Gozie51
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June 15, 2023, 12:35:12 PM Last edit: June 15, 2023, 01:06:32 PM by Gozie51 |
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- Fulfilling the terms of service provision/control for US citizens (this is an internal US issue, and they have the right) - Providing, or rather, the "through fingers" solution to help bypass sanctions, financing and assistance in the transit of funds for the representatives of the country, the recognized aggressor and terrorist. In doing so, Binance tried to "turn on the fool" and pretend that they do not understand what they are violating and how ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) In a word - we are watching the development of events! One of these commitments like you have said, I don't think to bypass the sanction by any means will be a good taste for binance, it would be like robbing peter to pay Paul meaning no resolution because the matter will later surface and I don't think CZ would want this option. To me that will still not create a very good business environment for binance and crypto community in US as fear will still be locked in the air.
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smile1218
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June 15, 2023, 12:58:18 PM |
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The recent crisis at Binance, one of the world's largest crypto currency exchanges, has caused concern among investors and traders in the crypto market. Binance has been facing regulatory pressure from various countries, including United States, Japan and the United Kingdom, which has led to restrictions on its services in these regions. The impact of the Binance crisis on the crypto market is uncertain at this time. While some investors may be hesitant to continue trading on the platform, others may see this as an opportunity to invest in alternative exchanges or crypto currencies. The overall effect on the market will depend. on how quickly effectively Binance is able to address the regulatory concerns and restore investor confidence.
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Flexystar
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June 15, 2023, 01:17:41 PM |
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- Fulfilling the terms of service provision/control for US citizens (this is an internal US issue, and they have the right) - Providing, or rather, the "through fingers" solution to help bypass sanctions, financing and assistance in the transit of funds for the representatives of the country, the recognized aggressor and terrorist. In doing so, Binance tried to "turn on the fool" and pretend that they do not understand what they are violating and how ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) In a word - we are watching the development of events! One of these commitments like you have said, I don't think to bypass the sanction by any means will be a good taste for binance, it would be like robbing peter to pay Paul meaning no resolution because the matter will later surface and I don't think CZ would want this option. To me that will still not create a very good business environment for binance and crypto community in US as fear will still be locked in the air. That is long gone. It was multi million business and there is no coming back in the US geo for Binance for time being. They should have done the ToS acceptance as per the government since very long and it’s not like Binance is completely at the fault but the government authorities as well. The Binance did Update their system time to time. First they had no KYC, then they were supposed to do the basic KYC and later it all started with full KYC concept as per the account level. That part was already clear and most of the exchangers do follow it no matter what. Over the period of time authorities have changed many asset natures from cold asset ti securities from trading commodity to commission and what not. It’s obvious any business would fail to adopt over the time if they are changing the rules like clothes.
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serveria.com
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June 15, 2023, 01:32:45 PM |
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If we draw some parallels with SEC and Binance situation, the US is clearly attacking Binance (and Bitcoin in general), because they dared to refuse to ban Russian customers. I guess you can call the US a terrorist state then? Which can try to close any exchange to reach their goals? Pretty much any economy in the World can suffer from the economic terror of the US. If you can't see these similarities here, that's hypocrisy. ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Great answer, thank you ! I'll explain why ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Breaking laws, violating CONTRACTS, financing terrorism, or helping rogue countries/regimes to circumvent sanctions, are ILLEGAL ACTIVITIES ! And here again, it's perfectly obvious that you're trying to wishful thinking - that it's "the US fighting Binance and BITCOIN". Would you care to prove your statement, and show where else the U.S. is fighting BITCOIN, accusing the structures of financing terrorism and violating their commitments, and demanding a ban on BITCOIN transactions ? By the way. question, part two - in which part of the SEC claim does the demand to Binance prohibit or limit the Bitcoin transactions sound? I'm waiting very carefully for the reasoned advice, with links to the original documents corresponding to your "morass" ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) At this point, I have to ask: where have you spent last 10-13 years? ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) It's common knowledge that all countries are generally against Bitcoin, because Bitcoin is a threat to banks and their existence. And note it's merely my opinion, not a fact so I'm not obliged to provide any sources (unlike you posting your fake news without sources and pretending they're real facts haha). But nevertheless I will: "Now, the Biden administration has been accused of trying to "quietly" ban bitcoin, ethereum and other cryptocurrencies in a move that's been described as "Operation Choke Point 2.0"—referring to a 2013 government initiative that sought to cut off undesirable industries from banking services." "The U.S. government is using the banking sector to organize a sophisticated, widespread crackdown against the crypto industry," "And the administration’s efforts are no secret: they’re expressed plainly in memos, regulatory guidance, and blog posts. However, the breadth of this plan—spanning virtually every financial regulator—as well as its highly coordinated nature, has even the most steely-eyed crypto veterans nervous that crypto businesses might end up completely unbanked, stablecoins may be stranded and unable to manage flows in and out of crypto, and exchanges might be shut off from the banking system entirely." https://www.forbes.com/sites/billybambrough/2023/02/09/us-accused-of-trying-to-quietly-ban-bitcoin-ethereum-and-crypto/?sh=6b7762e86403The lack of regulatory clarity is a common complaint among crypto firms, which argue that the United States is pushing the industry overseas, and ultimately ceding authority to foreign regulators that have established clearer guidelines. And that may be true, but Gary Gensler, the outspoken crypto-skeptic and top cop at the SEC, doesn’t seem to care. “Look, we don’t need more digital currency,” Gensler told CNBC on Tuesday. “We already have digital currency: It’s called the US dollar. It’s called the euro or it’s called the yen; they’re all digital right now. We already have digital investments.” https://edition.cnn.com/2023/06/06/business/nightcap-crypto-sec-binance-coinbase/index.htmlAnd I could go on and on and on... Breaking laws, violating CONTRACTS, financing terrorism, or helping rogue countries/regimes to circumvent sanctions, are ILLEGAL ACTIVITIES ! Oh, come on, grow up. These are the formal reasons presented to the public. But everybody knows what the REAL reasons are...
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leonair
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June 15, 2023, 01:43:44 PM |
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Binance being a big exchange can certainly have an effect on the crypto market for its negative news. And already we can see all coins including Bitcoin BNB, Ethereum getting dumped. however, no specific time can be said for how long such a problem will last. So it is better not to invest in the current panic market because the analysis will not work very well in the current market. Binance is known as the top exchange globally so it is only natural that negative news against them will have a long impact on cryptocurrency and we have to accept that as well.
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DrBeer (OP)
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June 15, 2023, 06:53:28 PM |
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And here is some very interesting material. As they say "not everything is so unambiguous" ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Opinion: why bitcoin-maximalists see the SEC as an ally ! It may seem paradoxical, but many bitcoin supporters welcome the SEC lawsuits against cryptocurrency exchanges Coinbase and Binance. Earlier, Swan.com bitcoin CEO Corey Klipsten, in a commentary for Fortune, called the SEC's stance on cryptocurrencies "consistent," while Strike payment application head Jack Mullers said that SEC Chairman Gary Gensler was trying to "protect the integrity of America's financial markets." Both criticized Coinbase for listing altcoins and called Binance an offshore exchange that trades unregistered securities. Such a position finds support among prominent members of the bitcoin community, including Max Kaiser, Samson Maw, Matt Odell and others. According to Castle Island Ventures partner and Coinmetrics co-founder Nick Carter, this bitcoin guru behavior is turning the first cryptocurrency into a cult Original article and full text: https://forklog.com/exclusive/mnenie-pochemu-bitkoin-maksimalisty-vidyat-v-sec-soyuznika...
Twenty-four hours of sweating, thinking up something, writing some nonsense - not tired? ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) 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 ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Bottom line - go rewrite your answer ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) PS And in general, do not distract busy people with your nonsense ! ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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teosanru
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June 15, 2023, 07:06:31 PM |
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The last weeks were marked by notable news splashes about Binance, and the problems of this exchange.
- The media reported about layoffs at Binance. Bitcoin exchange Binance has begun laying off staff. Presumably, the percentage of laid-off staff will be 20%, reported reporter Colin Wu, citing his own sources.
- The world's largest cryptocurrency exchange, Binance, has lost a quarter of its market share in the past three months as a U.S. regulator prosecutes it for allegedly violating U.S. federal laws. In February, New York regulators shut down Binance-branded Stablecoin issuance.
- The SEC has sued Binance and Changpeng Zhao. The Securities and Exchange Commission (SEC) sued bitcoin exchange Binance and its CEO Changpeng Zhao. The U.S. regulator brought 13 charges, including unregistered offers and sales of BNB and BUSD tokens, Simple Earn and BNB Vault products and stacking. The suit also alleges that Binance failed to register its Binance.com platform as an exchange, broker-dealer or clearing agency, as did the U.S. unit. Zhao was sued as a "controlling person."
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?
One thing that's for sure is that SEC filing a law suit and it actually gets proven are two different things. We saw how Ripple went perfectly safely out of the SEC's Clutches proving them innocent. Same might happen with Binance and Solana as well. But the best part is that Binance and other exchanges will now atleast start fearing a regulation and ensure their operations take place smoothly in favour of the users and not for their profiteering.
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summonerrk
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June 15, 2023, 07:39:18 PM |
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..... After all the disturbing news, the BNB rate has fallen quite a lot, nevertheless, I think that the Binance will cope with all the difficulties, and the bad news is just FUD that should not be perceived negatively. Now is the time to buy promising BNB tokens, the price of which has been testing the level of powerful support for about $ 240 for the third time. At the same time, I am not so afraid of problems with binance that I participate in the stake program from Maverick for Launchpad.
Moreover, yesterday there was news that Binance is successfully defending itself in court.
Exactly because Binance is today the largest and geographically the largest exchange, I created this topic to understand other people's opinions, and to assess the risks of further interaction with both Binance and BNB in particular. This problem is not about cryptocurrency bans. It is an issue of regulation, compliance with laws and commitments, and much more. Let's say - I am very pessimistic about the probability of Binas collapse, but with non-zero probability I allow the risks, a sharp restriction of its work all over the world. The SEC is a very significant organization, and it has strong influence outside the US. I'm sure there wouldn't be any problems, well at most a small claim/world or a mini fine, if Binance didn't REPLACE the 2 commitments it made. Or rather, Binance pretended that "nominally we are fulfilling", but in fact did it only "on paper". These two commitments: - Fulfilling the terms of service provision/control for US citizens (this is an internal US issue, and they have the right) - Providing, or rather, the "through fingers" solution to help bypass sanctions, financing and assistance in the transit of funds for the representatives of the country, the recognized aggressor and terrorist. In doing so, Binance tried to "turn on the fool" and pretend that they do not understand what they are violating and how ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) In a word - we are watching the development of events! Yes, and here you can also add the news that Binance informally assists in registering residents on its exchange in countries where its presence is prohibited. You are right to say that we should always assume a non-zero probability that everything will go according to the worst scenario, I remember perfectly well the times when Poloniex and Bittrex were much more popular than Binance, but now CZ has definitely brought its exchange to the tops. The BNB's course was not very well affected by the fact that Binance curtailed its activities in Cyprus. Nevertheless, the price of the token is still within the support level. I hope "Funds are Safu" will continue to exist without bad changes because I like Binance.
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kaseygriffin
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June 16, 2023, 04:46:42 AM |
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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.
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Cookdata
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June 16, 2023, 05:52:28 AM |
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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.
The Securities exchange commission may have a bad image on the faces of the public but it doesn't kill the fact that Binance did something wrong, no way in those charges Biance will deny all in court that they are not responsible for such, and besides, I still think it is a payback time because of how FTX collapse back in 2022, Sam Bankman will be happy wherever he is now with this Binance scrutiny and hunt. BNB holders are not the only ones affected, more than 20 reputable altcoins were hurt as well and also felt the heat, they are been profiled as security and not only Binance alone will face those charges, even the altcoins founder will face the same charges, and it will affect the market in a long run because look at ripple charges till now, they are still battling in court for the same reason.
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DrBeer (OP)
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June 16, 2023, 08:34:18 AM |
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- Fulfilling the terms of service provision/control for US citizens (this is an internal US issue, and they have the right) - Providing, or rather, the "through fingers" solution to help bypass sanctions, financing and assistance in the transit of funds for the representatives of the country, the recognized aggressor and terrorist. In doing so, Binance tried to "turn on the fool" and pretend that they do not understand what they are violating and how ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) In a word - we are watching the development of events! One of these commitments like you have said, I don't think to bypass the sanction by any means will be a good taste for binance, it would be like robbing peter to pay Paul meaning no resolution because the matter will later surface and I don't think CZ would want this option. To me that will still not create a very good business environment for binance and crypto community in US as fear will still be locked in the air. Well, whatever it was - but Binance tried to do it, and then also tried to pretend that he did not understand what it was about. The problem of circumventing sanctions to stop funding a terrorist country means that tomorrow Binance will help ANY rogue country, receive uncontrolled funding, bypass international sanctions. Now I am writing an answer, and Kyiv is undergoing another rocket attack from the country of an international terrorist, explosions are not far from me, air defense is working ... And this is a consequence of the actions of many, including Binance
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coupable
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June 16, 2023, 09:35:00 PM |
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The FXT collapse did thought us huge number of lessons and which I think a lot of people must have learnt something from that event, from the report then on chain data shows that number of address that moved their cryptos from exchange to noncustodial wallet saw an increased number of transaction. However, Despite that Binance is an elephant in these industry, The contagion may not impact the industry negatively much.
After the FTX crisis, the level of trust in central platforms in general has declined, but the level of trust in Binance has increased relatively as it is considered the safest alternative, since most users do not have a culture of private wallets and deal with the platforms just as they deal with banks. Today, Binance is going through a crisis (of course less risky than FTX), and it is natural that this contributes to a greater decline in the level of confidence, which explains the on chain data that shows that the volume of withdrawals from the platforms has increased in general.
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DrBeer (OP)
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June 17, 2023, 09:47:01 AM |
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I heard a very INTERESTING and reasoned opinion in the next branch: “There are quite clear accusations in the SEC’s actions against Coinbase and Binance: these exchanges allowed securities to be traded without being authorized to do so. And they offered services such as “staking”, which are very similar to banking products and therefore also require authorization. . Are any of these allegations related to Bitcoin? No. The SEC has already clarified that bitcoin is not a security. So the accusations have nothing to do with bitcoin. ..... So let's calm down. This is not against Bitcoin. This is against shady business models where companies pretend they are decentralized when they are not, and want a cheaper and less consumer-protective way to fund their business (or directly run away with your money). And it's also about crypto exchanges that pretend they're not banks, but they are, as long as they offer products like so-called "staking" (which has nothing to do with real proof of stake)." https://bitcointalk.org/index.php?topic=5456588.0This is really closer to the truth. And most likely the hype on the topic "SEC infringes on cryptocurrency" is just a PR action of exchange players who may lose a very attractive "tax-free and uncontrolled income", which they are used to and on which they have built entire financial empires, which until today seemed "untouchable" through the manipulation of words, technology and calls for "an honest, decentralized world." At the same time, they continued to do it dishonestly, centrally and bypassing the law.
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Huppercase
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June 17, 2023, 11:18:27 AM |
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Binance being a big exchange can certainly have an effect on the crypto market for its negative news. And already we can see all coins including Bitcoin BNB, Ethereum getting dumped. however, no specific time can be said for how long such a problem will last. So it is better not to invest in the current panic market because the analysis will not work very well in the current market. Binance is known as the top exchange globally so it is only natural that negative news against them will have a long impact on cryptocurrency and we have to accept that as well.
If you don't invest now, when did you plan to invest, until the market is green so you can get rekt? No that's a wrong footsteps dear friend, you should invest now that the market is dried of volume and less interest from many people in tbe market. Take a deep breath and look at Binance situation, it's a temporary fight, and it will soon be over with, and from the look of things, only the US citizens are affected, very soon bitcoin will go back to where it was before and will be stronger this time. The last time China were hating crypto and today, it seems some part of them are considering accepting bitcoin back to their place.
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leonair
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June 17, 2023, 11:25:46 AM |
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Binance being a big exchange can certainly have an effect on the crypto market for its negative news. And already we can see all coins including Bitcoin BNB, Ethereum getting dumped. however, no specific time can be said for how long such a problem will last. So it is better not to invest in the current panic market because the analysis will not work very well in the current market. Binance is known as the top exchange globally so it is only natural that negative news against them will have a long impact on cryptocurrency and we have to accept that as well.
If you don't invest now, when did you plan to invest, until the market is green so you can get rekt? No that's a wrong footsteps dear friend, you should invest now that the market is dried of volume and less interest from many people in tbe market. Take a deep breath and look at Binance situation, it's a temporary fight, and it will soon be over with, and from the look of things, only the US citizens are affected, very soon bitcoin will go back to where it was before and will be stronger this time. The last time China were hating crypto and today, it seems some part of them are considering accepting bitcoin back to their place. It doesn't matter whether the market is green or the red, I feel comfortable doing that investment when there is no volatility in the market and a good relaxing analysis can be done. Now if someone invests then maybe he will have huge profit or use loss because there is volatility in the market now. And at this moment the market will not move at its normal pace and chart analysis may not work at this time as well. that's why I made that comment. Investing is one's personal matter I don't force anyone to be follow my strategy
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Inwestour
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June 17, 2023, 11:53:22 AM |
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It doesn't matter whether the market is green or the red, I feel comfortable doing that investment when there is no volatility in the market and a good relaxing analysis can be done. Now if someone invests then maybe he will have huge profit or use loss because there is volatility in the market now. And at this moment the market will not move at its normal pace and chart analysis may not work at this time as well. that's why I made that comment. Investing is one's personal matter I don't force anyone to be follow my strategy
In my opinion, traders love the cryptocurrency market because of the high volatility, if you know how to take advantage of this, it can give you much more profit in a short time than a stable market. However, flat is also good for trading, but there will not be such great opportunities, the result may be less but more stable, everything will depend on the strategy. Of course, the binance crisis affects the market, after the lawsuit we saw the fall of the entire market, and those who were not afraid and bought at this time can benefit, any crisis is an opportunity.
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DrBeer (OP)
Legendary
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It doesn't matter whether the market is green or the red, I feel comfortable doing that investment when there is no volatility in the market and a good relaxing analysis can be done. Now if someone invests then maybe he will have huge profit or use loss because there is volatility in the market now. And at this moment the market will not move at its normal pace and chart analysis may not work at this time as well. that's why I made that comment. Investing is one's personal matter I don't force anyone to be follow my strategy
In my opinion, traders love the cryptocurrency market because of the high volatility, if you know how to take advantage of this, it can give you much more profit in a short time than a stable market. However, flat is also good for trading, but there will not be such great opportunities, the result may be less but more stable, everything will depend on the strategy. Of course, the binance crisis affects the market, after the lawsuit we saw the fall of the entire market, and those who were not afraid and bought at this time can benefit, any crisis is an opportunity. And if you add to that the possibility to avoid taxation and conceal income - crypto becomes a mega-attractive market ! That's why they so fiercely resist any regulatory innovations, which will either deprive them of access to the market, or "open" data about them, and there will be a question - of taxation and responsibility, and a very serious responsibility...
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Etranger
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 17, 2023, 12:10:38 PM Merited by fillippone (1) |
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Binance being a big exchange can certainly have an effect on the crypto market for its negative news. And already we can see all coins including Bitcoin BNB, Ethereum getting dumped. however, no specific time can be said for how long such a problem will last. So it is better not to invest in the current panic market because the analysis will not work very well in the current market. Binance is known as the top exchange globally so it is only natural that negative news against them will have a long impact on cryptocurrency and we have to accept that as well.
I don't see any signs of a panic market, to be honest. Well, yes, the main coins sank due to a lawsuit against binance, but this is a completely expected reaction. I can't say that the drop was much larger than with any other unfavorable news, that is, the market did not react with panic, but simply with an expected decline, which is not critical. Moreover, the SEC has not achieved significant results, it seems that they just decided to hush up the matter for the time being. It seems to me that binance will only benefit from such publicity and attention to itself. And for the market as a whole, this is a weighty example of the stability of the cryptosphere, even in the face of state institutions. So this should attract new investment and raise the value of assets.
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doomloop
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 17, 2023, 03:06:23 PM |
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The recent crisis at Binance, one of the world's largest crypto currency exchanges, has caused concern among investors and traders in the crypto market. Binance has been facing regulatory pressure from various countries, including United States, Japan and the United Kingdom, which has led to restrictions on its services in these regions. The impact of the Binance crisis on the crypto market is uncertain at this time. While some investors may be hesitant to continue trading on the platform, others may see this as an opportunity to invest in alternative exchanges or crypto currencies. The overall effect on the market will depend. on how quickly effectively Binance is able to address the regulatory concerns and restore investor confidence.
Traders from the countries where the regulatory pressure is coming from are probably not using the platform anymore or even if they are using it, they are obviously afraid of it shutting down services, but I believe even if they halt services for a certain country, they will obviously give some time to their users to withdraw their funds before they close down the platform for them which is one thing that might give traders some peace of mind. Global traders of Binance are probably not afraid of anything yet apart from trading BNB because it has become highly volatile right from the day the news of SEC suing Binance came out and it has dropped significantly since then with no sign of going up any time soon.
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