What's next?

[xanto]

Hi guys
What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

-Regards

[Fivestar4everMVP]

The goodnews is that bitcoin is completely decentralized and can not be censored or taken control over by any government, if either of the exchange decides to cease to exist, or maybe both of them decide to cease to exist, bitcoin will always be here with us, I can only advice every investor to sell every altcoin they hold and keep their money in bitcoin alone, because if binance or coinbase or both of them for whatever reason goes down, thousands of altcoins will go down with it/them, bitcoin will surely be negatively affected but that effect can only last for a short period of time, and it(bitcoin) will pick back up again, but for the altcoins that will go down, it will take a miracle for any of them to pick back up again.

[palle11]

What we are waiting for now is the outcome of the lawsuit because this news is gradually getting saturated in the market. What you will also realize is that the market will start getting use to it and the price will start getting back to the sentiment of the confidence of investors. I think on the long run, bitcoin will recover but shitcoins will give way in the cryptocurrency space. By analysis, the lawsuit may end up that binance may not operate in US and Canada but other countries may decide to allow it with some regulations.

[Hamza2424]

It is not our concern but it is the concern of the market and platforms. Why it's, not our concern? We already have many alternatives to the services provided by both of the exchanges even though we have better services. Why it's markets Concern? Because;

⚫ Userbase: Both of the platforms have a huge user base and even though we have alternatives but most of them are not aware of it so, their closing business can make a direct impact on the total users on the market.

⚫ Brand Value: In the crypto industry brand value really matters as we already experienced with the FTX, LUNA, SOL, and other projects failures directly impacted the market and made the huge conversion of market investors to the stable funds and market exit. Because Brand collapse always creates a community feud which brings a lot of consequences.

⚫ Market Capital: Most of the trading capital is just already occupied by these two projects now slowly things are moving in other directions still a regular inconsistent user prefers these two projects to trade in the market. Strong action against these projects will bring a huge loss in the market capital and trading capital which is not good for the growth of the market.

Anyway, things are not that worst yet, I think Binance can manage things out and they also have many alternatives, Same is the case with Coibase. Still, if SEC takes action against them to make strong moves and these projects reach their market default (very measurable chances) it can have a temporary market downfall and pressure it will recover sooner or later as we already faced MTGOX, FTX, and LUNA, and many others major crisis moments.

 

[Beparanf]

Hi guys
What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

-Regards

Source? Rumors is useless if there’s no valid source or reasonable explanation on why will it happened in the future. The SEC case against these 2 giant crypto exchange doesn’t affect the business outside the IS. Maybe they will be not allowed to operate in US but they have the rest of the world as customers since US doesn’t represent the whole crypto community.

My point on this situation is everything will be fine soon. Ripple is battling SEC for many years without any huge impact on their company. They are still operating freely. Binance and Coinbase are larger than XRP so I believe they will manage to live another day against SEC.

[Mate2237]

Really their news is touching hearts. I have not used coinbase but bincance in my buying and selling service with my trading services. So if Binance goes down today it will affect me. Because it is easy for me to use. Though I believe that if Binance stop to exist in the crypto market, there will another one that will spring up that will be greater than Binance. Just like Chipmixer and whirlwind Mixing companies.
The news is not favourable in the cryptocurrency ecosystem market.

[GeorgeJohn]

Hi guys
What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

-Regards

From my perspective it seems that binance government want to trap binance down because its one of the largest exchange in the world and they know that people who is into cryptocurrency majority uses binance for exchanges, but even though binance is been ceased or shutdown by government that does not mean we won't exchanges our coins in another exchanges, we have varieties of exchanges that we can exchanges our coin with, but I know that with awareness they will be like binance, the problem is that many people has been acquainted and acclimatised with binance that's the reason many others are complaining of binance exchanges getting to ceased by US government, if after the lawsuits they did not find binance guilty that means binance were take it domain and it will stand until bitcoin technology is been crashed, but a process whereby they is proof or evidence binance committing a money laundering that means binance will be stop in everywhere

[Oneandpure]

Bad rumor with Binance and has recommended from some source for withdrawing or moving our assets from Binance to another wallet or exchange, seems serious what problem faced by Binance right now and worry will be the next FXT or not? Last three days after Binance investigating and announcing by SEC Commission price of BNB dropped drastically and bad impact for market have been drop under 10%. Its seems fud or not to make many investor panic for selling their assets and move it from Binance but still waiting with CZ as Binance owner how to give reason about his exchange keep secure although faced difficult situation after facing SEC Commission.

Last week invested in BNB coins but few days later price dropped drastically, worry what have to do for cut loss or keep waiting until another good news and make BNB coin pump.

[Mr.right85]

One word I picked out of that is rumour. For all we know, it could be that, rumour
Facing a lawsuit doesn't mean your platform is going to be blanched off the Internet.

Even at that, its not bad to get your coins out of exchanges into wallet else should there be any true to it, you are at risk of lossi

[panganib999]

Hi guys
What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

-Regards

Source? Rumors is useless if there’s no valid source or reasonable explanation on why will it happened in the future. The SEC case against these 2 giant crypto exchange doesn’t affect the business outside the IS. Maybe they will be not allowed to operate in US but they have the rest of the world as customers since US doesn’t represent the whole crypto community.

My point on this situation is everything will be fine soon. Ripple is battling SEC for many years without any huge impact on their company. They are still operating freely. Binance and Coinbase are larger than XRP so I believe they will manage to live another day against SEC.

SEC's just going ham against exchanges these past few years and it's enough to make someone skeptical about the longevity of these CEXs. So the "rumor" as you put it is well-warranted considering the situation and the implications it brings. In any case, I do believe as you said that this maneuver by the SEC will be enough to erase Binance out of the map. The exchange just had so much relevance and well-received supporters, as well as a fool-proof failsafe that allows it to linger in the industry for as long as it likes.

Although I myself believe that CZ has done nothing wrong to rile the SEC's anger right here, it's still a testimony in itself that the US will do whatever it wants to antagonize anything and everything that stands against capitalism and the little paradise it built for its wealthiest. A true testament to the depravity and utter lack of morals that these people have from the get-go.

[sheenshane]

There's nothing we can do if these rumors are true because this was expected that there are governments that are always against on decentralized world since they can't regulate it.  Traders should stay up-to-date on the latest developments regarding a specific exchange and any ongoing legal proceedings from a lawsuit, it's recommended to follow reliable news sources, official announcements, and regulatory updates for this, rumors sometimes bring us FUD.  

There should be sources that can provide you with the most up-to-date information on the situation and its potential impact on the exchange platform in question, not this rumor.

So the best thing is don't store your coin on any of them Binance and Coinbase.
Remember Bitcoin is decentralized, no one has control over it not unless, if you will put on the centralized exchange.  

[rat03gopoh]

One has to stop thinking about "what's next". Traders won't be completely deprived of their trading facilities.
Trading platforms are the best business in this space and all companies will always compete with each other to be the top choice even if they have to go against the wishes of their users in order to comply with regulations. In the end, users will readjust to the new regulatory provisions.

[Alphie12]

Binance has nothing to worry about since they will just pull out of the United States.

[yudi09]

What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

If eventually binance has to stop operating as an exchange, crypto trading activity can still go on.
It's just their business problem so don't be too bothered by what happened to them.
If you have funds on binance then you should be concerned and withdraw or transfer them immediately.

This case is still unfinished so we need to be even more certain that exchanges are not a place to store funds.
Prior to binance, FTX also had serious issues so the advice of those advising against keeping funds in online accounts was not ordinary advice but important advice for safety.

[Patrol69]

Binance is one of the most popular and easiest crypto exchanges in the crypto market. Currently, the number of users of this exchange is large. And in terms of security, this exchange is far ahead of other exchanges. All types of transactions are available in this exchange. But recently various problems are arising with this exchange. Coinbase and Binance, two major exchanges, are currently in trouble. Users will have to face a lot of problems if Binance exchange is closed due to conflict with each other. Because as easy as this exchange can manage various activities unlike other exchanges.

[michellee]

Better to wait for further news from Binance. But if you're worried, maybe it's time for you to move all your coins from Binance to another exchange or your personal wallet so that you don't have to suffer when something bad happens.

We don't know what will happen to Binance and as one of the biggest crypto exchanges, I don't think it will be easy to make Binance disappear from the list of major exchanges. So maybe you can think about what you should do from now on.

I'm still waiting to hear back from Binance and haven't moved all my coins, even though I know it might be risky. But I don't think Binance will close as soon as possible because it relates to the assets of many people already using Binance to make money.

[salad daging]

One has to stop thinking about "what's next". Traders won't be completely deprived of their trading facilities.
Trading platforms are the best business in this space and all companies will always compete with each other to be the top choice even if they have to go against the wishes of their users in order to comply with regulations. In the end, users will readjust to the new regulatory provisions.

There are many exchanges that are still operating safely so we don't have to worry about even if Binance and Coinbase disappear then there are still other exchanges or other options that can exchange our bitcoins and this is just from the trip where the government is always harassing what they don't like, of course there must be an effect on prices but not completely the market will continue to fall.
I've never been worried about exchange news because my assets have never been stored there, once again what I know about Binance they are still going strong and of course if you leave America and Canada then there are still other countries that can move there.

[Baofeng]

Hi guys
What do you think about the situation around Binance?

Binance will try to fight back that's for sure, if you have followed CZ, you know that he won't simply back down from this kind of attacks.

Rumor has it that one of the largest crypto exchanges will soon cease to exist

Unfortunately, this is the FUD that CZ is addressing. I doubt that they will cease to exist. Binance has grown tremendously since 2017 so it's not easy that they will just stop at it is a billion dollar business.

Binance and Coinbase are the only two crypto exchanges that qualify

Coinbase has another place in motion already,  Crypto Exchange Coinbase Receives License to Operate in Bermuda

Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

-Regards

Binance left Canada because of their hard line stance, there are new regulations in place that CZ didn't agree with the Canadian government.

[Eternad]

One has to stop thinking about "what's next". Traders won't be completely deprived of their trading facilities.
Trading platforms are the best business in this space and all companies will always compete with each other to be the top choice even if they have to go against the wishes of their users in order to comply with regulations. In the end, users will readjust to the new regulatory provisions.

There are many exchanges that are still operating safely so we don't have to worry about even if Binance and Coinbase disappear then there are still other exchanges or other options that can exchange our bitcoins and this is just from the trip where the government is always harassing what they don't like, of course there must be an effect on prices but not completely the market will continue to fall.
I've never been worried about exchange news because my assets have never been stored there, once again what I know about Binance they are still going strong and of course if you leave America and Canada then there are still other countries that can move there.

Yeah there’s a lot of alternative but Binance and Coinbase holdings is enough to brought down the market in case they are force to went down due to this case assuming they will be unsuccessful to defend on their lawsuit.

Lots of Binance and Coinbase investors will surely sell-off like what happened during the FTX failure. Binance and Coinbase are much bigger compared to FTX so the damage on crypto is surely more bigger than the recent Luna and FTX fud combined. I’m hoping that Binance and Coinbase will still operate freely even with this lawsuit.

[irhact]

Hi guys
What do you think about the situation around Binance?
Rumor has it that one of the largest crypto exchanges will soon cease to exist
Binance and Coinbase are the only two crypto exchanges that qualify
Binance has already left the Canadian market and is close to leaving the US market
Both are facing lawsuits and claims

Binance exchange doesn't need the US market to survive, they're a global cryptocurrency exchange and their operation aren't limited to just US. They enter the US market through Binance US just as they entered other countries officially through same method. Binance US might cease to exist but Binance global will keep existing an people can still buy and sell their coins with the exchange.

One disadvantage from this whole situation happening is that this could affect Binance exchange reputation and other exchange can take advantage of the situation to announced themselves to the market and this means Binance will have to work their way back to the top.