Binance crisis - how will it affect the crypto market?

[Unbunplease]

Let us consider that similar to a company where staff is getting lay off due to recession or may be that company getting on the verge of bankruptcy or something like that. Now what are we left with? Just a normal news where company is trying to make its stand with the help of reducing financial burden. If US government went strict on them then that’s not the fault of a Binance US. They have to pack their things and flee the country. Sad for the US employees I guess but can’t help it if company wasn’t up to the standard of SEC or internal politics. Nothing much will happen except a FUD, FOMO sell offs, whales buying more at discounted rates and regular guys going nuts about it. After few months dust will be settled whales will become more rich because they took the chance and regular investors would cry with the statement “they wish they would have bought or kept their investment as it is”.

I agree with you. All this hype looks like a big financial manipulation to further take assets out of weak hands. My guess is that the SEC attack will end up being next to nothing, but will keep people in fear for a month or two. Those who are quieter will win.

[usekevin]

If you review the history of Binance, it has become an expert in addition to the business that Exchange manages, it is to respond to lawsuits, it has them in most of the countries where it works as an exchange, nothing new here, and using the adjective crisis is exaggerated.

More "propaganda" for the exchange, nothing is going to happen at least not in the short term, but it is a sign for you to understand what your financial relationship with that exchange should be.

Binance is good exchange as come many less potential exchange.Some people doesn’t like the exchange with kyc,if you consider such things.It’s better to skip the binance.In such way,their some exchanges which doesn’t require your kyc for the trade.Localcrypto doesn’t need any kyc for the transaction,it was like the localbitcoin.Localbitcoin was closed in a recent past,So it’s better to choose the available Local crypto or binance to inverse your money.

[arallmuus]

By the way, these lawsuits get expensive and take years to reach fruition. Perhaps the SEC might have a weak case against Binance, but the negative publicity will have its intended effect.

It always the negative intended effect though. Over the course of years, all these lawsuits all over the world against crypto basically are bullshits to begin with but somehow all of those made it to the headlines especially to the mass majority of people that are still wondering if putting their money in crypto is a good idea

Im kinda expecting things like this to happen once in a while or atleast until we get to the next bull run cycle

[huu78]

the dibinance crisis will make all crypto impact the market.
something that is big and well-known if it suddenly becomes problematic will certainly have a bad impact.
maybe the crypto market will drop very deep if binance threatens to collapse.

[Unbunplease]

the dibinance crisis will make all crypto impact the market.
something that is big and well-known if it suddenly becomes problematic will certainly have a bad impact.
maybe the crypto market will drop very deep if binance threatens to collapse.

I don't think binance will be threatened with collapse. Yes, in the worst case they may close Binance.US, but I don't think that will happen. More likely, they will find some compromise that suits everyone. The SEC doesn't control the whole world, so their decisions can have a global impact on the world economy. And they are unlikely to shoot themselves in the foot by deciding to ban.

[batang_bitcoin]

the dibinance crisis will make all crypto impact the market.

It already did but it didn't last long. So from $27k and then it plummet and now recovering and back to $26k.

something that is big and well-known if it suddenly becomes problematic will certainly have a bad impact.

That's for sure but all of these happenings will have temporary affection to the market. And once it's done, it's done and the market will recover after all of these big news.

maybe the crypto market will drop very deep if binance threatens to collapse.

We'll see but I think that we won't see as big as the drop of the FTX collapse. Binance is far from that IMO and that's why there is nothing to worry with.

[Pidgeon]

I don't know about crypto but it will destroy the fast food jobs!

All those wanna be traders , basement millionaires, kinds that want to buy a lambo with a dogecoin, evey single one of them getting trainwrecked by reality and enting with a life of sticking other's wurst in somebody's else bun will ruin the american dream of the fast food worker that turned billionare.

In my opinion, the factor that caused Binance to experience a crisis was because it was too ambitious and expanded in many countries. In my country, the Binance group also opened exchanges but it seems that there are not many users. They advertise in many media such as television, newspapers, online media and many more. Of course this costs money. marketing increases.

Of course it cost money!
Money you sheeple stuff in ChowZhow or whatever his name is pockets every day while praising what a hero he is for taking your money and paying less taxes that the Rothschilds!

If you review the history of Binance, it has become an expert in addition to the business that Exchange manages, it is to respond to lawsuits, it has them in most of the countries where it works as an exchange, nothing new here, and using the adjective crisis is exaggerated.

So was Charles Ponzi and poor guy Bernie! So many experts and the heroes of many men have left us, wonder when CZ will get his special congratulation treatment in some cell?

[Texac]

the dibinance crisis will make all crypto impact the market.
something that is big and well-known if it suddenly becomes problematic will certainly have a bad impact.
maybe the crypto market will drop very deep if binance threatens to collapse.

I don't think binance will be threatened with collapse. Yes, in the worst case they may close Binance.US, but I don't think that will happen. More likely, they will find some compromise that suits everyone. The SEC doesn't control the whole world, so their decisions can have a global impact on the world economy. And they are unlikely to shoot themselves in the foot by deciding to ban.

Yes, the SEC won't be stupid enough to shoot themselves in the foot and lose a big source of income from those exchanges, what they are doing is just scaring and wanting more money.  it can be said that their greed is growing and they want more. personally, I also predict that there will be an agreement between the parties, which is almost certain.  Binance will not want to give up a fertile market like the US, and the US government does not want to lose a huge tax source from the crypto market.

[flyingcarpet]

the dibinance crisis will make all crypto impact the market.
something that is big and well-known if it suddenly becomes problematic will certainly have a bad impact.
maybe the crypto market will drop very deep if binance threatens to collapse.

I don't think binance will be threatened with collapse. Yes, in the worst case they may close Binance.US, but I don't think that will happen. More likely, they will find some compromise that suits everyone. The SEC doesn't control the whole world, so their decisions can have a global impact on the world economy. And they are unlikely to shoot themselves in the foot by deciding to ban.

Yes, the SEC won't be stupid enough to shoot themselves in the foot and lose a big source of income from those exchanges, what they are doing is just scaring and wanting more money.  it can be said that their greed is growing and they want more. personally, I also predict that there will be an agreement between the parties, which is almost certain.  Binance will not want to give up a fertile market like the US, and the US government does not want to lose a huge tax source from the crypto market.

I think there will be an agreement between the parties. I don't think they would prefer to eliminate such a large volume of shopping. They just scare. Let's say it is banned there, an alternative is created immediately and it continues in the same way. These cases are not as effective as they used to be. They need to look at the banks until they come to the stock markets. There are many things that need to be fixed. I think this situation will pass. The crypto market will continue without any exchange, but I don't think anything will happen to Binance.

[Wong Gendheng]

Binance is the biggest exchanges and if you experience a crisis, of course this is very dangerous, but I'm sure Binance has a large capital and will not experience a crisis, and about 6 hours ago I withdraw from Binance and everything is no problem.

[MoonOfLife]

Binance is the biggest exchanges and if you experience a crisis, of course this is very dangerous, but I'm sure Binance has a large capital and will not experience a crisis, and about 6 hours ago I withdraw from Binance and everything is no problem.

If you are sure that Binance will not crash and there will be no problems, why are you withdrawing all your assets from Binance? Everything is risky, and nothing can be said about the future. I'm also using Binance and don't want anything bad to happen to it, but I still don't rule out the possibility that one day it will crash.

[bestcoins1]

Binance is the biggest exchanges and if you experience a crisis, of course this is very dangerous, but I'm sure Binance has a large capital and will not experience a crisis, and about 6 hours ago I withdraw from Binance and everything is no problem.

It doesn't make much sense to just compare the case study of the crisis that Binance went through with the small withdrawals you made mate, because you really won't feel the problem as an ordinary user who probably doesn't have a large amount of assets on Binance. In fact, what Binance is currently facing is not a crisis such as a lack of money, but rather an audit problem that has befallen them through the SEC.

If you are sure that Binance will not crash and there will be no problems, why are you withdrawing all your assets from Binance? Everything is risky, and nothing can be said about the future. I'm also using Binance and don't want anything bad to happen to it, but I still don't rule out the possibility that one day it will crash.

Now the situation and conditions that are being faced by Binance are slightly different from before, so it is only natural that there are many people who have started withdrawing their assets from Binance for them to secure in their own wallets. And actually I also don't want to see Binance in a big trouble because Binance is a good exchange and also has more services that can be used by its users than any other exchange when it comes to crypto.

[BitcoinTurk]

In your opinion, is this a consequence of increased pressure on China by the U.S.?

I don't think this is exactly the reason but I think it may have a small share in the fact that there are two governments that we constantly see in the cryptocurrency markets.

What will the problems of Binance lead to for crypto market and crypto users?

To answer this question, in the possible Binance crisis the market will be severely affected and crypto investors will see very bad days. It should not be forgotten that Binance has been operating as the most popular and strongest pawn in this market for a long time. In the serious crisis, this platform which has reached a very serious power in the cryptocurrency markets in terms of daily trading volume, number of users and user funds will certainly have a very bad effect. In addition to being the strongest in the market, Binance, which offers various services for cryptocurrency markets will also cause many users to suffer after a possible crisis.

Undoubtedly, in the event of a potential Binance crisis we will encounter very serious price movements, price drops and bad news in the cryptocurrency markets.

[cabron]

In your opinion, is this a consequence of increased pressure on China by the U.S.?

I don't think this is exactly the reason but I think it may have a small share in the fact that there are two governments that we constantly see in the cryptocurrency markets.

What will the problems of Binance lead to for crypto market and crypto users?

To answer this question, in the possible Binance crisis the market will be severely affected and crypto investors will see very bad days. It should not be forgotten that Binance has been operating as the most popular and strongest pawn in this market for a long time. In the serious crisis, this platform which has reached a very serious power in the cryptocurrency markets in terms of daily trading volume, number of users and user funds will certainly have a very bad effect. In addition to being the strongest in the market, Binance, which offers various services for cryptocurrency markets will also cause many users to suffer after a possible crisis.

Undoubtedly, in the event of a potential Binance crisis we will encounter very serious price movements, price drops and bad news in the cryptocurrency markets.

The price movement I think is over although it may just be a stagnant price for the rest of the month. It could also move downwards to $22k, crazy market but I think its necessary for BTC to be uninteresting for the public.

China opening its people for crypto is likely their way to allow their people to combat inflation. Its also affecting them but they are confident as its not in the mainland but only in Hongkong where they could easily shutdown if its problematic.

[serjent05]

Let us consider that similar to a company where staff is getting lay off due to recession or may be that company getting on the verge of bankruptcy or something like that. Now what are we left with? Just a normal news where company is trying to make its stand with the help of reducing financial burden. If US government went strict on them then that’s not the fault of a Binance US. They have to pack their things and flee the country. Sad for the US employees I guess but can’t help it if company wasn’t up to the standard of SEC or internal politics. Nothing much will happen except a FUD, FOMO sell offs, whales buying more at discounted rates and regular guys going nuts about it. After few months dust will be settled whales will become more rich because they took the chance and regular investors would cry with the statement “they wish they would have bought or kept their investment as it is”.

I agree with you. All this hype looks like a big financial manipulation to further take assets out of weak hands. My guess is that the SEC attack will end up being next to nothing, but will keep people in fear for a month or two. Those who are quieter will win.

It will take some time for the development of the case against Binance so all things on the Bitcoin market will go back to normal in just a few weeks.  I do not think that there is a manipulation here but SEC exercising its authority over an exchange that does not follow their regulation.  If Binance US followed the SEC regulation then there shouldn't be an issue like this.

[Texac]

the dibinance crisis will make all crypto impact the market.
something that is big and well-known if it suddenly becomes problematic will certainly have a bad impact.
maybe the crypto market will drop very deep if binance threatens to collapse.

I don't think binance will be threatened with collapse. Yes, in the worst case they may close Binance.US, but I don't think that will happen. More likely, they will find some compromise that suits everyone. The SEC doesn't control the whole world, so their decisions can have a global impact on the world economy. And they are unlikely to shoot themselves in the foot by deciding to ban.

Yes, the SEC won't be stupid enough to shoot themselves in the foot and lose a big source of income from those exchanges, what they are doing is just scaring and wanting more money.  it can be said that their greed is growing and they want more. personally, I also predict that there will be an agreement between the parties, which is almost certain.  Binance will not want to give up a fertile market like the US, and the US government does not want to lose a huge tax source from the crypto market.

I think there will be an agreement between the parties. I don't think they would prefer to eliminate such a large volume of shopping. They just scare. Let's say it is banned there, an alternative is created immediately and it continues in the same way. These cases are not as effective as they used to be. They need to look at the banks until they come to the stock markets. There are many things that need to be fixed. I think this situation will pass. The crypto market will continue without any exchange, but I don't think anything will happen to Binance.

Both are for money, so both sides will find a way to compromise for mutual benefits.  i also firmly believe that nothing worse will happen because no one wants to lose such a large source of income. to me, these news is nothing more than Fuds to get people to dump their assets, and there are a lot of people who are quietly buying.  When news like this hits the market, I usually focus on accumulating more bitcoins, and I believe bitcoin will recover soon for the sharks to profit. so instead of fear, we should take advantage of it.

[dansus021]

Binance is the number one exchange by volume according to the coingecko and coinmarketcap so it will affect the crypto industry.

Especially with the latest news from the SEC it really hit the market hard if the SEC won I think we are gonna see more bleed in the market but if binance won we might see the mini bull run again. tho if Binance and Coinbase lose I just think both them will remove the coin that considered as securites and will make more bleed to altcoin or close the US office but this rarely case

[DrBeer]

Events are moving swiftly...

- After the SEC lawsuit was filed, market depth for the top 25 crypto-assets on Binance.US dropped by 78%, Kaiko analysts pointed out.
"Market makers left immediately, leaving [the platform] with almost no liquidity," the experts noted. Representatives from Wintermute and Keyrock confirmed to The Block that they were among the firms that left Binance.US.
The depth of the market reflects its capacity, by which you can judge how many buy/sell orders it holds and how quickly and with minimal price deviation transactions are executed.
Lack of liquidity can lead to significant price slippages, negatively affecting trading efficiency and the attractiveness of the site.
- Binance has announced the delisting of a number of spot pairs with BNB
The spot platform will stop supporting the following trading instruments: BIFI/BUSD, DASH/BNB, FIO/BUSD, GAL/BNB, ILV/BNB, KLAY/BNB, LIT/ETH, MC/BNB, MINA/BNB, MLN/BUSD, ONE/ETH, OXT/BUSD, PEOPLE/BNB, PEOPLE/ETH, QNT/BNB, WAXP/BNB, XTZ/ETH, ZEC/BNB, ZRX/ETH.

Source https://forklog.com/

[coolcoinz]

Binance is the biggest exchanges and if you experience a crisis, of course this is very dangerous, but I'm sure Binance has a large capital and will not experience a crisis, and about 6 hours ago I withdraw from Binance and everything is no problem.

You should've done that long ago.
If this crisis makes people worried about the safety of their funds and learn about self-custody it's all for the better.

I see a lot of positive aspects in this. First of all this is going to put a pressure on Binance. Stress test it so that we'll finally, in Buffett's words, se who's swimming naked.
Then there's the issue of Binance's insider trading and commingling of funds, which shouldn't be happening. They were too full of themselves and playing with fire, until they got burned, so if that makes them lose money on lawyers and fines, it's fine by me.
Finally, we have the issue of regulation in the US. The fact is, crypto regulation doesn't exist yet, but Gensler is trying to make exchanges look worse than they really are and working outside the law. A great example of this is comparing Coinbase to Binance, when Coinbase was being audited and it wasn't doing any insider trading and commingling of funds.
Armstrong said they're ready to go to court, and IMO this is going to take many years, so the SEC will have another chair by the time we see a verdict.

[Oneandpure]

Binance is the largest exchange right now and the issues faced with SEC can't stop their coins BNB keep stable on the higher price, dropped more than 30% from $320 and BNB current price on $240 seems how bigger impact from SEC Commission announcement last several days. Its not first time what happen with Binance exchange but I don't sure how long Binance keep stable and strong against with SEC Commission and we know their reputation success destroy many altcoin kinds until have lower values.

Binance seems not respond against SEC, actually its bad impact how to make Binance's member keep trust with this exchange without have new update or announcement about Binance exchange in the good position right now.