SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price

[ColdLava40]

Securities and Exchange Commission, popularly known as SEC, recently filled a lawsuit against Binance for violating federal securities laws. This made Bitcoin price declined by almost 5%, one hour after the allegation was filled as at june 5th.

As at this morning, while checking Bitcoin chart, it is currently $25.7K. The funniest part is that lots of Crypto and Non-Crypto experts had all made predictions of a pump in price.

SEC can't just stopping firing at all exchange companies they suspect fishy activities. Don't forget that Coinbase and Coinme are also victims, and there court case is still active.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.




You can check further stories via New York Times -https://www.nytimes.com/2023/06/05/business/sec-binance-charges.html

[Nwada001]

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Yes, avoid US customers by all means from your exchange. If you don't want them to attack you, you either don't have their citizens allowed to use your service at all or you register your services under their regulation and let them be in control. but it might not guarantee you're totally free because the SEC doesn't need an excuse to attack anyone who is on their target list; they can just wake up and make one.

[OcTradism]

Securities and Exchange Commission, popularly known as SEC, recently filled a lawsuit against Bianance for violating federal securities laws. This made Bitcoin price declined by almost 5%, one hour after the allegation was filled as at june 5th.

You must write the exchange name correct first. Binance, not Bianance.
Bianance might not exist now but it can exist in future and can belong to a phishing exchange that tries to do phishing attacks on Binance users.

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

They will because the SEC Chair Gensler failed to protect his standpoints in the Congress months ago. He will no longer to do everything he wants if the Congress is no longer in control of the Democrats.

I believe that the US. government don't want to see many cryptocurrency companies to shift their companies, offices to other nations like China mainland because of SEC.

Gensler denied to answer that in his position, in SEC available regulations, is Ethereum a security or not? He failed to answer it but he uses his power to attack many other altcoin projects. Gensler will fail, not those projects, not the cryptocurrency industry in the US.

Watch two videos
Chairman Patrick McHenry blasts SECGov Chair Gensler's disastrous rulemaking agenda and short comment periods that carve the American public out of the rulemaking process.

Watch Chairman McHenry grill Gensler on his contradictory views on digital assets

[Blitzboy]

Well, the SEC is like a strict schoolteacher, always keeping an eye on the naughty kids in the class. Binance just got a taste of the proverbial ruler. The whole event sent Bitcoin price sliding down the hill faster than a kid on a waterslide.

Crypto enthusiasts have been crying "Moon!" all along, but all we've seen so far are storm clouds gathering. I'd say the SEC's assault on Binance could continue to put a damper on the crypto picnic.

As for escaping the SEC's grasp, it's like trying to avoid rain in Seattle. If you're playing in Uncle Sam's backyard, you gotta abide by his rules. Crypto exchanges can try to dodge the raindrops, but without a sturdy regulatory umbrella, they're bound to get wet.

[pooya87]

At the end of the day Binance is primarily an altcoin exchange and whatever happens to it should affect the altcoin market significantly not bitcoin's. But realistically speaking the FUD always finds its way to the bitcoin market and affects the weak hands hence causing the drops like we've seen too many times in the past.
Besides, what SEC does to Binance is not the issue here, what the FUD is going to be and how it will affect the market is the only thing that matters.

[Faisal2202]

You have asked very simple questions. And SEC does not sue all those platforms which look fishy or they (SEC) do not sue those on them they are skeptical. Because by reading their allegations, we can find out why they are against Binance, and yesternight, i have covered the same topic of reasons behind this sue against Binance USA.

Here is the article--> My Topic

Secondly, i do not think that SEC can further do any harm to Binance because if something happens then it is only limited to the USA boundary and only the US citizens will be affected and they (investors and traders) will find another way to perform transactional activities. Like maybe from Coinbase etc. The point is, BTC price can not be affected more by Binance (in my opinion).

Yeah, every exchange if cooperate with SEC then why SEC will sue them (like if there is anything on them or if they are in cooperation).

[Oshosondy]

At the end of the day Binance is primarily an altcoin exchange and whatever happens to it should affect the altcoin market significantly not bitcoin's. But realistically speaking the FUD always finds its way to the bitcoin market and affects the weak hands hence causing the drops like we've seen too many times in the past.
Besides, what SEC does to Binance is not the issue here, what the FUD is going to be and how it will affect the market is the only thing that matters.

I just want to say that bitcoin is the most traded coin on Binance. I checked spot trading for bitcoin, ether and Binance coin on Binance, Binance coin is not near the trading volume of ether, while bitcoin trading volume is higher than ether which I think is the second most traded coin on Binance.

Let me use yesterday trading volume as examples:

Using bitcoin price of $26770
Ether price of $1818

Spot market:
BTC/USDT: 65805 = $1.76 billion
ETH/USDT: 555361 = $1 billion

USDT-M futures:
BTCUSDT: 700502 = $18.75 billion
ETHUSDT: 4260000 = $7.74 billion

Coin-M:
BTCUSD: 111834 = $2.99 billion
ETHUSD: 714927 = $1.3 billion

Binance coin is very low. Also other coins are lower to both bitcoin and ether, but ether is still almost 2 times or more than 2 times lower in trading volume than bitcoin on Binance. Binance is truly an altcoin exchange as it encourages many altcoins, but bitcoin is the most traded coin on the exchange.

What is affecting the crypto market is also affecting bitcoin too, but just that altcoins are more volatile and riskier.

[bangjoe]

At the end of the day Binance is primarily an altcoin exchange and whatever happens to it should affect the altcoin market significantly not bitcoin's. But realistically speaking the FUD always finds its way to the bitcoin market and affects the weak hands hence causing the drops like we've seen too many times in the past.
Besides, what SEC does to Binance is not the issue here, what the FUD is going to be and how it will affect the market is the only thing that matters.

The SEC lawsuit against Binance, really affects the overall price including Bitcoin, including one of all that is affected by the dissemination of binance, and to be honest, this does affect as a weak person in holding their bitcoin, who becomes Bitcoin has a price decline.
I am very afraid if the SEC really wins on this case, because of course SEC will provide severe sanctions to the binance and including a large enough fine, if the binance authorities in handling this case, the most fearful thing is bankruptcy.

Although the minimal potential of binance is bankrupt, it is still a concern, because if there is a bankruptcy there might be a greater storm to Bitcoin because Binance is the biggest Cryto exchange and number 1 at this time in the world, I cannot imagine if that happens.
Its influence on the market is definitely reducing investor trust in crypto and fear that is filled with speculation is getting worse.

[franky1]

back in the days of the NY bitlicence. many businesses done all they could to stop operating in NY and stop servicing NY citizens(banning access of users whos IP geo location showed as NY).. however the NY authorities set up honeypot traps of them themselves(ny authorities residing in ny) registering with non NY licenced exchanges using proxies to by pass the IP bans.. registering as customer and then making a complaint that they were able to register with the exchange.. this was back in the days where KYC was not really a thing so the exchanges did not really know who their customers were. but suddenly became required to KYC their customers to then ban those revealing they were NY residents

things like this also happened to seller on localbitcoins. if they were found selling coin to NY residents they got slammed too with not being licenced to serve NY residents

[WillyAp]

Binance is taken much too seriously.
Bitcoin and most other decetral currencies survive that.

The problem is that people don't use crypto as a medium to pass around but like trading. Making money without moving more than a finger? Trading is a loss-loss situation. A loss for most involved, a loss for the cryptocurrency. 

[Luzin]

The SEC lawsuit against Binance, really affects the overall price including Bitcoin, including one of all that is affected by the dissemination of binance, and to be honest, this does affect as a weak person in holding their bitcoin, who becomes Bitcoin has a price decline.
I am very afraid if the SEC really wins on this case, because of course SEC will provide severe sanctions to the binance and including a large enough fine, if the binance authorities in handling this case, the most fearful thing is bankruptcy.

I don't understand how the SEC works, but some SEC actions always disappoint me. This season they have broken my hopes to see BTC go all the way up. They are like taking advantage of loopholes to get a lot of money for people in their organization. Not only today some cases of large exchanges dimming seem to also be the result of the SEC, if not wrong Poloniex, Bittrex. Many people are panicking for this matter. But all this has not been tested to be true or not. If CZ and Binance can stand by and provide concrete evidence of the falsehood of the allegations, I think Binance will be even stronger.

[Woodie]

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Of course it will!

Lets not forget that this is the number one exchange we have and any negative press generated from it does affect other exchanges and activity on the market drops as everyone wants to see the next step from both parties...and if trading on these platforms is safe, especially when it comes to their coins being held on the exchange.

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Very much possible, but with Binance they kind of geofenced the US market on one US domain of theirs to protect their business in other parts of the world..

But if you think about it, the reason most exchanges want to service the US market it's because of numbers! And these numbers translate into easy business and easy profit...but unfortunately the US market has always played hardball, I wonder if this lawsuit is meant to keep Binance away and let coinbase flourish on its own

[KiaKia]

There is a simple solution to this, coinbase and Binance should go offline and leave the business, after some time they should go Dex full time, and they should be no information about the owners or developers available at all, the reason why the SEC or government can't kill Bitcoin is because there is no one to arrest or file a lawsuit against.

Centralized exchanges need to stop for once and for all, these SEC will be powerless and all decisions making will be left for people only. If killing the business is going to be a problem, they should get out of the United States and find a better place to run the business.

Buckle up guys, this will affect Bitcoin value, and believe me, it's going to be a good opportunity if you know how to take advantage of the situation, sit tight, and don't give up.

[Renampun]

Securities and Exchange Commission, popularly known as SEC, recently filled a lawsuit against Binance for violating federal securities laws. This made Bitcoin price declined by almost 5%, one hour after the allegation was filled as at june 5th.

As at this morning, while checking Bitcoin chart, it is currently $25.7K. The funniest part is that lots of Crypto and Non-Crypto experts had all made predictions of a pump in price.

SEC can't just stopping firing at all exchange companies they suspect fishy activities. Don't forget that Coinbase and Coinme are also victims, and there court case is still active.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.




You can check further stories via New York Times -https://www.nytimes.com/2023/06/05/business/sec-binance-charges.html

in the end Binance is a company that inevitably has to comply with the SEC and regulations that are very discriminatory in the US. Binance can't do anything, apart from defending what they can defend, even if it's useless in front of the SEC, at least they can survive this storm.

not only Binance, but even other exchanges will not be able to escape the clutches of the SEC, as long as they want money from American customers. they will continue to be shadowed by the binding rules of the SEC and they must obey whatever they want, even if it makes no sense at all. if they don't like it, they can leave the US, that's their only option.

[dragonvslinux]

I think it's time for investors to finally shift away from the more risky and speculative altcoins to those considered safe havens, namely Bitcoin but also likely Ethereum, given they both haven't been labelled securities. I would also add Dogecoin to this short-list, but it still seems considerably overvalued, and there is also lawsuits pending against those who promoted and profited from it which is never a good look.

The other reality is this isn't a situation that will be resolved very quickly. XRP lawsuit has been going on for a long-time, and I imagine that the Binance and Coinbase lawsuits will go on for a long-time as well, maybe a year or two. So if I had to guess then we could see a shift over the next 12-24 months of investors shifting to safer assets, namely Bitcoin, until the SEC lawsuits are resolved one way or another, as there is too much uncertainty right now. Personally I've been waiting for Bitcoin to reclaim a lot of market dominance for the past year, which hasn't happened, but this seems like the long-term catalyst for that now.

[_BlackStar]

The SEC's lawsuit against Binance is considered FUD by most traders and so has been aggressively influencing the crypto market. Bitcoin has not escaped the impact of that FUD - it only reaches weak hands while strong hands will last longer due to experience.

Despite the brief impact that occurred over the last day - I'm starting to get my portfolio back moving forward as bitcoin price begins to recover. Yes - it was something I was hoping for after the panic that resulted in small dump the day before. I'm optimistic - of course because the SEC's lawsuits are not primarily for bitcoin but rather for Binance.

[GeorgeJohn]

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Yes, avoid US customers by all means from your exchange. If you don't want them to attack you, you either don't have their citizens allowed to use your service at all or you register your services under their regulation and let them be in control. but it might not guarantee you're totally free because the SEC doesn't need an excuse to attack anyone who is on their target list; they can just wake up and make one.

When US can attack a their citizen that uses exchange that they suspend in their country, is when the person who is using the exchange to trade is been caught for illegal things, do you know that one of the reasons while some of the exchanges is having issues with some countries, its because of money laundering activity, some people are using exchanges for money laundering especially those mixers and unpronounceable exchange that doesn't have operational license.

[OgNasty]

The SEC is also going after Coinbase, which is strange to me because Coinbase is a publicly traded company that was reviewed before it was able to be listed. I actually am beginning to think these attacks, specifically the one on Coinbase, will ultimately prove to be a good thing for Bitcoin once they win and get more regulatory clarity.

[carlfebz2]

The SEC's lawsuit against Binance is considered FUD by most traders and so has been aggressively influencing the crypto market. Bitcoin has not escaped the impact of that FUD - it only reaches weak hands while strong hands will last longer due to experience.

Despite the brief impact that occurred over the last day - I'm starting to get my portfolio back moving forward as bitcoin price begins to recover. Yes - it was something I was hoping for after the panic that resulted in small dump the day before. I'm optimistic - of course because the SEC's lawsuits are not primarily for bitcoin but rather for Binance.

For those oldies or veterans of this market, then for sure these kind of events and news are something that a way for those fellas trying out to dip out the price for them to get in. They would be targeting out those known platforms on which making up some issues and other things as long they could thrown at them as long it would really be making out some significant negative impact on the market.

I dont know on why lots had been talking recently about that 25k price dip? Is this really just that too big for them to freak out like that??
Few percent drops is just like an ordinary day here on crypto space and it isnt something a moment or situation for us to whine like babies. Fundamentals and news alike this about SEC or
other government institutions or something isnt really that tired on throwing issues and other stirring up the situation of this market via touching up those services and platforms.
Later on, it would really be just simply forgotten and simply move on.

[Baofeng]

Securities and Exchange Commission, popularly known as SEC, recently filled a lawsuit against Binance for violating federal securities laws. This made Bitcoin price declined by almost 5%, one hour after the allegation was filled as at june 5th.

As at this morning, while checking Bitcoin chart, it is currently $25.7K. The funniest part is that lots of Crypto and Non-Crypto experts had all made predictions of a pump in price.

SEC can't just stopping firing at all exchange companies they suspect fishy activities. Don't forget that Coinbase and Coinme are also victims, and there court case is still active.

Do you think SEC's lawsuit case will create more damage to the BTC price ?

Is it possible for all crypto exchange companies in the US to avoid SEC's trouble ?.

Possible, the effects might be just temporary though, and yes, after the news hit the public, it went to $25k'ish, and now it's back to $27,120. So we might conclude that there are no effect whatsoever. Nevertheless, there could be some part of manipulation by the whales here. As if they are giving hope that the news will not have a effect. But then again, maybe after hitting $28k there could be speculators that are going to short BTC.

But if we look at the long picture, at least six months down the line, we might forget about this issues. Maybe Binance can get over the hype, answers everything or move out their Binance.US for good, just like what Coinbase did.