Binance crisis - how will it affect the crypto market?

[synchronym]

I have also heard about a lot of news through sources as well as opinions related to the above issue, there are supporters and opponents and there are also quite neutral people. Personally I find it a bit confusing as this seems to be the way to validate the price of btc in the market, my question is a bit counterintuitive as to why it doesn't appear earlier? The relationship between the US and China in recent years is really not good, China's strong rise, the US wants to show its voice, but I see China is dominating. In general, the problem is quite negative because in the crypto environment there are many problems related to investment, sometimes panic is spread quickly to navigate the price, also those who want to consignee wants to do this many times.

Bro I can't agree with you. Where regulators in various countries, including the United States, Japan and the United Kingdom, are losing control. There you say the negative. Binance is known as the top exchange worldwide. So it is very natural that any accusation or negative criticism against them has a long impact on cryptocurrencies. Meanwhile, everything including Bitcoin is falling in price on Kipto market. So I think it is better not to invest in this panic market now. That's because if you invest now, you will face losses.

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[|MINER|]

Binance is currently the largest exchange in the crypto currency world and has a large market dominance, so I think Binance will have a good impact on the market if there is currently some crisis. But I also know that the cryptocurrency world has its ups and downs. But Binance's crisis doesn't mean the end of the cryptocurrency world.  I think that sometimes when these things happen, first there is a crisis and the market is down for a few days, but then the market will recover again, just like what happened after the crash of the FTX exchange.

[serveria.com]

...

Twenty-four hours of sweating, thinking up something, writing some nonsense - not tired? You shouldn't have sweated.)
I'll be brief: creativity - crap, the author - 100500 times trying to wishful thinking.  I have already pointed out to you 1000 times your problems, pathetic attempts at manipulation and regular lies

Bottom line - go rewrite your answer 

PS And in general, do not distract busy people with your nonsense !

Muahaha this guy is hilarious... I have provided valid facts with sources and you're replying with this crap? It's clear as day you don't like being exposed as a liar and a clown. Your masters want to destroy Bitcoin. Prove me wrong.

[DrBeer]

...

Twenty-four hours of sweating, thinking up something, writing some nonsense - not tired? You shouldn't have sweated.)
I'll be brief: creativity - crap, the author - 100500 times trying to wishful thinking.  I have already pointed out to you 1000 times your problems, pathetic attempts at manipulation and regular lies

Bottom line - go rewrite your answer  

PS And in general, do not distract busy people with your nonsense !

Muahaha this guy is hilarious... I have provided valid facts with sources and you're replying with this crap? It's clear as day you don't like being exposed as a liar and a clown. Your masters want to destroy Bitcoin. Prove me wrong.

serveria.com - this is not a place for trying to show stand-up, for actors with a developmental delay Move your post to where you will be appreciated, with your "talents".
What are the facts? What a selection of fakes, which are pleasant for YOU for YOUR consciousness, you present as "truth", and mentally self-satisfied! As always, you do not answer specific questions, you are talking nonsense, evidence "from the fence."
Do you really think that the PERSONAL thoughts of a certain Billy Bambro
, who even in the title of HIS article wrote "I write about how bitcoin, cryptocurrency and blockchain can change the world." - is irresistible true? Are you serious ? )))
I beg you - do not disgrace yourself, find some other way of self-realization, but reasoned dialogues and an assessment of reality are clearly not yours!

So, now let's leave the patient with delusional consciousness and return to reality.

It seems that the problems, the real problems for Binance, are not only in the USA:

French authorities announced an investigation into Binance - media
The French branch of Binance has been under preliminary investigation since February 2022 due to alleged illegal provision of cryptocurrency services and non-compliance with anti-money laundering obligations. This is reported by Le Monde with reference to the prosecutor's office in Paris.
According to the authorities, the allegations against the platform relate to its activities as an unregistered digital asset service provider. The prosecutor's office also noted several "acts of money laundering with aggravating circumstances."
The media claims that the case was initially supervised by the Special Interregional Jurisdiction of Paris, but in February 2022 it was transferred to the Financial Crimes Investigation Service.

The problem is that these are not accusations with some vague wording, a very serious crime is being claimed here. everyone understands very well that the company provided such "services" in other regions as well.

[DanWalker]

Binance is currently the largest exchange in the crypto currency world and has a large market dominance, so I think Binance will have a good impact on the market if there is currently some crisis. But I also know that the cryptocurrency world has its ups and downs. But Binance's crisis doesn't mean the end of the cryptocurrency world.  I think that sometimes when these things happen, first there is a crisis and the market is down for a few days, but then the market will recover again, just like what happened after the crash of the FTX exchange.

The crypto industry will not collapse just because of Binance, but with the dominance that Binance is creating, they are very different from all the other exchanges, and FTX is nothing. Assuming Binance collapses, it will be a major blow to the market, it will be much worse than any crisis that has occurred before. Of course, the market cannot crash, but it will be very badly affected, and it will take a long time for us to recover.

In my opinion, besides Bitcoin, Ethereum, and Binance are the two biggest factors for the market's growth.

[DrBeer]

Binance is currently the largest exchange in the crypto currency world and has a large market dominance, so I think Binance will have a good impact on the market if there is currently some crisis. But I also know that the cryptocurrency world has its ups and downs. But Binance's crisis doesn't mean the end of the cryptocurrency world.  I think that sometimes when these things happen, first there is a crisis and the market is down for a few days, but then the market will recover again, just like what happened after the crash of the FTX exchange.

The crypto industry will not collapse just because of Binance, but with the dominance that Binance is creating, they are very different from all the other exchanges, and FTX is nothing. Assuming Binance collapses, it will be a major blow to the market, it will be much worse than any crisis that has occurred before. Of course, the market cannot crash, but it will be very badly affected, and it will take a long time for us to recover.

In my opinion, besides Bitcoin, Ethereum, and Binance are the two biggest factors for the market's growth.

As we already really understand the situation:
1. First and foremost, the SEC has no claims against bitcoin and cryptocurrency in general.
2. The SEC reasonably considers some alternative cryptocurrencies as stock-type assets, and some exchange services as services from a banking service - the claim is only to regulate this moment, otherwise it turns out - banks should be regulated and taxed, and crypto exchanges that do the same - No. Untouchable for the laws - no!
3. Claims against Binance are based purely on the illegal actions of this company, and they violate the laws not only in the US, but also in other locations.

Most likely the result will be:
- Binas will lose its positions, and most likely there will be the next iteration, because. Binance will now sign the “settlement agreement” again to avoid really big problems. But after a while, it will again support illegal services. There will be either a new "scheme" or a new gasket company, which will simply be closed and a new one opened
- The crypto market will react with slight fluctuations, but there will be no global drawdown of cryptocurrencies.
The problem with Binance is not a mass problem of cryptocurrencies, it is a local problem of a company that conducts illegal activities.

[Dunamisx]

Binance is currently the largest exchange in the crypto currency world and has a large market dominance, so I think Binance will have a good impact on the market if there is currently some crisis. But I also know that the cryptocurrency world has its ups and downs. But Binance's crisis doesn't mean the end of the cryptocurrency world.  I think that sometimes when these things happen, first there is a crisis and the market is down for a few days, but then the market will recover again, just like what happened after the crash of the FTX exchange.

The whole thing has gone slow down with the government since the exchange seems to have been in agreement with meeting up with some of their conditions and yet we have to let the main idea be emphasized here that with or without Binance or any other exchanges, bitcoin will continue to move and remain, every holder of bitcoin are not on centralized exchanges, to the best of my knowledge, most bitcoiners have their coins on a decentralized non custodial wallet, including the Whales, should in case any exchange cease operations today, only it users will stay affected while nothing is going to happen or change about the bitcoin market because this isn't the first time exchanges are going down.

[DanWalker]

Binance is currently the largest exchange in the crypto currency world and has a large market dominance, so I think Binance will have a good impact on the market if there is currently some crisis. But I also know that the cryptocurrency world has its ups and downs. But Binance's crisis doesn't mean the end of the cryptocurrency world.  I think that sometimes when these things happen, first there is a crisis and the market is down for a few days, but then the market will recover again, just like what happened after the crash of the FTX exchange.

The crypto industry will not collapse just because of Binance, but with the dominance that Binance is creating, they are very different from all the other exchanges, and FTX is nothing. Assuming Binance collapses, it will be a major blow to the market, it will be much worse than any crisis that has occurred before. Of course, the market cannot crash, but it will be very badly affected, and it will take a long time for us to recover.

In my opinion, besides Bitcoin, Ethereum, and Binance are the two biggest factors for the market's growth.

As we already really understand the situation:
1. First and foremost, the SEC has no claims against bitcoin and cryptocurrency in general.
2. The SEC reasonably considers some alternative cryptocurrencies as stock-type assets, and some exchange services as services from a banking service - the claim is only to regulate this moment, otherwise it turns out - banks should be regulated and taxed, and crypto exchanges that do the same - No. Untouchable for the laws - no!
3. Claims against Binance are based purely on the illegal actions of this company, and they violate the laws not only in the US, but also in other locations.

Most likely the result will be:
- Binas will lose its positions, and most likely there will be the next iteration, because. Binance will now sign the “settlement agreement” again to avoid really big problems. But after a while, it will again support illegal services. There will be either a new "scheme" or a new gasket company, which will simply be closed and a new one opened
- The crypto market will react with slight fluctuations, but there will be no global drawdown of cryptocurrencies.
The problem with Binance is not a mass problem of cryptocurrencies, it is a local problem of a company that conducts illegal activities.

Nothing lasts forever or stays at the top forever, Binance will lose its position just a matter of time, just like before Binance came along, we have Bittrex or Poloniex also top exchanges. But I am still not convinced about the illegal allegations against Binance because even the SEC has admitted that they do not have any evidence for that, and the court did not freeze the assets of Binance in the end. One thing that we overlooked is that if the SEC really had evidence of fraud or unauthorized use of Binance funds, I think the US Department of Justice did not sit idly by.

[Smartprofit]

The SEC claims against Binance are due to the fact that this government organization believes that cryptocurrencies are subject to regulation. 

According to this organization, any operations in the virtual space that are carried out by US citizens are subject to legislative regulation.  However, in my opinion, this is not the case.  Virtual space should not be under the jurisdiction of governments of different countries.  Virtual space is an independent non-state formation, which is created by people from different countries (and not one country) with their own labor.  In my opinion, the virtual space should be separated from states.  Cryptocurrencies as part of the virtual space should also not be regulated by the securities laws of individual states.  This is ridiculous. 

Users of the virtual space should draw up a Declaration on the Independence of the Virtual Space and require their governments not to interfere in the relations between Internet users that arise between them in the virtual space. 

The maximum that governments are entitled to is to require the payment of a small tax on the sale of virtual digital assets for fiat currency.

[Litzki1990]

The problem with the exchange of Binance is now not only a headache for CZ but also a headache for all users. Because most of the cryptocurrency space is occupied by these crypto exchanges. Now we all wonder what will happen to those who have invested in this exchange or those who are using this exchange if this exchange is closed down due to legal complications or any hindrance in its operations. I personally don't want this exchange to shut down in any way due to legal complications. Because this exchange is providing many benefits to all the users and there are many facilities in this crypto exchange. It is our hope that the complications in the law of this exchange will be removed very soon.

[summonerrk]

The problem with the exchange of Binance is now not only a headache for CZ but also a headache for all users. Because most of the cryptocurrency space is occupied by these crypto exchanges. Now we all wonder what will happen to those who have invested in this exchange or those who are using this exchange if this exchange is closed down due to legal complications or any hindrance in its operations. I personally don't want this exchange to shut down in any way due to legal complications. Because this exchange is providing many benefits to all the users and there are many facilities in this crypto exchange. It is our hope that the complications in the law of this exchange will be removed very soon.

I think nothing will happen to the Binance exchange. I am sure that they have a huge staff of lawyers and lawyers who will solve problems with SEC. There has already been news that they are doing well: The Court of the United States of America refused to freeze Binance's assets.US at the request of the SEC and it happened on June 14. CZ is a smart guy and he created such a huge exchange, with many types of earnings, and all this is legally justified.
I remember when Bittrex and Poloniex were leaders in 2017, but they didn't even come close to occupying a powerful position as a Binance.

[DrBeer]

The SEC claims against Binance are due to the fact that this government organization believes that cryptocurrencies are subject to regulation. 

According to this organization, any operations in the virtual space that are carried out by US citizens are subject to legislative regulation.  However, in my opinion, this is not the case.  Virtual space should not be under the jurisdiction of governments of different countries.  Virtual space is an independent non-state formation, which is created by people from different countries (and not one country) with their own labor.  In my opinion, the virtual space should be separated from states.  Cryptocurrencies as part of the virtual space should also not be regulated by the securities laws of individual states.  This is ridiculous. 

Users of the virtual space should draw up a Declaration on the Independence of the Virtual Space and require their governments not to interfere in the relations between Internet users that arise between them in the virtual space. 

The maximum that governments are entitled to is to require the payment of a small tax on the sale of virtual digital assets for fiat currency.

This is one of the claims - the US has its own legislation, let's remember this. It is THEIR RIGHT to have their own laws in their country, and accordingly - they apply to all US citizens.
And if someone, outside the US, offers US residents services that are contrary to US law - the US will logically assume that they will demand to organize the service in such a way, EXCLUSIVELY FOR US CITIZENS, so that there are no illegal actions within the framework of US law. Or - stop providing this service to US citizens. Quite logically, quite ACCEPTABLE.

And the rest of the world the United States does not care! All claims are only interactions of the crypto world with US residents who are required to comply with the "rules", i.e. LAWS, USA.

The second requirement of the US is not to help circumvent sanctions using BINANCE crypto ACCOUNTS. Which is also a perfectly legal requirement.

But there is not a single ban - something like: just stop trading cryptocurrency, ban cryptocurrency in your countries!


Therefore, the overall picture is quite fair.

But there is another nuance - in the USA, alternative cryptocurrencies are essentially equal to shares, and the SEC, remembering that 95% of the tokens were a scam aimed at deceiving investors, also treats them "with special attention", and that is why it requires registration with the SEC to minimize the risk of robbing potential investors. Note - the SEC has no complaints about bitcoin, there are alternative cryptocurrencies! This also seems like an acceptable move.

Regarding taxes - you are absolutely right here - since these are "digital shares", the owner receives income, which means he must pay taxes. This is one of the requirements of the SEC - to prevent US citizens from receiving and hiding taxable income on Binance sites outside US jurisdiction.


So it seems to me that you are seething and accusing the SEC of some kind of pressure - to put it mildly - are far from reality, and there are more manipulations than real reasons for concern

[Rabata]

When a company wants to conducts business in the United States, it has to comply with various restrictions. We know that Binance trades globally, but Binance US is used for especially for US citizen. In recent times, there have also been allegations of irregularities, that is why  SEC filed a case against Binance and its CEO Changpeng Zhao. If Binance convicted in the case, there is no doubt that it will have a major impact on the crypto market as Binance is a leading crypto exchange platform in the world. Even when we saw the fall of FTX exchange, the market was decreasing drastically. As a result, if Binance's accusations are proven, we could return to a long bearish market.

[Wend]

As a result, if Binance's accusations are proven, we could return to a long bearish market.

Even the market will be worse than what FTX did if Binance crashes. But I don't think anything too serious will happen to us with what's going on. What the SEC is doing is not even supported by many politicians, and they are just baselessly accusing Binance and exchanges because they did not have any regulation before. So the SEC cannot say that exchanges are breaking the law.  SEC was looking for just money, and everything was settled when they got it, IMO.

[YUriy1991]

These and many other negative news stories, about the world's largest exchange, have been in the air for months. Question:
- In your opinion, is this a consequence of increased pressure on China by the U.S.?
- What will the problems of Binance lead to for crypto market and crypto users?

What is certain is that if I see, Regulatory oversight comes into effect. As for the impact on the crypto market and users, the problems faced by Binance can have both short term and long term consequences. In the short term, negative publicity and regulatory actions may contribute to increased market volatility and reduced investor confidence. Users may also face temporary interruptions in service and uncertainty regarding the safety of their funds.

In the long-term effects are more challenging to predict which makes many users shift their activities to other platforms besides securing temporary assets and on this side as a form of regulatory compliance and transparency.

Yes. The Binance crisis has caused turmoil and the way it is today, and it is wise here that I think it is important not to mix up the problems faced by one exchange with another crypto market because Regulatory action can lead to greater transparency and legitimacy in the long run, improving investor protection and promote a healthier ecosystem.

[Emitdama]

snipped~

I can agree with you on the basis of altcoins because I have been saying for years that if a single individual creates a coin and sells it to you, that's shares, and that's mainly a scam 99% of the time, I can create a token in 5 minutes, it became that easy, and would you pay me to give you some of that? Of course not, but some people spend money on designs, and websites, and social media and suddenly people start to believe there is a layer there, there is none what so ever, that guy spent 5 minutes on the token and fooled you with paint.

However, the "LAWS, USA, ACCEPTABLE!!" parts are just bunch of BS, I get it, you love USA and kudos to you, I hope I can love any nation like that ever, but the reality is that they are making the playbook as it goes, not that they are making it valid when they are first starting, they are changing stuff in the middle. That's the issue.

Nobody told Binance they can't work with Russian citizens when they first started, USA was happy to accept Binance and the tax they pay from their income for years, and then one day there were sanctions and USA asked Binance to participate, well when Binance started this wasn't a requirement, so why do they have to follow every time USA wants to change something? What if they change it to "only bitcoin no other coin from now on" tomorrow? Or what if they say "crypto companies have to pay 99% taxes?" that's not going to be okay, is it? Maybe they sound too crazy for you, but USA wants to block an ENTIRE NATION right now, that's as crazy as it gets.

[terencio]

I think the problems of Binance are partly related to the geopolitical tensions between the U.S. and China, as well as the regulatory uncertainty and scrutiny that surrounds the crypto industry in general. I think the problems of Binance will have a significant impact on the crypto market and users, as it may affect the liquidity, security, innovation and reputation of the sector.

[DrBeer]

snipped~

I can agree with you on the basis of altcoins because I have been saying for years that if a single individual creates a coin and sells it to you, that's shares, and that's mainly a scam 99% of the time, I can create a token in 5 minutes, it became that easy, and would you pay me to give you some of that? Of course not, but some people spend money on designs, and websites, and social media and suddenly people start to believe there is a layer there, there is none what so ever, that guy spent 5 minutes on the token and fooled you with paint.

However, the "LAWS, USA, ACCEPTABLE!!" parts are just bunch of BS, I get it, you love USA and kudos to you, I hope I can love any nation like that ever, but the reality is that they are making the playbook as it goes, not that they are making it valid when they are first starting, they are changing stuff in the middle. That's the issue.

Nobody told Binance they can't work with Russian citizens when they first started, USA was happy to accept Binance and the tax they pay from their income for years, and then one day there were sanctions and USA asked Binance to participate, well when Binance started this wasn't a requirement, so why do they have to follow every time USA wants to change something? What if they change it to "only bitcoin no other coin from now on" tomorrow? Or what if they say "crypto companies have to pay 99% taxes?" that's not going to be okay, is it? Maybe they sound too crazy for you, but USA wants to block an ENTIRE NATION right now, that's as crazy as it gets.

1. Everything is correct here, and this is why the SEC has no complaints about Bitcoin, but there are questions about many altcoins. It's nice to have the same opinion.

2. Do you think US Laws are not acceptable to US Citizens? Perhaps I conveyed something not quite qualitatively in a language that is not my native language. But .. Specify what you did not like so much in this proposal of mine?

Regarding the fact that I "love the USA", I will tell you a secret - I adore the Czech Republic, its capital Prague with beautiful bridges, and the country as a whole - due to beautiful cities, friendly people, delicious cuisine. I adore Poland, I lived in Warsaw for several years as a child. Lazienki Park is a must visit. And Krakow? Mmmm... Their little confectionery shops?! This is a fairytale. Or Estonia - a beautiful, small country with a long history and a beautiful center of the capital - Tallinn. And Singapore? One port from the height of the cable car to Sentosa Island is worth seeing, and Archidea Park is not to be missed. Mexico, Cancun or Playa del Carmen is an amazing place for a tourist! The oldest culture, visit at least Chechen Itza or the dead city of Tulum .. Sri Lanka - wild nature, a sky showered with stars, friendly people and the ocean! The United States is a world of technology, huge amazing territories, Yellowstone, Alaska, ... And a few dozen more countries that I was lucky to visit in my life. And I love them all! But not only the USA, do not attribute to me what is not there

"No one told Binance that they cannot work with Russian citizens," - and here you start to manipulate or are simply mistaken! And it's very easy to prove. The SEC and some other "services", after the imposition of sanctions against the country of the terrorist, imposed sanctions, and all financial institutions and organizations were provided with information that Russia, and its citizens, are at risk, they can take measures to bypass the sanctions, in including financial ones, and the task of any international financial structures is to ensure the implementation of sanctions, and not to create conditions for this group of people who implement services that allow you to enter, transform and transfer any funds, violating INTERNATIONAL sanctions.
Please - carefully read the accusations from the US, including France, who openly say that Binance is accused of money laundering, and providing services to circumvent international sanctions. Yes, there were no specific names, but a simple and clear explanation - PROHIBITE fiat-cryptocurrency-fiat transactions for users with Russian citizenship, or companies registered in Russia, or such companies where the ultimate beneficiary is a citizen of Russia. Study and the question will be removed!

[molsewid]

I think the problems of Binance are partly related to the geopolitical tensions between the U.S. and China, as well as the regulatory uncertainty and scrutiny that surrounds the crypto industry in general. I think the problems of Binance will have a significant impact on the crypto market and users, as it may affect the liquidity, security, innovation and reputation of the sector.

But I know Cz will have a good stand in this and maybe he already prepared this thing before it happen. We all know the rivalry of US and China. I am sure his legal team has prepared a lot, it will affect the market but it will not be so huge and market is always like that, when well known institution got a problem with sec market reacts, it is not new in our crypto world this thing.

[CageMabok]

As I'm reading this opinion, the more I agreed with this actually. SEC does not sit idly and accused other crypto/exchange a security or something. But pretty sure, Binance team learn their mistake and try to defend againts all will.

I'm also quite sure that Binance has its own way of dealing with the problems they are facing because Binance is a very experienced exchange and is familiar with the SEC. So that Binance will also not sit idly by with the accusations thrown at them by the SEC so far and Binance is also still trying to resolve the problem this year until it is completely resolved. If you have been a Binance user for a while, you also don't have to worry about the problems faced by the exchange as long as you don't keep more assets on the exchange for a long period of time.