slightest consideration. how many times have we seen that Binance has really big problems, like hackers and so on. However, Binance is always responsible for its mistakes. besides, I also think that Binance is too big to go bankrupt right now. Binance becoming one of the most popular exchanges today is not just because of rumors, but because of the proof that they are truly professional. On top of that, the BNB price is currently holding steady at the $300 mark.

and in conclusion this is just FUD made to tarnish binance's reputation. But binance is stronger and won't be affected just because of such obscure FUD. withdrawals and deposits went well on my account and there have never been any problems. Binance is very popular right now and CZ won't be as easy to go bankrupt as it was with FTX. Binance is quite professional and cares about its users to keep them safe and not feel that their assets will be targeted.

I think this kind of thing has often happened to Binance and it won't just bankrupt Binance,
FUD won't make Binance weak so I'm not too worried about that,
that is why many still believe in Binance.

[DOH!]

and in conclusion this is just FUD made to tarnish binance's reputation. But binance is stronger and won't be affected just because of such obscure FUD. withdrawals and deposits went well on my account and there have never been any problems.

I also believe it's FUD. In general, most of CEX is currently being investigated very closely after the collapse of FTX... I think CZ is experienced and brave enough to handle and bring binance to overcome these difficulties. This is not the first time he has had to contend with FUD. Based on the data from defilama, I think that Binance is still very popular and has gained a lot of trust. More than 20 billion have been uploaded to binance in the past 7 days.https://defillama.com/cexs That is the clearest proof.

[Abiky]

CZ can do this again on other crypto exchange who has their own token but those who don't have their own tokens are lucky because they are safe from this game. They have a good chance to advance in the top ranks. With what power binance have, do you still think that it will collapse?

I don't really think so but if let say it is then I think there are still a chance for recovery because there are still plenty of exchanges left and then there is always new exchange that comes out every day, ready to replace the position of those who collapsed. Even though binance is considered to be a monopoly, I think there is still a chance that crypto will boom and binance still have their own contribution about it.

I'd imagine Binance's collapse would be much bigger than both the collapses of Mt. Gox and FTX. Such a catastrophe would make crypto market prices decline at a very fast pace. It would take years for crypto to recover back to the way it was (if it ever does). Exchange tokens are known to be manipulated by malicious actors, so the industry should step away from them for its own good. I'm glad not every exchange has its own token, otherwise it would be complete disaster in the long run.

CZ has built a strong empire that's hard to tackle with. How long will that empire last is an excellent question. Remember, not your keys, not your coins. As long as you don't keep your crypto in any exchange, you'll have nothing to worry about. Just my opinion

[wheelz1200]

CZ can do this again on other crypto exchange who has their own token but those who don't have their own tokens are lucky because they are safe from this game. They have a good chance to advance in the top ranks. With what power binance have, do you still think that it will collapse?

I don't really think so but if let say it is then I think there are still a chance for recovery because there are still plenty of exchanges left and then there is always new exchange that comes out every day, ready to replace the position of those who collapsed. Even though binance is considered to be a monopoly, I think there is still a chance that crypto will boom and binance still have their own contribution about it.

I'd imagine Binance's collapse would be much bigger than both the collapses of Mt. Gox and FTX. Such a catastrophe would make crypto market prices decline at a very fast pace. It would take years for crypto to recover back to the way it was (if it ever does). Exchange tokens are known to be manipulated by malicious actors, so the industry should step away from them for its own good. I'm glad not every exchange has its own token, otherwise it would be complete disaster in the long run.

CZ has built a strong empire that's hard to tackle with. How long will that empire last is an excellent question. Remember, not your keys, not your coins. As long as you don't keep your crypto in any exchange, you'll have nothing to worry about. Just my opinion

One exchange couldn't crash crypto forever.  Mt gox pretty much ran all crypto exchanges at least from a percentage base and crypto survived.  Back then when crypto was just some sort of fringe experiment still.  If that didn't kill off crypto, an exchange going upside now won't either.  Here's an idea...stop using exchanges as wallets!!

[Psynthax]

the thing that gonna be preventing binance from bankruptcy is the fact that they always have some measurements beforehand, they aren't gonna be collapsing unlike certain exchanges that are quite irresponsible enough that they'd use other people's money for their interest I guess even if binance did that they'd do it very carefully but I think considering the massive amount of reserve that binance had, I'd say that they are not gonna repeat the same mistake that other certain exchange did, binance is just better than that honestly.

[Abiky]

One exchange couldn't crash crypto forever.  Mt gox pretty much ran all crypto exchanges at least from a percentage base and crypto survived.  Back then when crypto was just some sort of fringe experiment still.  If that didn't kill off crypto, an exchange going upside now won't either.  Here's an idea...stop using exchanges as wallets!!

Crypto is decentralized, so it's likely it will survive after a collapse of another big exchange. As you've said before, people should stop using exchanges as wallets. Unfortunately, many people don't do it because they want convenience. Unless people start taking custody of their coins, we won't be going anywhere soon. At least, we're not tied to one exchange.

Even though Binance dominates the crypto market, there are plenty of options to choose from. The competition is getting fierce each day with many Binance rivals claiming their way to glory. Besides, we have decentralized exchanges to keep us company. If all else fails, DEXs will be there to save the day. Just ignore the FUD, and carry on as usual as crypto is here to stay. Just my thoughts

[ichsan ardi]

I don't think so, there are many factors that have kept Binance afloat in difficult times and a lot of fud that has occurred on social media. One of the factors is that Binance is still surviving, it is the biggest Biance Exchange in the world, many people still trust Binance.

[Mozzart]

I don't think so, there are many factors that have kept Binance afloat in difficult times and a lot of fud that has occurred on social media. One of the factors is that Binance is still surviving, it is the biggest Biance Exchange in the world, many people still trust Binance.

yes, just recently there was a lot of criticism on the web about the work of the exchange but everything turned out to be just rumors without confirmation.But at the same time, the staff of the exchange has only increased and binance is hiring more employees for other departments,which is a good sign.

[raidarksword]

Binance is top of the game, I cannot image it will go bankrupt if so then it will be a disaster than FTX, LUNA and bank runs we had experienced this week. With the assets of Binance right now, it still stands strong and never falter with the FUDS been thrown to CZ and binance itself. This is why Binance will surely stay as long as it needed to keep the industry alive in upcoming years and future of crypto.

[Ludmilla_rose1995]

As a novice investor, I think there is little chance of going bankrupt. They operate a reliable trading platform, and the value of their coin is increasing. Additionally, they assess a high cost for each transaction. Why then would they declare bankruptcy? I don't anticipate it happening soon. Because it won't happen soon, you can push this thought out of your mind for the time being.

I see that it is almost impossible for Binance to go bankrupt, their business is very strong and there are many loyal users under their hands, the security issues that attack Binance can be handled perfectly by CZ, he is really good at doing business so that Binance will continue to survive.

[darewaller]

I don't think so, there are many factors that have kept Binance afloat in difficult times and a lot of fud that has occurred on social media. One of the factors is that Binance is still surviving, it is the biggest Biance Exchange in the world, many people still trust Binance.

yes, just recently there was a lot of criticism on the web about the work of the exchange but everything turned out to be just rumors without confirmation.But at the same time, the staff of the exchange has only increased and binance is hiring more employees for other departments,which is a good sign.

I think those are just haters who are trying to bring Binance down. They are too jealous of what the exchange is achieving right now but Binance deserved it because they work hard. They don't just receive it in an instant. This is the thing that those people forget to realize.

It's normal for any company to remove some of their employees because the world might be facing a recession these days and even big companies like meta (former facebook) have laid off thousands of employees but the opposite is only happening to Binance because like you said they are only hiring more workers to help them in their operations. It's a sign that their company still continues to grow despite of an economic downturn.

[Cryptoababe]

It's normal for any company to remove some of their employees because the world might be facing a recession these days and even big companies like meta (former facebook) have laid off thousands of employees but the opposite is only happening to Binance because like you said they are only hiring more workers to help them in their operations. It's a sign that their company still continues to grow despite of an economic downturn.

Although, Im not a Binance Fan. But Yes, Binance still look very strong and the team is always active and working perfectly. I don't expect Binance to crash with how its been working so far. For BNB, Even developers are buying it and its been strong so far. It has a reasonable use case also.

[kawetsriyanto]

I see that it is almost impossible for Binance to go bankrupt, their business is very strong and there are many loyal users under their hands, the security issues that attack Binance can be handled perfectly by CZ, he is really good at doing business so that Binance will continue to survive.

I agree that the chance for Binance to go bankrupt is small because Binance is the number 1 CEX in the world. They have a big number of users and they have no big problems so far. However, it is not impossible for Binance to go bankrupt someday. Just remind about FTX case, it is also a big exchange. But 1 big problem can be a disaster for FTX. It is the same as Binance and other top exchanges, 1 big problem possibly leads them to go bankrupt if it is a fundamental matter.

[OcTradism]

I agree that the chance for Binance to go bankrupt is small because Binance is the number 1 CEX in the world.

Having a number 1 CEX position does not give them safety and power against bankruptcy. It depends on their treasury management that decides their destiny when bank run happens. I don't know about their future but at least they experienced a big bank run since late 2022 and they proceeded it well. No insolvency happened with Binance and they are fine now.

Except if their reports are cooked, they look to have good treasury management that makes them strong in this market.

They have a big number of users and they have no big problems so far. However, it is not impossible for Binance to go bankrupt someday. Just remind about FTX case, it is also a big exchange. But 1 big problem can be a disaster for FTX. It is the same as Binance and other top exchanges, 1 big problem possibly leads them to go bankrupt if it is a fundamental matter.

When a bank run happens, insolvency can occur within a few hours or days as collapses of FTX and some banks recently like Silvergate, Silicon Valley Bank and others. With such death spirals, you won't have enough time to gain income from your platform operations to proceed withdrawal requests from users.

Binance can collapse if they face with insolvency and fail to raise new fund for their exchange to pass through that challenge in short term. Fortunately, so far they have yet shown that dead point.

https://www.reuters.com/technology/binance-sees-withdrawals-19-billion-last-24-hours-data-firm-nansen-says-2022-12-13/
https://www.forbes.com/sites/javierpaz/2023/01/10/binance-is-bleeding-assets-12-billion-gone-in-less-than-60-days/?sh=4dbb7553c3f0