Rufus29 (OP)
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December 17, 2022, 03:08:55 AM |
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In regard to this article: https://coingeek.com/binance-to-us-authorities-prosecute-us-and-crypto-will-collapse/Could binance collapse if they get prosecuted? With the collapse of FTX these things became more much imaginable, then again this could all be just FUD as we've seen it many many times before. Once again the crypto market is on the brink of another apocalypse. If it wasnt for this possibility I would never want to sell my coins at this point as I pretty much think the bottom could be in. I saw so many bad news over the course of years and this could easily just be 99% FUD again but if it isnt my crypto money will probably be 99% worthless in case of this event happening so I do give it some thought. What do you think will happen? Do you think about selling your coins? Also what would happen with stable coins, would they still hold any value if this happened? Also how would such a scenario unfold IF it happened? When would we know? How long would the whole process take? Would there be enough time in between to make a decission or do you think it would unfold rapidly, trigger a chain reaction and steep losses?
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Despairo
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December 17, 2022, 04:22:50 AM |
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I will answer "can" instead of "could" since it's not surprising anymore to see centralized exchange collapse, including the popular and biggest one. Back in the days, Mt.Gox was a biggest and popular exchange at 2013-2014, but they got hacked and then the customers lost all of their money. Although there's many article said Mt.Gox is trying to recover their customers money, but until now there's no realization at all.
If you hold centralized coin that can be easily get manipulated and can't trade in decentralized exchange, better to sell it e.g. ETH, BNB, etc. But if you hold Bitcoin, you don't need to worry since your coins will be safe 100% as long as you hold it on hardware wallet, if all CEX collapse, you can still use DEX e.g. Bisq.
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Don Pedro Dinero
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December 17, 2022, 05:19:24 AM |
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I was not aware of this news, which is 4 days old, and I don't like Binance's response. I find it hard to believe that Binance is going to fall but never say never. The way they are defending themselves, which seems like blackmail, doesn't seem like someone who is 100% sure that if their finances are reviewed nothing will happen. And on the other hand, the authorities have to investigate Binance regardless of the effects that the investigation may have on the cryptocurrency ecosystem.
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Bazzu
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December 17, 2022, 06:13:14 AM |
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As far as I know, Binance is currently the number 1 market in the world. but there could be a collapse if for example the number of people interested in binance decreases. and maybe later another market name will rise. but in my opinion it will be difficult for binance to collapse because people are interested in binance a huge amount. but for people who invest in bitcoin, of course it will be safe as long as the bitcoin is transferred to the wallet. and I think now people will switch to bitcoin because bitcoin is the safest.
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mk4
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December 17, 2022, 07:25:39 AM |
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It's totally possible, but as far as I know, we haven't seen any decent evidence of Binance being insolvent. Most are just rumours and speculation.
Also, stop ignore anything from CoinGeek. It's owned by the shitstain that is Calvin Ayre.
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alire zaham
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December 17, 2022, 07:30:48 AM |
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In regard to this article: https://coingeek.com/binance-to-us-authorities-prosecute-us-and-crypto-will-collapse/Could binance collapse if they get prosecuted? With the collapse of FTX these things became more much imaginable, then again this could all be just FUD as we've seen it many many times before. Once again the crypto market is on the brink of another apocalypse. If it wasnt for this possibility I would never want to sell my coins at this point as I pretty much think the bottom could be in. I saw so many bad news over the course of years and this could easily just be 99% FUD again but if it isnt my crypto money will probably be 99% worthless in case of this event happening so I do give it some thought. What do you think will happen? Do you think about selling your coins? Also what would happen with stable coins, would they still hold any value if this happened? Also how would such a scenario unfold IF it happened? When would we know? How long would the whole process take? Would there be enough time in between to make a decission or do you think it would unfold rapidly, trigger a chain reaction and steep losses? The impact of FTX’s bankruptcy after the run on the currency circle is still fermenting, and Binance, the leading cryptocurrency exchange, has made the market tense again.
On Friday, December 16, Binance announced that from Monday to Wednesday this week, the platform had a net outflow of approximately US$6 billion. Although it did not disclose this amount as a percentage of the value of coins deposited by customers on Binance, it has confirmed that the scale of Binance customers’ withdrawals has skyrocketed.
From my personal point of view, I don't want Binance to collapse, because this is a channel for me to realize my cash, but there are indications that centralized exchanges have received a huge impact. The coin withdrawal movement is more enthusiastic, which also indicates that centralized exchanges are facing great challenges. There may also be a chain reaction. I saw similar news again today, and felt like another huge thunderstorm. On December 17, the Dutch cryptocurrency trading platform Bitvavo stated that it has lost access to 2.8 billion euros (about 29.7 billion U.S. dollars) in assets stored in DCG.
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CryptSafe
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December 17, 2022, 08:57:16 AM |
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I think all these talks about binance going down are just baskets that holds no water. These are just cries of a drowning ship wanting others to get drown with them which in no way is possible. Binance has made name for themselves so why don't they do the same by making a good name for themselves instead of wanting others to sink with them. So far to the best of my knowledge, binance has been up and doing in the blockchain industry as a decentralized exchange. For years since her inception, there has been lots of drastic changes in the decentralized exchange as a result of the good policies implemented by binance which forced others to follow make such on their platforms. Binance has made many centralised exchange sit up in the course of rendering Services by their Reformation policies and development. A niche binance has created for themselves which will be very difficult for anybody to pull down. The fud peddled by rumour mongers will definitely be invalid.
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Blawpaw
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December 17, 2022, 10:09:17 AM |
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In regard to this article: https://coingeek.com/binance-to-us-authorities-prosecute-us-and-crypto-will-collapse/Could binance collapse if they get prosecuted? With the collapse of FTX these things became more much imaginable, then again this could all be just FUD as we've seen it many many times before. Once again the crypto market is on the brink of another apocalypse. If it wasnt for this possibility I would never want to sell my coins at this point as I pretty much think the bottom could be in. I saw so many bad news over the course of years and this could easily just be 99% FUD again but if it isnt my crypto money will probably be 99% worthless in case of this event happening so I do give it some thought. What do you think will happen? Do you think about selling your coins? Also what would happen with stable coins, would they still hold any value if this happened? Also how would such a scenario unfold IF it happened? When would we know? How long would the whole process take? Would there be enough time in between to make a decission or do you think it would unfold rapidly, trigger a chain reaction and steep losses? I guess this is bragging too much or this is simply FUD. I would say yeah, Binance is one of the Top crypto exchanges in the crypto world but that wouldn't mean that if Binance was taken down the whole crypto ecosystem would collapse over their head. It would be more like MTGOX and it would bring the industry to its knees but it wouldn't be the end of it. It would be a terrible shakedown, but mostly, who would be affected would be those shitty cryptos and other centralized cryptos that are good for nothing. The story of crypto is full of FTXs and each time that happens the real cryptos get out even stronger. Even so, I do not think Binance will go down. What can maybe happen is a US clampdown on the company. And if that so happens Binance can easily flee to another country and keep its operations running elsewhere.
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pooya87
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December 17, 2022, 10:13:23 AM Merited by vapourminer (1) |
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With the collapse of FTX these things became more much imaginable
Wrong. With the collapse of MtGox that happened nearly a decade ago, collapse of centralized exchanges became a sure thing. Now if some people have chosen to forget that and think it can not happen to other exchanges (Bitfinex, Cryptsy, Bittrex, Poloniex, ....) that is their own naivete. To answer your question, Binance could collapse and I have been saying this ever since it started growing and it still wasn't as big as other altcoin exchanges like the scammers called Bittrex. I don't see anything changed except the size of their operation. However, the current drama about CEXes in the media is 90% FUD.
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Majestic-milf
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December 17, 2022, 10:35:31 AM |
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Well, let's hope against Binance experiencing a collapse even with Changpeng Zhao CZ facing a prosecution over allegations of compliance with anti money laundering laws and that in the past few days, the rate at which customers have been withdrawing their funds is quite a cause for concern.
Although it's expected of investors and customers to experience FUD since the issue of FTX still looms in the air and I won't blame folks who would hastily withdraw their funds at this period.
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franky1
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December 17, 2022, 11:42:36 AM Last edit: December 17, 2022, 12:06:42 PM by franky1 |
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any business could and can collapse for any reason. yep any reason. yep too many reasons to even list. that said the chances then become less or more depending on factors .. now lets delve into this binance saga both the DCG (sister to FTX) and the BSV scum both have a hate of binance for different reasons. so their 'news media' platforms coindesk and coingeek respectively will pile gasoline onto the fire of sensationalising stories. so lets look into the story ok so it concerns some old news where the SEC wanted information concerning some transactions in regards to some illicit deposits summing over $2b from 2017-2020 the thing is. a exchange cannot control what gets deposited. it just arrives by customer decision not binances decision. (you dont know what junk mail the postman wil hand you until the postman hands it to you) but once arrived then it becomes binances opportunity to scrutinise what it received and handle it accourdingly and its this handling which is being questioned. the SEC is probing for compliance standards.. to which binance responds https://www.binance.com/en/blog/leadership/inside-binances-fight-against-crypto-crime-5422427314690193337not verbatim by end of 2021 it revamped its compliance team hired many high level experience in financial crime - 2 ex IRS criminal investigation agents - a ex europol investigator - ex treasury criminal investigator - many others increased compliance team headcount by 5x to meet the demands responded to 47,000 LER(law enforcements requests) year to date respond to LER's fast, faster than fiat based firms joined the National Cyber-Forensics and Training Alliance (NCFTA) - done 70 workshops with Law enforcement and prosecutors
it also revamped its KYC requirement in 2021 to meet the standards though this is a after effect caused by the processing of $2b of funds that came from darkweb hackers .. the SEC is also probing binances BNB platform because it was not ratified by the SEC as a security, because binance did not register it as a security it passes the test of a security, and as such should have been licenced as one in its own right. however back in 2017 the SEC was refusing to accept certain things and not allowing registrations. EG the SEC refused binance international2017-19 a US SEC licence due to lack of US headquarters to be in their jurisdiction. which lead onto the birth of binance.us in 2019 just to get licences in the US
my view in short the SEC for years has been fumbling around with old rules that prevent companies from knowing what compliance should look like and SEC refusing to give licence/compliance advice.. and then crying that businesses are not licenced and compliant. for instance by binance international not being SEC licenced. it is not in the membership circle to have the portal to file SARS(suspicious activity reports) to the SEC should binance international see suspicious transactions it has received.. thus SEC cries that binance did not report any suspicious reports.. though binance international was not in the SEC portal to be able to. (chicken vs egg)
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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Renampun
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December 17, 2022, 01:20:39 PM |
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centralized exchange whose owner's identity is known, can collapse at any time for various reasons especially if the government targets that person to be prosecuted, but binance has so far been able to survive because they know how to run an exchange business and looks capable of maintaining user trust. If it wasnt for this possibility I would never want to sell my coins at this point as I pretty much think the bottom could be in. I saw so many bad news over the course of years and this could easily just be 99% FUD again but if it isnt my crypto money will probably be 99% worthless in case of this event happening so I do give it some thought. What do you think will happen? Do you think about selling your coins? Also what would happen with stable coins, would they still hold any value if this happened?
I know your concern and right now the only thing we can trust is bitcoin because bitcoin is a pure decentralized coin, I have some satoshis and have no intention to sell it. btw, if we look at the current BNB price -10% in 24 hours but trading volume is up 77% in last 24 hours, it seems someone is trying to manipulate it. Also how would such a scenario unfold IF it happened? When would we know? How long would the whole process take? Would there be enough time in between to make a decission or do you think it would unfold rapidly, trigger a chain reaction and steep losses?
chain reaction? of course I'm sure it will happen, just look at how the reaction was when the news about the FTX collapse occurred, several CEXs also said they were bankrupt and closed. and if binance collapses then we will see a deeper red market.
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Coin_trader
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December 17, 2022, 01:24:51 PM |
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Also how would such a scenario unfold IF it happened? When would we know? How long would the whole process take? Would there be enough time in between to make a decission or do you think it would unfold rapidly, trigger a chain reaction and steep losses?
Don’t dream of this scenario to happened because it will be more terrible than Luna and FTX fall since Binance controls the majority of crypto assets in the whole crypto market. Most of the traders including whales use this exchange for there trade and imagine if this assets will be forced to sold on the market just to pay all there customer when they file bankruptcy. This scenario will create chaos and distrust to CEX in general. I believe DEX will rise but it will take a lot of time to make people trust again an exchange and crypto in general due to this big time loss that will happened in an event like this.
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dkbit98
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December 17, 2022, 10:50:20 PM |
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In regard to this article
Please don't read and post any articles form this shitty bsv propaganda coingeek trash website. I really don't care what they think about Binance and you don't need to geive them free advertisement unless you are paid to do that ![Tongue](https://bitcointalk.org/Smileys/default/tongue.gif) Can Binance collapse? Sure it can, like FTX, Mt-Gox and other exchanges stopped working in past, I don't need Craig Wright fake journalists to tell me that.
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Tony116
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December 18, 2022, 08:40:59 AM |
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Yes, even a government can collapse, exchange collapse is normal. But to say that with current Fuds will cause binance to crash, I'm sure that won't happen now. In the last few days, the amount of withdrawals on Binance has been huge, and as far as I know, more than 5 billion dollars have been withdrawn from the exchange, but so far no users have had problems. It shows that Binance has enough resources to handle FUds and will pass.
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Blawpaw
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December 18, 2022, 01:38:19 PM |
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With the collapse of FTX these things became more much imaginable
... However, the current drama about CEXes in the media is 90% FUD. I absolutely agree with you! Of course that a few CEXes outhere aren't reliable at all but not all of them are like that. There will always be companies going into collapse and this may not even be due to a question of being a direct scam but due to incompetence, a hacking blow or simple inaction to adapt to the ever changing crypto environment, especially when it comes to security. And when something like the FTX event happens, it will give loads of fuel for the media to FUD.
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m2017
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December 18, 2022, 02:58:50 PM |
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I think that nothing is impossible in the crypto industry. Even such a big and famous exchange as Binance, which has huge resources (if any) can fail. You don't have to look far for examples (FTX). I believe that such a scenario can't be ruled out and it would be better if we prepare for this in advance and panic in attempts to return our money at the last moment if a collapse occurs. If the collapse of the Binance happens, then the damage to crypto currencies will be huge, due to which many projects will simply cease to exist, and the entire industry will slow down in development for an indefinite period. For ordinary users, this will also be of little pleasure. It will be too late to save your money after an accident, so it is always better to prevent (prepare for a negative scenario) than to try to solve problems when they arise.
It is impossible to predict events, especially when don't have insider information. Perhaps all this information in the media about the possible problems of Binance is far-fetched and everything will work out.
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GigaBit
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December 19, 2022, 08:13:01 AM |
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In recent times, especially after the fall of FTX, there has been a lot of scare about exchangers. FTX is one of the remarkable exchangers. When such institutions go bankrupt, it is natural for investors to lose confidence in almost all exchanges, including Binance. Already we are seeing some big investors withdrawing their assets from the exchange. If this situation does not improve, the number of investors will continue to decrease and the exchanges will be in danger.
There are some executives at several major crypto firms do not think Binance is headed for bankruptcy. They believe that Binance is still very strong. They say Binance holds large stores of bitcoins and liquid assets. As a result, it would be wrong to call it on the verge of bankruptcy. Moreover, Binance owner Changpeng Zhao himself said that Binance has the power to overcome any crypto winter. Consequently it goes without saying that Binance is still a strong exchange.
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Oshosondy
Legendary
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Activity: 1568
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Gamble responsibly
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December 20, 2022, 11:25:50 PM |
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In recent times, especially after the fall of FTX, there has been a lot of scare about exchangers. FTX is one of the remarkable exchangers. When such institutions go bankrupt, it is natural for investors to lose confidence in almost all exchanges, including Binance. Already we are seeing some big investors withdrawing their assets from the exchange. If this situation does not improve, the number of investors will continue to decrease and the exchanges will be in danger.
Investors should never leave their coins on exchanges, it should be on their noncustodial wallet instead, preferably cold wallet or hardware wallet which are safer. That is how it do starts, that people will be withdrawing their money from an exchange that can lead to collapse of the exchange, but the amount withdrawn on Binance is still not significant enough and Binance daily trading volume is still very high which is over 39 billion in 24 hours now, but I saw it dropped from over 50 billion last week. I do not still think this could bring down Binance because nothing yet that is enough to bring Binance down to be point of collapse and insolvency. There are some executives at several major crypto firms do not think Binance is headed for bankruptcy. They believe that Binance is still very strong. They say Binance holds large stores of bitcoins and liquid assets. As a result, it would be wrong to call it on the verge of bankruptcy. Moreover, Binance owner Changpeng Zhao himself said that Binance has the power to overcome any crypto winter. Consequently it goes without saying that Binance is still a strong exchange.
Binance is centralized and just a business, it is better to avoid what could happen to your coins if it collapse. I am not saying Binance would collapse though, but we should always leave all these sweet talks about centralized platforms that could let our coins to be lost. Only trading funds which is low should be left on an exchange.
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