SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price

[bettercrypto]

The SEC attack on Binance has no doubt caused the fall of Bitcoin in the market in terms of bitcoin price. If I were the only owner of a crypto exchange in America or the U.S, I would not hesitate to leave that country. They are actually doing that because Binance is a big crypto exchange and because it is big and they can earn a lot of money or generate money.

Since the U.S. country is already deep in debt. Think how many years Binance has been in the crypto space and now they are making a Fud against it, how many times has that happened? but Binance remained standing. But I don't know if Binance can overcome that.

[OgNasty]

I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

[OcTradism]

I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

SEC did lawsuits against two big exchanges, Binance and Coinbase. Binance is not welcome in the US. because their CEO is not welcome. I am not racist but Binance CEO smelt something wrong and risky years ago and wisely split Binance global and Binance US. a few months after the trade war between two big countries, US. and China.

Binance can fail against SEC. because of many reasons but how about Coinbase. They are a company in the US. at their beginning and it's shame of US. if SEC are free to attack any cryptocurrency exchange they want and don't base on any valid laws.

They sued Coinbase because of altcoins but see what guidelines did they have to guide Coinbase and other cryptocurrency exchanges. Nothing and SEC just sued companies they think are weak enough to be beaten easily.

[LogitechMouse]

I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

Now I wonder what will CZ do to save his precious company.
Right now, all of the top coins in terms of market cap made a bounce after that downward pressure caused by the news, EXCEPT on BNB. It went down even more, and now down 14% base on Coingecko.

Well, whatever the fate of Binance will be, I guess it's effect towards the crypto market will be just temporary only. The worst thing is if Binance will shut down because of this. I just hope it will not happen, but if it will, brace for impact, because it will greatly affect the whole crypto market. Overall, I think that CZ will overcome this one thru just stopping Binance.US.

[adaseb]

Seems this is ongoing and every few hours there is something new. First they sued them, then next day it was Coinbase, now they are freezing their assets, then Binance lawyers said they want the case dropped since Gary was actually wanting to work for Binance in the past and now they are saying they traded with customers funds.

They are claiming that customer funds were sent to Merit Point which was owned by CZ and they were used as investments for certain assets. Basically what Ftx did pretty much. No idea what to believe is true anymore.

[Dunamisx]

I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

If the government successful launched their attack on the exchange it may not really affect the market price because most of the bitcoiners are using a decentralized non custodial wallet as for the those that really knows what they are doing, i want to believe that the higher number of altcoins users are more on exchanges than the bitcoin users which means those that will suffer this huge lost are the bounty hunters having their asset on centralized exchange like Binance, but Binance could also evade this through it influence and and political relationship he had with some of the government officials and comply to some of their terms to reach a concession.

[tabas]

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

It has made a damage and that's the bad news but we also have some good news and that's how BTC is standing firm with all of these damages. While it's coming from stable $27k and see it down to $25k but now it's staying at $26k lines.

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

Yes and that's through compliance of what they're asking for. It seems that it's just the trouble where they're throwing to these exchanges related to securities offers and if they'll correctly offer that and ammend that mistake, they will avoid SEC's hot eye.

[OcTradism]

Seems this is ongoing and every few hours there is something new. First they sued them, then next day it was Coinbase, now they are freezing their assets, then Binance lawyers said they want the case dropped since Gary was actually wanting to work for Binance in the past and now they are saying they traded with customers funds.

Does SEC have rights to seize funds of cryptocurrency exchanges?

I don't know about that and if possible, they only can seize funds of Binance US.

They are claiming that customer funds were sent to Merit Point which was owned by CZ and they were used as investments for certain assets. Basically what Ftx did pretty much. No idea what to believe is true anymore.

Do you have any report or link to that wallet or transaction hashes to back the accusation that CZ and Binance inappropriately used user funds?

Cryptocurrency transactions are transparent and can be checked with public ledgers, except privacy coins like Monero. CZ and Binance don't use Monero to move most of their funds from hot to cold wallets, from exchange to personal wallets, it's what I believed.

But this information makes me curious and if you have more information to prove that CZ, Binance lied us and SEC are right, I am ready to discover it.

[Oilacris]

I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

If the government successful launched their attack on the exchange it may not really affect the market price because most of the bitcoiners are using a decentralized non custodial wallet as for the those that really knows what they are doing, i want to believe that the higher number of altcoins users are more on exchanges than the bitcoin users which means those that will suffer this huge lost are the bounty hunters having their asset on centralized exchange like Binance, but Binance could also evade this through it influence and and political relationship he had with some of the government officials and comply to some of their terms to reach a concession.

LOL!

What bounty hunters you do say? Its totally irrelevant on what you had said because if we do speak about those people who do bounties and the money they do earn then its not something that big
or would really be that significant on creating such liquidity. We know on Binance to be the most popular and famous crypto platform on which it would be normal that there are lots of whales are really
that trading up their coins which it isnt really just limited to Bitcoin but also in other altcoins as well. Trying to look those numbers in terms of 24 hr trading period volume then you could say that
they are indeed the top exchange as of this moment.

On the time that there would really be some issues been raised or on which Binance is involved with then for sure it would really be making out that such effect. Although it cant really last
up for a lifetime but only would really be temporal. If the updates of such issues would becomes even more worst then we do know on what comes next
into it.

[TravelMug]

I just read that the SEC is now looking to freeze Binance’s assets. That’s going to hurt them no doubt. It seems as though there won’t be much of a trial to determine Binance’s fate. With the SEC looking to punish the company, things like freezing assets and restricting access to banks could be enough to hurt the exchange or at the very least cause a run that will give it a proper stress test.

If the government successful launched their attack on the exchange it may not really affect the market price because most of the bitcoiners are using a decentralized non custodial wallet as for the those that really knows what they are doing, i want to believe that the higher number of altcoins users are more on exchanges than the bitcoin users which means those that will suffer this huge lost are the bounty hunters having their asset on centralized exchange like Binance, but Binance could also evade this through it influence and and political relationship he had with some of the government officials and comply to some of their terms to reach a concession.

For the record, it's not that bitcoiners are going to be affected, if you will have to read the lawsuit it doesn't mentioned bitcoin. It's just a bunch of altcoins that is treated by SEC as securities and Binance.US is offering it to their US customers.

So that is FUD that you have read, it's not a direct attack to bitcoin per se. And that is what CZ wanted to point out about this latest attack on them. And perhaps bitcoiners knows this as we didn't have a big downside when this news come out.

[adaseb]

Originally when this news came out they started a huge sell off but it seems to have settled down and it had a nice pump right after. You need to understand that Bitcoin is global and this is just 1 exchange in 1 country. Other countries aren’t going after binance. So crypto will be fine.

However I think that Binance US won’t continue anymore with all this negative press. The exchange wasn’t that large to begin with anyways. Most people never used it. So everything will be fine after this.

[justdimin]

Do you have any report or link to that wallet or transaction hashes to back the accusation that CZ and Binance inappropriately used user funds?

Cryptocurrency transactions are transparent and can be checked with public ledgers, except privacy coins like Monero. CZ and Binance don't use Monero to move most of their funds from hot to cold wallets, from exchange to personal wallets, it's what I believed.

But this information makes me curious and if you have more information to prove that CZ, Binance lied us and SEC are right, I am ready to discover it.

I think that question should be asked to SEC and not that user. I think it might be true, as in they have probably withdrawn money from the vaults of binance and used that for investing into other things. After all where else CZ could find money they could spend? It is not going to be that simple and we all know that they are going to end up with using binance money and that is alright because that's his money as well, who could tell him not to do that, it is his money and he can do whatever he wants.

Right now, if this is actually the case of course, they are going to see if he used our funds for it, or if he took out his own personal profits of the company from it. That's a very serious discussion considering their audit situation, if they can audit well, then it should be fine.

[btc_angela]

Originally when this news came out they started a huge sell off but it seems to have settled down and it had a nice pump right after. You need to understand that Bitcoin is global and this is just 1 exchange in 1 country. Other countries aren’t going after binance. So crypto will be fine.

However I think that Binance US won’t continue anymore with all this negative press. The exchange wasn’t that large to begin with anyways. Most people never used it. So everything will be fine after this.

Yeah, as if nothing has reported or there is no such cases against Binance.

I think the effects might be obviously on their US customers and not the entire crypto market and that's why the price is not that affected in the long run. And the lawsuit was not on bitcoin per se, but more on those crypto projects that SEC deem as securities that has been offered by the platform. And this could be the reasons why investors is not being swayed from investing on BTC as of now.

[Wind_FURY]

SEC Lawsuit Against Binance Is Likely To Hit Bitcoin Price

For Bitcoin, it's always a good investment strategy, and often a winning one, to start buying and HODLing Bitcoin when it is said that "Bitcoin is dead". It's a mere observation that I'm sure many of you have been told or have noticed yourselves.

2015 to 2016 and 2018 to 2019 are years widely known as "dead years" for Bitcoin. Currently it's 2022 to 2023?

[posi]

Originally when this news came out they started a huge sell off but it seems to have settled down and it had a nice pump right after. You need to understand that Bitcoin is global and this is just 1 exchange in 1 country. Other countries aren’t going after binance. So crypto will be fine.

However I think that Binance US won’t continue anymore with all this negative press. The exchange wasn’t that large to begin with anyways. Most people never used it. So everything will be fine after this.

Yeah, as if nothing has reported or there is no such cases against Binance.

I think the effects might be obviously on their US customers and not the entire crypto market and that's why the price is not that affected in the long run. And the lawsuit was not on bitcoin per se, but more on those crypto projects that SEC deem as securities that has been offered by the platform. And this could be the reasons why investors is not being swayed from investing on BTC as of now.

Even if the SEC sues Binance and Binance loses, there is nothing to fear in the long run. After all, Binance, Coinbase, or any exchange is just a project in the crypto industry. They do not represent bitcoin or the crypto industry as a whole, so if they fail will affect us but won't cause us to completely collapse like them. Moreover, instead of being scared, it can be seen that this news has caused bitcoin to drop in price, and that is what many people want, as they can buy it at a low price.

[o48o]

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

Why bitcoin though? SEC is saying some altcoins are securities. Bitcoin didn't have a token offering and i don't think anyone sees it as a security. However many "staking" options for bitcoin can have a negative effect against the exchanges.

If anything, this will cause some people move from altcoins back to fiat or to btc. In fact i would be surprised if more and more people wouldn't buy bitcoin after this.

[WillyAp]

If anything, this will cause some people move from altcoins back to fiat or to btc. In fact i would be surprised if more and more people wouldn't buy bitcoin after this.

The securities have less infrastructure than the commodities and limted themseves to staking, derivate trading and such. 

[eaLiTy]

~
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.

It is evident that SEC is after the cryptocurrency market, they are targeting tokens that raised money and now they are targeting Tier 1 cryptocurrency exchanges like Binance and Coinbase because if they are able to drag them to court and defeat them then it would be easier for them to go after smaller business entities that are handling cryptocurrencies.

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 ?.

Even if there is a correction, it will be momentary. The government has to pass a new bill for cryptocurrencies.

[lixer]

Originally when this news came out they started a huge sell off but it seems to have settled down and it had a nice pump right after. You need to understand that Bitcoin is global and this is just 1 exchange in 1 country. Other countries aren’t going after binance. So crypto will be fine.

However I think that Binance US won’t continue anymore with all this negative press. The exchange wasn’t that large to begin with anyways. Most people never used it. So everything will be fine after this.

Yeah, as if nothing has reported or there is no such cases against Binance.

I think the effects might be obviously on their US customers and not the entire crypto market and that's why the price is not that affected in the long run. And the lawsuit was not on bitcoin per se, but more on those crypto projects that SEC deem as securities that has been offered by the platform. And this could be the reasons why investors is not being swayed from investing on BTC as of now.

Even if they are targeting the part of the exchange that is operating in the US, it will actually affect the market somehow if things go against Binance because that will create FUD among retail investors and there will also be a lot of sell-offs, people will also sell all their BNBs and BUSDs that they've been having or holding because they will start thinking that things can also go wrong with the global version any time.

Trust is a very sensitive thing and once it's shattered, it takes a lot of time for it to be built back and sometimes it doesn't even be built back at all. So if people start losing trust on the exchange, that will somehow affect the market, maybe not to a large extent.

[rhomelmabini]

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.

That's how dumb people are when they associate others even if they aren't involve. That was the case here, SEC suing Binance and Coinbase should not really matter to Bitcoin's price at all tbh, but this fear keeps them and right now it even dump causing other alts to tank too. The thing with Binance and Coinbase is that they'll not pass this because they will stand with it. US having some crackdown yet in the EU they pass the MiCA bill and Asia is getting pro again specifically China, looks like SEC wants to hurt the US economy more from what it is now.