Would Bitcoin Be Badly Hurt if Binance Goes Down?

[Hamza2424]

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/

Haha, Quite a funny question and thoughts, Hmm, Binance is a big whale in the Ocean of crypto but Bitcoin is OCean by itself so how can we even compare it? Brother if Binance locks down Bitcoin will have a temporary impact due to huge funds in the market but Bitcoin can die, It can just lose its market value temporarily. If you are considering it the death of Bitcoin then I am damn sure you are not familiar with the past events. Hold on Binance has nothing to do with the fundamentals of the Bitcoin.

Did you forget all of these?

MTGOX
Tesla
Luna

You can find more on my covered topics a bit of my own topics promotion is not wrong haha.

    
Major Dumps in Bitcoin History and What to learn from there?
Bitcoin & China time to time waving History

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[sokani]

Mt Gox was launched in 2010, and between 2013 and early 2014, it was one of the biggest exchange in the world handling about 70% of bitcoin transactions. We all know what happened to Mt. Gox, how it was hacked and how the story ended, but bitcoin is still standing. Binance is the biggest centralized exchange in the world with the highest trading volume of bitcoin of about $7.3B according to stats available on coinmarketcap. If the US government succeeds in finally shotting down Binance it would definitely have an effect on the crypto market generally on the short term, but I don't see any way how it can harm bitcoin.

[Bitcoin_people]

Bitcoin will not be adversely affected if Binance goes down. Because we saw when Luna, FTX turned into a scam. Then the Bitcoin market went down a bit but after a few days the market returned to normal levels. But even if Binance were to be wiped out, Bitcoin would not be badly affected but would bounce back if the market went down a bit. If the market goes down badly people will panic and they will decide to sell crypto. But Binance is a trusted exchange where people invest a lot of money.  So this exchange is very unlikely to be hacked or bankrupted so easily. Binance currently has very strong KYC systems so it won't get hacked that easily. Where the most trusted exchange in the world and its popularity is the most and Cz- is a trusted person in cryptocurrencies. I think even if Binance leaves the exchange Bitcoin will not suffer but the market will crash badly for a few days.

[Z390]

Yes, Bitcoin price action will be affected but not the life of Bitcoin, because the bad news will pass and Bitcoin will move on, with Binance recovery or death, Bitcoin gives no f* about any exchanges, Do you know that once upon a time in crypto space, Binance is not the first leading crypto exchange? There are many top centralized exchanges that have died off the same way that FTX ended up, the likes of MT.GOX and others failed to kill Bitcoin, it will be the same if the Binance exchange goes down.

[jeraldskie11]

Similar to what happened to the market previously when the ftx exchange went bankrupt. Following the announcement of the bad news, there was a massive dump of all cryptocurrency. Even Bitcoin, the most powerful cryptocurrency, saw its price fall. Ftx was not the best exchange and continues to have an impact on the market. How much more if the number one exchange goes down? It will undoubtedly have an impact on market prices. Binance is the leading exchange, with a 24-hour volume of around $7 billion. Consider what will happen in the market if $7 billion is subtracted the next day; the price will undoubtedly fall significantly.

[blockman]

Well, the round and table are now being turned in favor of Binance US'. We've seen the effect of it and that's what will happen every time there is a big-time exchange that's being played by SEC or if something wrong happens to them.
Just remember that whenever these incidents come, they're all gonna affect the market for a short period of time and then Bitcoin will still stand on its own not gonna notice those every bad news that has come.

[taufik123]

Similar to what happened to the market previously when the ftx exchange went bankrupt. Following the announcement of the bad news, there was a massive dump of all cryptocurrency. Even Bitcoin, the most powerful cryptocurrency, saw its price fall. Ftx was not the best exchange and continues to have an impact on the market. How much more if the number one exchange goes down? It will undoubtedly have an impact on market prices. Binance is the leading exchange, with a 24-hour volume of around $7 billion. Consider what will happen in the market if $7 billion is subtracted the next day; the price will undoubtedly fall significantly.

Speaking of Binance it only affects binance.us, there has been much news saying that binance.com will not be affected because the SEC's working area is only US.

Regarding the incident experienced by FTX, it is certainly different from Binance.
FTX is an exchange managed by a greedy and criminal CEO, but binance is managed by CZ, who is a CEO who does not have any contradictions so far.
Many issues arise corner CZ so that Binance's credibility decreases. This is the impact of the FUD that is happening right now.

We see now, the current decline is certainly much desired by Whales to get cheaper prices because Halving will soon occur in 2024, and we can already shoot Halving will be a party for whales to get a lot of benefits.

So, we have to see the positive side of the Binance.us Vs SEC legal dispute incident, this will quickly pass and the crypto market is bullish again. 

[MarjorieZimmermanGinger]

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?

It's up to you how to judge binance and CZ is the face of crypto to date because binance is involved in it. The losses may have been triggered by panic causing chaos in the market in the short term and consequently causing people to try to withdraw all the coins and bitcoins on the binance exchange. The threat may be only for exchanges and for some coins, but for bitcoin it is never affected in the long term because in the past we have seen how FTX and bitcoin still work as they should.

The point is there will be exchanges that emerge with new faces and die in the crypto world, so it doesn't really matter whether in the short term bitcoin is affected or not. Because in general bitcoin does not follow exchanges, but instead talks about the effect of the problems faced by exchanges caused by panic in the market on people withdrawing their assets.

[kryptqnick]

Binance is the most trusted crypto exchange, and it's also a huge crypto business. Even the lawsuit has a mild negative impact on the market, so going down would probably be much worse. We've seen exchanges go down in the past, and that can temporarily cause significant damage.
That being said, I don't think Binance can cease to exist. I think they'll try to settle the lawsuit and continue operating, and if not, they'll stop operating in the US, but the US isn't the whole world.

[tranthidung]

Binance is the most trusted crypto exchange, and it's also a huge crypto business. Even the lawsuit has a mild negative impact on the market, so going down would probably be much worse. We've seen exchanges go down in the past, and that can temporarily cause significant damage.

If they don't scam, they will continue to exist. Because you mentioned about "exchanges go down in the past", I'd like to quote BitMEX exchange and their former CEO story.

• Federal Court Orders BitMEX to Pay $100 Million for Illegally Operating a Cryptocurrency Trading Platform and Anti-Money Laundering Violations
• Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

That exchange has continued to exist and operate until now and I believe Binance will not die. They are a serious business and a game changer in this industry. They are different than FTX as they are better and more careful with risk management. They are seriously do as best as they can to comply with current regulations.

That being said, I don't think Binance can cease to exist. I think they'll try to settle the lawsuit and continue operating, and if not, they'll stop operating in the US, but the US isn't the whole world.

Settlement between SEC. and Binance about SEC. lawsuit against Binance US. is on-going.

Generally SEC. is very arbitrarily to sue cryptocurrency projects and exchanges with their current Chairman Gary Gensler. I'd love to see the recently legislation from the USA. Congressmen to fire Gary Gensler. It is not the battle of only Binance exchange but of the whole cryptocurrency industry against SEC. and Gensler.

[cabron]

If it's binance.US only, CZ will just laugh at this. The court though will try to bring CZ to the court which is likely not going to happen. CZ knows the threat that he may not even go out of the court and will be held for years until something is gonna be negotiated. Such a dirty game. However, prices will definitely go down. There is a chance of CZ fighting back by just lobbying those who want Gensler out of the office.

Binance.com will continue, crypto will also move forward no matter what the price will be. 

[BlackHatCoiner]

Just as it hurt with FTX, more or less. People would pretty much be mad again, they would not believe their eyes that after the collapse of Mt. Gox, Bitfinex, Coincheck, FTX etc., another shit-exchange would go down too. It'd be impossible, they're very secure etc. By the way, Binance got breached in 2019 and lost some millions if I remember correctly. But yeah, it'll neither happen. They're quite safe now. Granted.  

Bitcoin would recover in a few months later, because that's what happens always.

[usekevin]

Binance had lot of fan all around the world.If the binance had any negative towards the game,we can able to see the impact in the community too.Most of the people had their funds by submitting the Kyc to the binance.The Binanace made the level 2 kyc to use their exchange,So the binance will be the trusted with my opinion.We need to wait some days for the exact results of the crypto exchanges and Crypto currency market with this impact of Binance to the bitcoin.

[serjent05]

Due to the influence of Binance over the crypto market, there is a possibility that the crypto market will be affected if Binance goes down.  Since Binance being one of the largest crypto exchanges, anything relating to it will affect Bitcoin.  Aside from that people who wanted to manipulate the market can cause the case of Binance to pull the Bitcoin price down so that they can buy more Bitcoin at a lower price.  Despite of this effect, I believe that it will be temporary, and eventually the crypto community will just move on and eventually forget the case of Binance putting the market into its natural path.

[aoluain]

Mt Gox was launched in 2010, and between 2013 and early 2014, it was one of the biggest exchange in the world handling about 70% of bitcoin transactions. We all know what happened to Mt. Gox, how it was hacked and how the story ended, but bitcoin is still standing. Binance is the biggest centralized exchange in the world with the highest trading volume of bitcoin of about $7.3B according to stats available on coinmarketcap. If the US government succeeds in finally shotting down Binance it would definitely have an effect on the crypto market generally on the short term, but I don't see any way how it can harm bitcoin.

Thats prof right there!

The question in the thread title is very specific

Would Bitcoin Be Badly Hurt if Binance Goes Down?

Bitcoin is bigger than anyone one person, exchange, miner etc. It is decentralised
so it would remain unhurt, it has suffered many events such as the above Mt.GOX
and attacks from high profile people trying to discredit it over the years and it still
stands strong

What would really happen is the markets would have a big reaction to the event of
Binance going down, traders and people suffering from FUD would cause a bit of a crash,
it would all be very short term though and would be chalked into another chpter of
Bitcoin's history.

[Mpamaegbu]

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

That's true, especially for those of us who got on Binance in 2017 immediately after its launch. Then it was KYC free and without trading commission. It's really nostalgic, what a great time with Binance those days. Like you acknowledged, CZ is a popular name in this industry and he has done remarkably well for himself and the entire crypto industry.

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

Frankly, I don't see Binance shutting down hitting Bitcoin to a massive dump. No doubt, it will shock the entire market but it won't be for long before the market shakes it off. On the US motif, I think the hypocritical SEC is over playing its hand on this. Let's keep watching and see how all this will end.

[bayu7adi]

It's just a momentary panic, and prices will recover within a matter of months. This is not a new mishap for the cryptocurrency realm. In fact, there have been numerous negative reports prior to November 2021, yet Bitcoin, in reality, reached its all-time high after those news emerged.

The United States orchestrated the drama prior to the halving, undoubtedly a strategy to acquire Bitcoin at a lower price for big investors. We haven't heard such news for a long time, and the timing couldn't be more perfect, considering we're nearing the year 2024. And we know it's a year worthy of celebration.

[nlovric]

Due to the influence of Binance over the crypto market, there is a possibility that the crypto market will be affected if Binance goes down.  Since Binance being one of the largest crypto exchanges, anything relating to it will affect Bitcoin.  Aside from that people who wanted to manipulate the market can cause the case of Binance to pull the Bitcoin price down so that they can buy more Bitcoin at a lower price.  Despite of this effect, I believe that it will be temporary, and eventually the crypto community will just move on and eventually forget the case of Binance putting the market into its natural path.

Being one of the biggest exchanges Binance has a significant impact on the cryptocurrency industry. Any Binance related developments could have an effect on Bitcoin and the overall market possibly leading to a brief slump if Binance has problems. During these periods market manipulation may happen as some people try to purchase Bitcoin at a discount. But the cryptocurrency market has proven to be resilient adaptable and capable of overcoming challenges. Despite Binance importance it is only one component of the broader decentralised ecosystem. Because of the market diversity innovation and decentralisation no one organisation or event is able to exert total authority. While dealing with concerns involving significant exchanges is crucial the decentralised structure and resiliency of the crypto community lay a strong platform for long term growth.

[ajiz138]

I don't think it's going to impact bitcoin any more than CZ isn't a bitcoin owner unless it refers to BNB then it's bound to happen but for another implied boom in bitcoin I wouldn't believe bitcoin would be any worse but for a bit of a correction, I think this is reasonable thing.

Yeh US is a market threat but it's only for part of the region but globally it can't influence that resulted in the market going down badly even I saw on twitter BlackRock and other US banks bitcoin in large quantities is this maybe a sign where they are doing anything to buy more bitcoins in preparation for Halving 2024 later?

[panganib999]

Bitcoin's in its little own ecosystem, nothing but direct economic factors and allegations flung straight against it will cause bitcoin to lose value. With that being said, Binance is one of the biggest gateway exchanges out there for newbies to use and learn the basics of crypto from, thanks to their user-friendly interface foremost, and their nifty tutorials and masterclass lessons they willingly offer for free. Binance going down might cause bitcoin to lose or stagnate in value for a while, since a lot of hopeful bitcoin newbies will lose their access to bitcoin and other cryptocurrency, but at the same time given enough time Bitcoin will bounce back on its own and will recover soon. So it's not like it would cause bitcoin's demise if Binance couldn't make it against their fight with SEC.