Is the Binance the next to bite the dust or FUD?

[Z-tight]

Does this imply that all of the other centralized crypto exchanges have also stopped their operations in Canada?

Canada is hitting these centralized exchanges with regulations they cannot comply with, Bittrex Global stopped their operation in Canada last year, in March this year OKX also ceased their services to Canadian users and now Binance are also ceasing their own operation in Canada, i don't know if the government is intentionally frustrating crypto exchanges from providing services to their citizens, but if some of these bigger exchanges couldn't survive there, others will surely find it hard to.

The department of justice in America is opening another investigation that will be happening together with the existing one. This new investigation will be on allegations that Binance has been allowing Russian citizens to use the exchange in the middle of sanctions.

More investigations and charges against CZ and Binance, they are facing charges from the CFTC and now this, CZ is shady, and his platform will surely choose profit first, that is why i find it difficult not to believe these charges and investigations against them.

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[bbc.reporter]

@Z-tight. Binance is shady, I agree. However, it would be very much more helpful and beneficial for us if Binance is never taken down. You reckon if Binance is taken down, it would stop there? The government will never stop until the whole cryptospace is fully under their control and regulated. Binance's fight to stay online is by implication also the cryptospace's fight.

I am quite certain none of us small minnows would like a fully regulated cryptospace.

[o_e_l_e_o]

I am quite certain none of us small minnows would like a fully regulated cryptospace.

I'd rather not use bitcoin at all than use it exclusively via the rules and regulations that Binance enforce. Full KYC, zero privacy, zero security, full surveillance, permissioned, censored, complete governmental control.

This is pretty much already the case if you use centralized exchanges. The government know everything you do, your coins don't actually belong to you, and you can be denied access to them at any point. That's not bitcoin - that's a bank.

Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.

[Z-tight]

@Z-tight. Binance is shady, I agree. However, it would be very much more helpful and beneficial for us if Binance is never taken down. You reckon if Binance is taken down, it would stop there? The government will never stop until the whole cryptospace is fully under their control and regulated. Binance's fight to stay online is by implication also the cryptospace's fight.

Why do people still believe that Binance is in love with BTC and they are in this business to hold the crypto industry together and for BTC to live longer, heil CZ! I am not buying this, and anyone who cares about the facts wouldn't too. Binance are shady and care only about their shitcoins they use to make profit, that's why they don't want you to withdraw BTC by making it expensive, so you can "conveniently" use their shitcoins for your withdrawal.

I don't know if Binance will bite the dust, but if they do, many shitcoins that scam people will be purged out of the industry, so many people who think it is safe to store funds in a centralized exchange would move to self custody. BTC price will fall in the short term, but Binance don't control the BTC network, so the price will climb up again, this will make so many people believe in the true value of BTC and its lack of control by any institution.

[bbc.reporter]

I am quite certain none of us small minnows would like a fully regulated cryptospace.

I'd rather not use bitcoin at all than use it exclusively via the rules and regulations that Binance enforce. Full KYC, zero privacy, zero security, full surveillance, permissioned, censored, complete governmental control.

This is pretty much already the case if you use centralized exchanges. The government know everything you do, your coins don't actually belong to you, and you can be denied access to them at any point. That's not bitcoin - that's a bank.

Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.

Hehe Binance's rules will appear to not be that very strict compared to a fully regulated cryptospace according to the regulations of something the regulators want in America.

I have discussed this and what it might appear like in this thread with @Abiky. It also appears not many people in the forum are paying much attention on this.

https://bitcointalk.org/index.php?topic=5447061.msg62196665#msg62196665

[o_e_l_e_o]

https://bitcointalk.org/index.php?topic=5447061.msg62196665#msg62196665

I don't disagree with anything you have written there, and the people in this space calling for more regulations are crazy. But seeing Binance as some kind of bastion of hope against these regulations is also crazy. Binance have shown time and again that they do not care about bitcoin or their users in the slightest. They only care about their own profits. They will fight regulations which prevent them from operating in various jurisdictions, but they will do absolutely nothing against regulations which are actually damaging to the space.

Thankfully, governments around the world can regulate centralized exchanges and centralized services as much as they want, and we can continue to use bitcoin freely in a peer to peer manner as intended.

[aysg76]

Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.

There have been many instances where they have played in this manner to make people fool for their personal profits like the tweet about self custody by CZ was just an attempt to attract people to use their centralised exchange so he becomes more rich.You are right about that after Binance there could be market dump for temporary period as they have millions of users and so much volume but bitcoin they have benefitted from bitcoin so we don't need them to thrive in the future also.People need to understand this self custody is best if you prefer privacy.

[bbc.reporter]

https://bitcointalk.org/index.php?topic=5447061.msg62196665#msg62196665

I don't disagree with anything you have written there, and the people in this space calling for more regulations are crazy. But seeing Binance as some kind of bastion of hope against these regulations is also crazy. Binance have shown time and again that they do not care about bitcoin or their users in the slightest. They only care about their own profits. They will fight regulations which prevent them from operating in various jurisdictions, but they will do absolutely nothing against regulations which are actually damaging to the space.

Thankfully, governments around the world can regulate centralized exchanges and centralized services as much as they want, and we can continue to use bitcoin freely in a peer to peer manner as intended.

However, it is the government that forces centralized exchanges to comply under their rules and make them ask their users for KYC, to have no privacy, have full surveillance and complete governmental control. Exchanges were much better before 2017 when there was no compliance nightmare imposed by the government.

Also, Binance as business should always care for their profits and should also be careful how they run the business or they become bankrupt similar to Bittrex.

[KingsDen]

Remember when Binance attacked bitcoin by trying to roll back the chain to cover their own losses? Binance doesn't care about bitcoin, and I don't care if Binance gets taken down. Sure, there might be a short term price hit, but Bitcoin thrived before Binance, and it will thrive after Binance.

There have been many instances where they have played in this manner to make people fool for their personal profits like the tweet about self custody by CZ was just an attempt to attract people to use their centralised exchange so he becomes more rich.You are right about that after Binance there could be market dump for temporary period as they have millions of users and so much volume but bitcoin they have benefitted from bitcoin so we don't need them to thrive in the future also.People need to understand this self custody is best if you prefer privacy.

Binance is highly centralized and binance is just profit concern. If they have the opportunity to suffocate bitcoin for their business and coins to prosper, CZ will do it. They have succeeded in making bitcoin being used in a more centralized way and I fear that the existence of exchanges will impact bitcoin negatively on the long run by making it going the centralization way.

The mempool congestion that happened, we all saw how Binance raised the fees abnormal and encourage people to use their chain for low fee transactions.
If not for the impact the collapse of Binance will cost in the cryptocurrency industry, I would have said that the monopoly minded exchange should give way.

[bbc.reporter]

@KingsDen. I reckon it is very easy for us small minnows to talk because we can continue trading in the cryptospace even with low liquidity in small exchanges and DeFi. However, for the whales who trade with size, they need the liquidity that the big exchanges like Binance offer. It is also not only about trading, the whales also need the big exchanges for their onramps and offramps where they can smoothly deposit and withdraw millions in fiat.

[bbc.reporter]

News update.

It appears Binance.us' banking partners are also being attacked and intimidated by uncle Gary and the SEC. If you think uncle Gary is doing this to protect small minnows like us then I would say that you are a nonthinking, indoctrinated robot.

The SEC of any country has seldom created rules and regulations to protect the public. It protects the country's rulers who own the banks and those people who control and manipulate traditional finance. They are the real criminals.



The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry. http://Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work.

As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.

Our priority is, and has always been, our customers. We are taking these proactive steps as we–for a time–transition to a crypto-only exchange. To be clear, we maintain 1:1 reserves for all customer assets. Any downtime in processing withdrawals may be the result of elevated volumes and weekend bank closures. Moreover, trading, staking, deposits and withdrawals in crypto remain fully operational.

While we remain open to a productive compromise that enables a thriving digital asset marketplace in America, http://Binance.US will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.

Source https://twitter.com/binanceus/status/1666996908651323393

[bbc.reporter]

News update.

It appears Binance needs a new strategy. Separate the European Union customers and let them log in on a .eu domain similar to how they are already doing it with Binance.us.

In anycase, what other exchanges like Kucoin and Bybit can learn from Binance's regulatory problems is do not grow too big and be noticed by regulators hehehe.



Belgium's top markets regulator is ordering embattled crypto exchange Binance to immediately cease serving local customers, according to a Friday notice.

The Financial Services and Markets Authority (FSMA) said Binance is "offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area," which the regulator says is in violation of a prohibition.

Source https://www.coindesk.com/policy/2023/06/23/binance-ordered-to-immediately-halt-offering-crypto-services-in-belgium-by-markets-regulator/

[Woodie]

At this point its safe to say that Binance has being a step ahead in how they have being doing their business , and in places were they thought their stay won't be long they went ahead and dedicated special domain for places such  as the US market to separate it from its other businesses , and since different countries  require different requisites to meet at this point I think they will just have limited markets at this point were they have to do a lot of paper work to get around and keep operating in countries were there is less paper work.

For now these  guys are still around and won't bite the dust.

[Z-tight]

For now these  guys are still around and won't bite the dust.

For now they are still in operation, but don't think they are too big to fail or bite the dust, i am not saying that i know for sure that they are going to collapse, but it is something that's possible, with the recent events of collapsed centralized exchanges, lending and earning platforms and other similar services, you should know now that none of them is too big to bite the dust.

It is good if people use exchanges with the belief that they can collapse at anytime, that way they'll store their money in self custody wallets and be aware that "not your keys, not your coins".

[bbc.reporter]

Binance might not bite the dust, however, it is beginning to suffer a slow dismantling process being done against it by the regulators and the people behind traditional finance. The exchange is banned from operating under the jurisdictions of Netherlands, Canada, Belgium and a few more and this is also increasing. Their banking partners are also withdrawing their support for the exchange.

Where will Binance and CZ be in 5 years?

[Doan9269]

For now these  guys are still around and won't bite the dust.

For now they are still in operation, but don't think they are too big to fail or bite the dust, i am not saying that i know for sure that they are going to collapse, but it is something that's possible, with the recent events of collapsed centralized exchanges, lending and earning platforms and other similar services, you should know now that none of them is too big to bite the dust.

It is good if people use exchanges with the belief that they can collapse at anytime, that way they'll store their money in self custody wallets and be aware that "not your keys, not your coins".

If we are to judge from he aspect of what we are seing currently with Binance exchange, they don't seems to have any operational issues that could stop them from being existing, the threat coming from the US government is nothing to write about, but we should know that this alone doesn't change the fact that they are still centralized exchange and can go thesame way other existing exchanges have left, same risk and nothing more, but they only seem more reliable to may which doesn't change them from being a centralized exchange.

[Z-tight]

but they only seem more reliable to may which doesn't change them from being a centralized exchange.

"They seem more reliable" is the same thing as 'Binance are too big to fail', and so many Binance users repeat this line, like i said, the message isn't for people not to use Binance to trade, but for them to believe that they can bite the dust like the others that have, if we all agree that they are reliable, it is like an agreement that it is safe for people to store their funds in Binance, but if we all agree that they can collapse, which they surely can, self custody would be the only means of storing funds.

[bbc.reporter]

@Z-tight. What is worrying about Binance is there is an increasing threat of being cut off from different jurisdictions. I reckon if this continues and if a panic begins, I am afraid that Binance would decide to freeze all their users' accounts from withdrawals not because they do not have the funds, but because they want to save the exchange. One big panic is all it might take for Binance to bite the dust.

However, I hope everyone is ready for the next head shaking storyline because anyone who hates CZ will certainly hate this next possbility. If Binance goes down, what if Justin Sun enters with his billions and buy Binance then become the new king of the cryptospace?

[Rikafip]

What is worrying about Binance is there is an increasing threat of being cut off from different jurisdictions. I reckon if this continues and if a panic begins, I am afraid that Binance would decide to freeze all their users' accounts from withdrawals not because they do not have the funds, but because they want to save the exchange. One big panic is all it might take for Binance to bite the dust

If what you are saying is true and all it takes is bunch of people trying to withdraw money to ruin Binance, then it is a scam exchange that is misuing people's money in the same way FTX did. I mean, I woulnd't be surprised if there is some delay in case large amount of people try to withdraw simply due tehical issues but why would that mean the end of Binance?

Either way, no exchange is place to store your crypto, no matter how reputable it is.

If Binance goes down, what if Justin Sun enters with his billions and buy Binance then become the new king of the cryptospace?

Lol chances of that happening ( Sun buying out Binance and becoming "king of cryptospace") are slim to none. I am sure that he would use that hypotethical situation to promote hismelf future (as he usually do) but I don't think that he has that amount of money.

[bbc.reporter]

If Binance goes down, what if Justin Sun enters with his billions and buy Binance then become the new king of the cryptospace?

Lol chances of that happening ( Sun buying out Binance and becoming "king of cryptospace") are slim to none. I am sure that he would use that hypotethical situation to promote hismelf future (as he usually do) but I don't think that he has that amount of money.

Agreed that chances for it are small, however, I would not say it is slim. It might be moderately higher than estimated.

On Justin Sun's money, I have always speculated that he has backers from China who Justin might be laundering money for through his different projects and exchanges in the cryptospace. Binance could be an important piece in their operation because much of the cryptospace's inflows and outflows of cash and coins pass through it.

Also, Justin and CZ are friends and it would not be shocking if they are supported by the same Chinese backers.