Would Bitcoin Be Badly Hurt if Binance Goes Down?

[Kakmakr]

They say, you do not get to the top, without stepping on other people... and CZ stepped on a few. We know that he just recently threw another exchange under the proverbial Bus, when he promised to bail them out..and then did a rug pull on them, by not granting them the loan in the dying hours of the deal. (Robbing them from the opportunity to get other investors and killing one more of his competitors)

So, let's step away from the idea that CZ are some kind of Bitcoin Jesus..... because he is not... and only another profit hunter, like the rest of them.  

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[avikz]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

If Binance goes down, the crypto market will have a huge impact, temporarily. As per coinmarketcap, Binance is the most used centralized crypto exchange at this moment with a trading volume of 7 billion + USD. Its closest competitor Coinbase has a volume of 826 million as per CMC. So you can understand how much trading volume will be impacted. The crypto market won't be able to avoid the impact.

However, the good part is that the impact will be temporary and the crypto market will be back on its feet sooner than later. The way the US is moving, multiple other countries will seize the opportunity to build a crypto hub. This shift is necessary for the better future of crypto.

[YUriy1991]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin?

In terms of Trading Volume Binance is one of the largest cryptocurrency exchanges globally, and makes up a significant portion of Bitcoin trading volume. If Binance were to close, there would likely be a temporary disruption in trading activity, which could lead to a reduction in liquidity and potentially affect the price of Bitcoin in the short term.

From a Market Confidence perspective Binance has established itself as a reputable and reliable currency over the years. If it faces serious legal challenges or is closed due to regulatory issues, it could undermine investor confidence in the cryptocurrency market as a whole, including Bitcoin. This loss of confidence can lead to increased volatility and negative sentiment in the market.

Is the US a big threat to the coin market?

As to whether the United States (US) is a major threat to the coin market is a controversial topic and has various examples from a Strict Regulatory standpoint where the US has taken steps to impose stricter regulation of the crypto market. Measures such as oversight of crypto exchanges, KYC (Know Your Customer) requirements, and stricter tax reporting obligations can limit growth and innovation in the coin market. This can negatively affect the market and put pressure on the value of the coin. Then there is the concern that the US may ban or limit access to certain crypto coins which means that if this ban occurs, it can reduce market liquidity and affect the price of coins that are traded. affected.

It is recognized that the US has global influence in terms of financial regulation and international relations. If the US takes a disastrous course of action on the coin market, other countries could follow suit, resulting in a wider and detrimental repercussion for crypto markets globally.

I personally assume about the current state of regulatory law against an exchange like Binance at the moment I think it could really benefit Bitcoin in the long term. as increased regulation can help improve investor protection, increase market transparency, and encourage mainstream adoption. If regulatory rules become clearer and stronger, it could attract institutional investors and further legitimize Bitcoin as an asset class.

[LogitechMouse]

How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

The term "BADLY" isn't good to use because TBH, it will not hurt that much - at least for me. I wonder why people are focused on the news on whether they need to buy or not compare to the charts itself. Most of the investors are looking the news as their catalyst in whether they will buy or sell. This is the reason why the market is heavily affected when news like this happens.

Bitcoin would certainly be affected if the worst thing happens which is Binance going down, but the effects will be temporary in terms of the price of it. FTX going down, Terra Luna going down, and other events in the past has affected the crypto market, but we've seen that all of that effects are just temporary because at the end of the day, these type of events that are happening are opportunities for the investors to accumulate more thus, increasing the price after a few days.

Well, it's the Binance.US only that's affected, so I guess the whole company might get affected in terms of their revenue, but it will still run because they still have other exchanges that are outside US.

[Adbitco]

I really am no fan of Binance because I found their KYC annoying.

That is because you never submitted the right details or you were wanting to cheat for you to pass the kyc, as far as i know their kyc system is the easiest and simplest kyc i have ever encountered so far without any delay.

What is not in doubt is that CZ is supposedly one of the most credible faces of crypto.

There is no hidden truth about this but without his knowledge which he uses his exchange as one of the largest cryptocurrency exchange in the crypto space he would had just been famous as other crypto influencers.

How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

What we would only see is blood bath, apart from that nothing much maybe after some weeks market would bounce back. Besides CZ or Binance are not the entire market of cryptocurrency again Binance exchange is not Bitcoin and Cz is not Bitcoin. So if whatever that goes wrong with Cz or Binance crypto market continues to soar and some other exchange may likely replace Binance.us or the entire Binance exchange. Let us not romance all this Binance of a thing as if without that exchange there wouldn't have been any positive thing that could come out of bitcoin and its progression.  

We know that Binance exchange has greatly played an important role by promoting the awareness of Bitcoin and cryptocurrencies at large at same time his is also making his profits by promoting his business globally through bitcoin and blockchain Innovation, so without the advent of Bitcoin and Blockchain I didn't think there would had been anything like cryptocurrency exchange. Hence, Bitcoin Development continuous while CZ sorts out all the issues that related to Binance.us.

[Crypto Library]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

I also don't really like centralized exchanges, just use them for P2P transactions due to the current situation in our country.
I actually think that even before the Binance exchange came into the crypto world, Bitcoin has had its ups and downs for various reasons, so I wouldn't think much different that if Binance goes down, the market will be down for a few days, maybe. In this case, it can have a little more impact because Binance is the name of a very big giant in the crypto world. But at the end of the day I think this impact will not last long and Bitcoin will return to its own track.
Besides, I just got this news, 'Judge Rejects SEC’s Request to Freeze Binance.US Assets, Orders Parties to Compromise
The court has ordered the SEC to work with Binance on creating a plan that would safeguard assets while allowing the firm to carry out business as usual.'
source

[Smartprofit]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

Cryptocurrency exchange binance, cryptocurrency exchange coinbase, tether "cartel" are the three largest companies in the crypto industry. 

The collapse of even one of them is a huge shock for the entire cryptocurrency market.  When such an event occurs, it is likely that the price of Bitcoin will fall sharply in the short term.  However, this fall in prices will be short-lived.  Bitcoin may well exist without cryptocurrency exchanges. 

When Satoshi Nakamoto created the first cryptocurrency, there were no cryptocurrency exchanges. 

However, people have a need for marketplaces where you can buy and sell Bitcoin and other cryptocurrencies.  Perhaps as a result of the collapse of binance, there will be new decentralized solutions in this area.

[retreat]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

I don't think that Bitcoin will fall badly enough if Binance goes down, because if we look at the LUNA case, FTX, and several previous cases, where at that time the market was very chaotic, Bitcoin was indeed affected, but not so significant that it bled. From this we can say that even though Bitcoin is affected by these cases, it can still stand up and give confidence to its investors. Especially when talking about the US. Their influence is not as big as one might imagine on the crypto market. The US will never be a country that will drive or control too much in the crypto market, as they did the global banking system. They are just countries that have a sizable portion of the global crypto market and that's about it. They dream that they can control the crypto market globally let alone stop it.

[Kelward]

Is the US a big threat to the coin market?

They are trying to control the market, that much is certain. I don't think the end goal is to kill crypto altogether, I believe the US SEC is trying to gain a foothold before they start introducing rules, business partners, etc whether it is directly or indirectly. It might seem scary but this should not be the first time stuff like this happens. FTX went bankrupt just a few months ago, and the market is still doing healthy compared to the past. We might go even lower but that's just the nature of a very speculative market.

At the end of the day having a less concentrated market that relies on one or two exchanges is good IMO.

Governments general likes to have a hold on their economy, especially where it concerns the private sectors. As most members have predicted, if binance were to go down in the US, it will have a big impact on bitcoin, because USA is a world power economy and binance is a big and major exchange. But this impact will only happen on a short term, as other exchanges will take the advantage to measure up and try to take the place of binance in the US, also with the stability of bitcoin, in no time the market will be trading as normal.

[Onset]

So, let's step away from the idea that CZ are some kind of Bitcoin Jesus..... because he is not... and only another profit hunter, like the rest of them.  

It’s very true though that CZ has also done a lot of good to the adoption of crypto. Of course he’s stepped over others before, they all do, but his downfall would still have a massive impact over BTC and crypto overall. Whether we like it or not, his smart chain is worth a shit ton of money and if that collapses.. on the good side we’re gettig rid of a good part of today’s shitcoins but on the other side we’ll have to buckle up for what’s coming our way lol

[Outhue]

It won't hurt me that much and it won't make me want to sell my holdings but people will panic, and the whole crypto market will move down badly because that's just the sentimental of the crypto market, the same thing happened because of FTX, and I was able to secure some good position because of FTX demise, I remember that was when the real bear market started and Bitcoin went down to 17,000$.

Binance is a good centralized exchange and I believe it should be treated in such manner, a centralized exchange cares for their business only, I won't entrust my Bitcoin and Fiat to any centralized company, the risk is very high still, even if the CEO is a big figure in this crypto space, I bet Sam was once a big figure too.

[fathafraink]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

According to CNBC News (https://www.cnbcindonesia.com/market/20230330104942-17-425762/binance-disikat-regulator-as-harga-bitcoin-cs-apa-kabar)
There is no impact of Binance legal issue to Bitcoin Price. So, I think, if Binance Goes Down, Bitcoin will not be impacted.

[Cryptomultiplier]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

However, people have a need for marketplaces where you can buy and sell Bitcoin and other cryptocurrencies.  Perhaps as a result of the collapse of binance, there will be new decentralized solutions in this area.

A new exchange may have to be adopted indeed, else, how would those who rely on the Binance exchange trade or do business with it as usual, survive.
The safest thing to do now remains to keep being informed with the news mostly as Binance, kraken are in the news following a lawsuit.
It would be safe to use non custodial offline wallets too, so as to be confident such doesn't happen on the day we least expect.

[Agbe]

[Binance is asking KYC because they are under the supervision of state SEC which made the centralized exchange platform. And good performance make one to be the number one in any race of competition so for Cz to take that position means he has credibly done well in the crypto market. I don't think there will be any harm in bitcoin if Binance left the exchange market. There will be a replacement of it. Bitcoin does not depends or rely on Binance to survive instead it is Binance that depends on bitcoin. So for Binance leaving the crypto scene will not have any effect. USA is not a big threat to the crypto market but they are trying to regulate and control it but I don't think that can also work out. They can only control the centralized exchanges and centralized altcoins. But finally USA will also support cryptocurrency in the world. And at that time bitcoin will skyrocket to the cloud.

[Frankolala]

Bitcoin has been surviving from 2009 without Binance and I believe that the same thing will happen if Binance shuts down,this will affect the crypto market for some period of time and after that bitcoin price will correct itself again.

Binance can't totally go out of service because there are other countries that are crypto friendly that Binance will still operate there. There are some countries that is not crypto friendly but Binance still operates there and the government doesn't see it as a problem. Example of such country is Nigeria. It is only the US that can shut Binance out of service in their country.

[DooMAD]

Speculators would probably be dramatic about it and make a lot of noise.  But Bitcoin as a network and a protocol would not be affected.  The blockchain does not care when middlemen fail.

Also, a BitFinex collapse would likely have a bigger impact on markets, due to the amount of money tied up in USDT.  

[lionheart78]

How much harm do you think a Binance implosion would cause Bitcoin?

I think Bitcoin will be affected in a short span of time, we can consider the impact of Binance the same as FTX.  It will only short live as the Bitcoin traders are already used to this kind of scenario.  Trader can just find other exchanges and continue trading.

Is the US a big threat to the coin market?

The US is one powerful country so  I think the US going southward to cryptocurrency will be considered a threat since if they are serious enough they can give a huge blow in cryptocurrency operations by regulating centralized services and going after Crypto activities in the name of illegal things such as money laundering, fraud and scams.

[Wildwest]

Binance is a big trading market for now, so with the problem I think it is very big on Bitcoin, so those of us who use Binance are certainly very hit by the problem even though this problem only occurs in the US office but for other branches I think it is also influential because Binance is the largest market for now and has been fully trusted by investors, We hope that this problem will be resolved quickly and do not let Binance exit the crypto market, because many negative things will happen to the crypto world.

[SamReomo]

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin? Is the US a big threat to the coin market?

https://www.cryptoinfowatch.com/a-former-sec-official-said-the-binance-ceo-and-others-may-face-criminal-charges-soon/

The KYC mechanism of Binance isn't annoying at all and anyone could do the KYC without any issue, however, some people are highly against centralization and only for them KYC is an annoying procedure. I must say that CZ is truly among the best crypto nerds out there and he has made his position in the hearts of crypto-currency fans. The guy holds a lot of power in his hands when it comes to crypto-currencies, even a single tweet of the guy could influence the value of an asset to very high levels.

When an exchange like Binance is shut down the consequences for Bitcoin won't be good at all, but it's very unlikely to happen because Binance holds its position in the crypto market and even United States and Sec are aware of that. They would never do anything to shut Binance down because with that simple act the whole world could face huge financial problems due to crypto-market crash. If they take any strict actions against Binance to shut it down then things won't be in favor of anyone, the whole market is likely to crash after Binance shutting event and this time it would require so much confidence of investors to revive the market once again.

The United States is taking such actions against those exchanges to stop investors from putting money in Bitcoin, and they have a valid reason for doing that. They want to control the dropping value of dollar and at the same time they are doing it to pose huge regulations on crypto-exchanges. There is also a chance that US and Sec are planning to create a way for CBDC's to take huge share of the market and they will give more time to their plans. They might be doing that to create a scenario in which everyone may transition to CBDS's instead of current crypto-currencies, and that thing can happen if they win the trust of the investors.

[ringgo96]

Currently the largest exchange is experiencing a problem is Binance, and we have seen this problem getting bigger and they are looking for a solution so that Binance can be used as before which is safe for us to use in transactions and trades, so with this problem of course there is certainly a big loss that will occur with the value of Bitcoin because Binance is indeed the largest market that is always relied on, and the US is currently getting bigger and bigger adverse effects on the crypto market maybe this is all a result of China's pressure on the US, we expect it will all end.