Binance - a new problem on the horizon?

[rby]

I am sick and tired of new and bigger news trying to bash binance and it makes absolutely no change neither. Binance is as strong as it has ever been and no matter how much they attack it, it just stands tall.

Obviously when all the nations of the world gets together to attack it, eventually something will happen but it just doesn't really feel like a good idea to me at all. It's obvious that we shouldn't be doing any of this, and Binance should be let go and freely managed, all these news and attacks are all a bad idea and shouldn't be done. I hope that we won't see it go any worse but whatever is asked from Binance, CZ should reconsider it, and get ease of mind.

I also do not believe that Binance deserves all these fud and pressure that is created against her in the media and against the government. We will actually profit nothing if anything happens to binance unless for competitors who will step up their game, but the market would be highly impacted if Binance is affected. I have read so many of petitions and allegations against binance, I have never seen the one of Binance being able to sponsor Russian soldiers. It is now I am seeing it and this is sounding like an international felony which could have negative impact on binance if taken seriously.
According to you. I don't think anything will happen to binance. But if the whole world arise against it many things may happen to it.

[Aanuoluwatofunmi]

Many people had believed that because Binance exchange has made enough name across the world then it has gone beyond the level of any reasonable doubt from what it can turn to anytime, we know that they are also in for business and in economics, you consider your own interests first before others because you believe that you have also invested alot into the business and deserve a good return.

[SyndicateLabs]

The FUD attack on binance is getting bigger and bigger, as well as the current market context is getting stronger and stronger. I'm fairly neutral on what the issue is, but honestly if it ends here, binance will continue to grow stronger and maintain its position in this market, as well. could be a market influence. But also think and be wary Binance can also face attacks and security risks. It is important that Binance has taken many security measures to ensure the safety of its system and is always looking for ways to improve and strengthen its system security to maintain a safe trading environment for its users. .

[WillyAp]

I also do not believe that Binance deserves all these fud and pressure that is created against her in the media and against the government.

Hardly anyone deserves what they get.
Binance is a risk, all exchanges are a risk,  Binance and other exchanges are traders paradies.

The FUD attack on binance is getting bigger and bigger, as well as the current market context is getting stronger and stronger.

Trading in an economic downturn is not really growing,
It grows in a way as lottery is growing.

[CryptSafe]

Of lately binance been facing lots of challenges which I think most are bothering legal issues. I pray it does not affect the exchange because as it is, it is the world leading exchange and if anything should happen, it definitely would have a shake up of the Crypto market in a negative way. Not only that exchanges would definitely pay the price and you know most of the exchange is not as strong as binance not to talk of being popular and powerful as binance. This would definitely give a big blow on digital assets.

[DrBeer]

Some news on the topic:
Changpeng Zhao will have to publish the number 4 many times today:
▪️ The CFTC lawsuit against Binance found (https://twitter.com/WuBlockchain/status/1643886709149691904) three US companies that traded on the exchange through offshore.
▪️ The Australian regulator has revoked (https://cointelegraph.com/news/binance-australia-derivatives-license-canceled-by-securities-regulator) the license from Binance Australia Derivatives.
▪️ Dubai regulator requested (https://www.bloomberg.com/news/articles/2023-04-05/dubai-asks-binance-other-crypto-license-applicants-for-more-information?srnd=cryptocurrencies-v2 ) Binance has additional data on managing the exchange 🧐

[BRINIRHA]

fud-fud against binance is currently becoming less of an influence on Cypto users. because there has been a lot of negative news or accusations aimed at Binance before. but when confirmed it turns out the news is fake. even those who make the fake news are big media that have a good reputation before. so for now we just need to ignore the fud. focus on our trade and investment. and for anyone who keeps their bitcoins in a personal wallet and not on an exchange. so if any fud hits an exchange, we can still be calm because we are not afraid that our assets will not be able to be withdrawn. because we really have secured our assets at all times in a personal wallet.

[Bitcoin2009]

I've been using Binance since 2018 and at that time I sold a lot of tokens that I got from bounties, and had kept ETH, BNB and others, when I didn't log in and logged in for almost 4 years, I was surprised because all the assets I kept were safe and there is no problem, I got different things in Kucoin because the assets I left were lost and the deposit address changed.

[Marcellin9]

Not worried about them not being registered - they intentionally kept it that way for years but complied with ample pressure by the government.

Not worried about them being called out by CFTC - they have been in similar waters years before.

What worries me is that they don't have any major competitors and they are just eating up the market share like a lion eating his lunch for himself. Without any competition, Binance will just do whatever the hell it wants given enough time and we, as registered users, may take the hit eventually.

I'm not really a fan of CZ's way of handling things and harsh takes on reality, but they just created a business model that works and that dominates, and I'm afraid no one will ever come to that level anymore and we'll have less options.

They may lose their US-based customers but I think they won't go down like FTX.
With such requirements, I don't think CZ was just sleeping not to consider those requirements.
I don't know if they are just looking for some loopholes under Binance US operations.

They are constantly trying to avoid US regulations for a while now, and made another entity different from Binance Global to handle US operations. I don't think it's much of a problem to CZ at this point in time given his exchange's reach, but if he doesn't want to lose grip on his US customers he definitely need to do something to not get these types of lawsuits from the US gov't.

Excellent point on Binance is just eating up the market share without competitors which is really dangerous. I share this concern although CZ seems to be a great leader whom I intend to trust. Anyone or anything that has gained a rapid growth is likely to lose control because new changes may constantly hit them but they may be less willing to adapt to changes any more. I guess CZ is too busy dealing with all accusations nowadays and there might be endless problems and loopholes inside Binance team and who knows what may happen if he is not capable of handling all crisis any more ? Besides, the U.S government has made a long history of attacking and tearing down tycoons so I would take this time of difficulty seriously.

[DrBeer]

fud-fud against binance is currently becoming less of an influence on Cypto users. because there has been a lot of negative news or accusations aimed at Binance before. but when confirmed it turns out the news is fake. even those who make the fake news are big media that have a good reputation before. so for now we just need to ignore the fud. focus on our trade and investment. and for anyone who keeps their bitcoins in a personal wallet and not on an exchange. so if any fud hits an exchange, we can still be calm because we are not afraid that our assets will not be able to be withdrawn. because we really have secured our assets at all times in a personal wallet.

The problem is not in the media and some personal preferences. The problem is that:
- in a certain situation, people can lose their savings on Binance. For example, if their involvement in sponsoring Russian terrorism or providing mechanisms for this is proven. And this means blocking all funds and finding out who is the owner of the savings. And this is already blocking funds for years, and related problems
- in the most negative scenario, the collapse of such a fundamental exchange for the crypto world will have a very strong, and very negative effect - on the entire crypto world. And not only on the price of our savings, but also on the trust in technology as a whole.

[siniminomorocomunisakito]

fud-fud against binance is currently becoming less of an influence on Cypto users. because there has been a lot of negative news or accusations aimed at Binance before. but when confirmed it turns out the news is fake. even those who make the fake news are big media that have a good reputation before. so for now we just need to ignore the fud. focus on our trade and investment. and for anyone who keeps their bitcoins in a personal wallet and not on an exchange. so if any fud hits an exchange, we can still be calm because we are not afraid that our assets will not be able to be withdrawn. because we really have secured our assets at all times in a personal wallet.

The problem is not in the media and some personal preferences. The problem is that:
- in a certain situation, people can lose their savings on Binance. For example, if their involvement in sponsoring Russian terrorism or providing mechanisms for this is proven. And this means blocking all funds and finding out who is the owner of the savings. And this is already blocking funds for years, and related problems
- in the most negative scenario, the collapse of such a fundamental exchange for the crypto world will have a very strong, and very negative effect - on the entire crypto world. And not only on the price of our savings, but also on the trust in technology as a whole.

Yes , i think like that to also. The concerns raised about Binance are not simply media hype or personal preferences, but rather serious issues related to the safety and security of people's savings. In the event that Binance is found to be involved in sponsoring terrorism, for example, individuals may risk losing all of their funds, and the process of determining ownership can be lengthy and problematic.

Moreover, the collapse of a major exchange like Binance could have severe negative consequences not only for the value of people's investments, but also for overall trust in cryptocurrency technology. These are important issues that must be taken seriously and addressed by those in the industry.

[WillyAp]

...overall trust in cryptocurrency technology. These are important issues that must be taken seriously and addressed by those in the industry.

Overall trust in Crypto is not really there.
Bitcoin attracts banks now till those are learning what decentralization is, that will take a few years.

From existence to acceptance roughly 15 Years.

[SquallLeonhart]

The concerns raised about Binance are not simply media hype or personal preferences, but rather serious issues related to the safety and security of people's savings. In the event that Binance is found to be involved in sponsoring terrorism, for example, individuals may risk losing all of their funds, and the process of determining ownership can be lengthy and problematic.

Moreover, the collapse of a major exchange like Binance could have severe negative consequences not only for the value of people's investments, but also for overall trust in cryptocurrency technology. These are important issues that must be taken seriously and addressed by those in the industry.

I think "found out that it supports terrorism" is just a media talk and not the reality and we got to grow up to see that. They are a business, just a regular business like any other, and if a terrorist uses them, they would like to stop that too, if they can't, it is not because they don't want to but because they can't that's it. This is why it is important to realize that we are in a situation where we got to learn how we could move on and forget about the rest.

I understand people want to keep it a point that Binance could be risky, but it is not and if you really insist, stop using it if you do not want to but do not meddle with others who would like to keep using it because I find it silly and not believe in any of this.

[ilovealtcoins]

Of lately binance been facing lots of challenges which I think most are bothering legal issues. I pray it does not affect the exchange because as it is, it is the world leading exchange and if anything should happen, it definitely would have a shake up of the Crypto market in a negative way. Not only that exchanges would definitely pay the price and you know most of the exchange is not as strong as binance not to talk of being popular and powerful as binance. This would definitely give a big blow on digital assets.

Those are only civil lawsuits, not criminal or related to alleged money laundering from criminals. So we have nothing to worry about, civil lawsuits will be resolved smoothly if Binance pays the fine and re-registers the business areas required by the CFTC. But no one stays on top forever, one day, binance will also crash, and we need to prepare for that too.

[Rabata]

The lawsuit against Binance is currently worrying many as everyone wonders what will happen to their deposits if the allegations are proven. Because we have known for a long time that Binance is one of the most popular and reliable Crypto Exchanges and everyone has deposited their money with great trust.
I also have some money deposited here so my question is what will happen to everyone's money if the allegations against Binance are proven. Can those who have deposited money in this exchange withdraw their money?

Binance is one of the most popular exchanges in the world. If the allegations leveled against Binance are proven, the exchange could face significant losses. But I personally think since Binance has been sued, this may take longer time. We know that several large institutions have been fighting long-standing lawsuits because of SEC complaints. One of them is XRP. If XRP wins their case, there will be a huge boost in investor confidence and a huge change in their XRP price.

Accusations against Binance could actually lead to a crisis of confidence in the crypto market with large price drops in their coins. Which can bring the market back to the bearish trend again. In my opinion there will be no problem in depositing and withdrawing till the complaint is proved.

[bangjoe]

Here's what really worries me in this case:
if earlier everything conditionally rested on "tax" issues, today it is a violation of the rules of the game in the global financial market, a violation of obligations to the United States, and sponsorship in essence of terrorism. Such a package of accusations can create real difficulties for binance, whose weight in the crypto market is very large. For example, the consequence of the development of the problem may be, let's say - sanctions on the BNB protocol, and the entire BNB network - simply the SEC will prohibit official exchanges from supporting transactions in this network under threat of punishment. This will obviously have a very negative impact on Binance and the crypto market as a whole.

If it's only about taxes, permits and other issues, it's likely that it can still be discussed by paying for some violations that might have been committed because I only heard that this was just an allegation so the problem hasn't been fixed or I haven't received confirmation of the continuation of the problem, something makes me quite surprised that Binance sponsoring the Russian army? Until today I haven't heard or confirmed anything about this donation, this kind of thing is quite dangerous for the reputation and trust of users according to me.

Yes, it will get worse if you don't find a good settlement agreement and it's stated that Binance did it. Because we are aware that Binance has become a top crypto exchange icon that has a big influence on the market. Which when the network is banned as a whole we will experience another crash.

[ancafe]

In the country where I live, Binance has not had an operational license for a long time, so its use is considered illegal in our country. Currently, binance is one of the largest exchanges in existence and they should have no problems with permits or regulations for trading derivatives from various countries, but in fact it is still a problem and they have not been able to overcome it until now. I also don't know exactly what the problem is and why they don't get places in some countries regarding exchanges where it's legal to use.

This time, the accusations look more severe, plus the "darling" of previously unresolved problems. What is your opinion - what are the prospects for the development of the conflict and the impact on the crypto market?

If we relate to the impact of the crypto market so far it hasn't seemed to be widespread, especially in my country of residence, because binance is already outside the regulatory framework in our country. However, if it is true as reported, they are dealing with US regulations as one of the largest bitcoin hubs in the world, so that in the future it will definitely have an impact on crypto in general.

One example is the FTX case and how market sentiment occurred at that time which made crypto in a negative stage on the market, for the Binance case it could have happened like the previous case, but that's just my assumption.

[DooMAD]

I am sick and tired of new and bigger news trying to bash binance and it makes absolutely no change neither. Binance is as strong as it has ever been and no matter how much they attack it, it just stands tall.

Take nothing for granted when it comes to custodial services.  Every single company has central points of failure.  Perhaps there is more FUD than might be deserved, but one day the warning might be legitimate.  The history of Bitcoin is littered with failed companies that people mistakenly assumed were indestructible.  The "too-big-to-fail" mindset is a fiat fallacy.  It's unwise to have the same mindset here.

[cabron]

I am sick and tired of new and bigger news trying to bash binance and it makes absolutely no change neither. Binance is as strong as it has ever been and no matter how much they attack it, it just stands tall.

Obviously when all the nations of the world gets together to attack it, eventually something will happen but it just doesn't really feel like a good idea to me at all. It's obvious that we shouldn't be doing any of this, and Binance should be let go and freely managed, all these news and attacks are all a bad idea and shouldn't be done. I hope that we won't see it go any worse but whatever is asked from Binance, CZ should reconsider it, and get ease of mind.

I also do not believe that Binance deserves all these fud and pressure that is created against her in the media and against the government. We will actually profit nothing if anything happens to binance unless for competitors who will step up their game, but the market would be highly impacted if Binance is affected. I have read so many of petitions and allegations against binance, I have never seen the one of Binance being able to sponsor Russian soldiers. It is now I am seeing it and this is sounding like an international felony which could have negative impact on binance if taken seriously.
According to you. I don't think anything will happen to binance. But if the whole world arise against it many things may happen to it.

CZ is obviously being the target and so is the Binance platform.  Sponsoring Russian soldiers is not a crime, it's just them that makes it a crime if it's even true.

It's very unclear. These regulators are not aware that they don't have clear regulations on crypto. So why are they chasing something that is out of reach?  They are playing dirty to a platform that has been playing clean. The binance.com users are very much protected and sound as long as US regulators are hands-off.

[molsewid]

Binance is one of the most popular exchanges in the world. If the allegations leveled against Binance are proven, the exchange could face significant losses. But I personally think since Binance has been sued, this may take longer time. We know that several large institutions have been fighting long-standing lawsuits because of SEC complaints. One of them is XRP. If XRP wins their case, there will be a huge boost in investor confidence and a huge change in their XRP price.

Accusations against Binance could actually lead to a crisis of confidence in the crypto market with large price drops in their coins. Which can bring the market back to the bearish trend again. In my opinion there will be no problem in depositing and withdrawing till the complaint is proved.

Yes we should not be concerned a lot unless it is proven guilty, but as what we had experienced in other platform we should not put all our eggs in one exchange, no I'm not saying we should be anxious and pull out all our investments but the thing is we should need to this on all aspects because diversify in crypto is a must and everyone should know that. Many people regret not doing it.