Will it affect you in any way if Binance completely shuts down ?

[fokinlipat]

Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.

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[alani123]

Many people rely on binance as their only access to cryptocurrency. They use their binance account as kind of a bank, when it really shouldn't be that way. If you want to buy crypto at good rates then binance is useful, but you shouldn't keep funds there. Sadly though too many people do.

So if binance goes down, it will affect many people greatly. Just in the same way MtGox's Celsius' or FTX's bankruptcies currently do. So while the answer to the OP's question is yes, the reality is that is really shouldn't be that way. There are many ways to store crypto securely without having to rely on an online centralized service that could go bankrupt any moment and people should be using these. Only keep in an exchange what you absolutely need to use services within it like futures, no more.

[Rikafip]

Will it affect you in any way if Binance completely shuts down ?

Not anymore. Since my Binance Visa debit card is expiring in a few months and Binance didn't find another card partner I withdraw everything i had there (which was not much btw) so no, I personally won't be affected much.

I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply.

Drop will be significant indeed, but only in the short-middle term. Bitcoin price would eventually recover and everything would be back to normal, like it happened in the past.

Many users will also loose funds and some will loose faith on crypto.

Some will maybe losse fait in crypto, but you would have to be very ignorant to loose "faith" in bitcoin just because you trusted some centralzied entity to store your money, going directly against everything bitcoin stands for.

[bitmover]

Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.

There are pretty solid alternatives on the market,  like coinbase bitstamp,  Kraken, and many other small ones in local markets.

Bitcoin was already big when binance was founded in 2017. Bitcoin and cryptocurrencies don't need binance, it is the other way around

[stompix]

Will it affect you in any way if Binance completely shuts down ?

I will probably need an ambulance!
I will keep stuffing myself with beer and popcorn and develop a carpal tunnel syndrome from typing "I told you so" a million times  that I will need surgery!

Many users will also loose funds and some will loose faith on crypto.

After FTX went down why would you keep your money on an exchange, and besides, this is not losing faith in crypto, it's losing faith in a centralized exchange that wasn't even supposed to exist in the first place, you know, all that thing about being your own bank and stuff?
On the contrary, it's going to be good for cryptos, people will stop getting fleeced by Binance and their fees, they will use their own wallets, less money to be made by manipulation on those exchanges less access to pump and dump shitcoins which are a money pit,  rather than being worried of it happening it's better to have them all dumped by users as soon as possible! There is absolutely no downside to getting rid of a CEX like this that does everything possible to hinder BTC while promoting their alternative centralized crap!

[noorman0]

Obviously not directly affected by any cause, I'm not a Binance user (anymore). I will not deny the fact that the number of crypto users is still concentrated in this one company for the majority of their activities.

The marketcrash may be inevitable, but it wouldn't be the first time and I don't think it would be the biggest impact. Just assume Binance has 2 times the power of FTX. But the positive impact, people's trust with centralized services may be finished.

[electronicash]

i suppose they will announce ahead before shutting down.
i rely my trading on binance so it should affect me for the most part but there are lots of exchanges anyway. one thing that is important in binance for users including me is the p2p which we use to exchange coins for local currency. thats really the most helpful for us.

i find it hard to shut down binance.com though but probably the local binance which if the government shutdown their operation. this is very possible if they can't comply with the regulations in one country. binance though is very compliant.

[Z-tight]

i suppose they will announce ahead before shutting down.

They would only do that if they are solvent at that point, but what if they are insolvent or they suffer a major hack and lose most of their customers' funds, they would simply halt deposits and withdrawals, declare bankruptcy and shut down, and as usual it would now result in a long process to see if some customers can get some of their money back. So in other words, don't rely on a centralized exchange to give you an update before they shut down.

Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.

I don't store my funds in any centralized exchange. If Binance bites the dust, so many shitcoins would be removed from the market and BTC price would temporarily drop. But at least so many people would learn that they should only hold their funds in self custody and that funds cannot be #safu in any centralized exchange.

[sokani]

Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.

The ban of cryptocurrency in my country has limited most persons to trading through P2P. There are local exchanges where I can carry out crypto-to-fiat transactions but I don't really like their services and the two popular ones are having serious issues at the moment. So Binance has always been the place where I carry out most of my crypto to fiat transactions because of their reputation, price rate and the P2P trade. So if they were to be shot down today, it's going to affect me in a way.

Day to day traders are mostly going to be affected and other persons that have their funds in there but the effect on the overall crypto market? Maybe a little.

[albert0bsd]

Will it affect you in any way if Binance completely shuts down?

Not really, I'm just going to search for another CEX or maybe move definitely to some DEX.

I only use binance some 1 time each month to buy some bitcoin, but I immediately transfer it to my Cold Wallet, soo nothing to worry about.

[Darker45]

Will it affect me? No and yes. No, because I don't have funds there. My account there was already inactive ever since compulsory KYC was implemented. But, yes also, because, being one of the largest crypto trading platforms, Binance shutting down might affect the price to a certain extent. That affects everybody including myself. Not to mention that many will indeed lose funds in the process. As to losing faith, I don't care much. If one is to lose faith in Bitcoin simply because a centralized exchange shuts down, then such faith is misplaced. It won't be a big loss.

[Synchronice]

Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.

I don't rely on Binance, nor do I hold BNB or any of their coins or share in projects, so, it won't affect me. But it will affect me in a way that my savings, including Bitcoin and some altcoins, will go down if Binance shuts down because of bankruptcy or hack, money stealing, etc. If Binance just decides to shut down and let users to withdraw their funds, then it won't affect crypto market significantly, but such a scenario is unlikely to ever happen.

I will probably need an ambulance!
I will keep stuffing myself with beer and popcorn and develop a carpal tunnel syndrome from typing "I told you so" a million times  that I will need surgery!

I think you'll get cirrhosis from drinking tons of beer and diabetes from tons of popcorn before developing a carpal tunnel syndrome from typing. But I think you'll probably get psychosis from hearing Europe is going to freeze from BADacker too.
I'm joking of course, god bless you!

[Lucius]

After FTX went down why would you keep your money on an exchange, and besides, this is not losing faith in crypto, it's losing faith in a centralized exchange that wasn't even supposed to exist in the first place, you know, all that thing about being your own bank and stuff?
~snip~

But Sir, isn't CZ our great leader and aren't our coins SAFU? Even if he is hacked, the great leader will surely give all the tens of billions he earned to his clients - because he's a jolly good fellow, which nob'dy can deny

What the average user of the forum thinks, maybe this post shows best ->

~snip~
I was a victim of two hacks on centralized platform before and one paid back after a year, the other doesn't even takes a month, this is why I still recommend Binance exchange to anyone out there because they have the best interest for their business in mind.

Binance cares about it's users and also it's reputation, hacks took place with trust wallet and it doesn't even take them long to pay back all those affected, that's because they already have damage funds available.

I am not saying something bad can't happen to Binance but there is a difference in a platform that cares about it's rep and one that does not care, if MT GOX want to refund all the money they could have already, because it's been too long already, so stop bringing their case back, it's all gone.

[stompix]

After FTX went down why would you keep your money on an exchange, and besides, this is not losing faith in crypto, it's losing faith in a centralized exchange that wasn't even supposed to exist in the first place, you know, all that thing about being your own bank and stuff?
~snip~

But Sir, isn't CZ our great leader and aren't our coins SAFU? Even if he is hacked, the great leader will surely give all the tens of billions he earned to his clients - because he's a jolly good fellow, which nob'dy can deny

Every time I see the CZ, Saylor and Bukele crowd I can't stop thinking of :



The guy attacks Bitcoin, puts higher fees on it, launches centralized coins, make a fun of all its users by tricking them into buying all possible shitcoins and useless meme and NFT, flees and abandons every country when it's about to respect the law, doing basically the same as FTX, doesn't pay a dime in income but freely dumps your data to the IRS and still the crowd is cheering because it lets them have the possibility of earning money others are losing!

As for the guy in the quote and others like him, unfortunately, way too many, I sincerely stopped myself a hundred times from asking them a simple question
- Once you dig your tongue 20 cm down some internet celebrity ass does it start tasting like chocolate or why are doing it?

[TheUltraElite]

Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.

If your context is exchanges shutting down or getting hacked, the simple solution is not to use that exchange as a wallet which several people have done before and the habit has not changed yet. Only keep funds that are locked up in trades over there and do review those trades in case they are keep unfilled for long.

Once you are trusting a centralized exchange with your money you have no other option. Its a necessary evil and yet it will affect many people if a exchange like Binance shuts down.
I will be sure to buy BTC at a discount when that happens.

[tabas]

Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply.

Short term, there is an effect for everyone when they shut down. I guess it's already in the minds of everybody that anything can happen with these centralized exchanges that may impact the entire market negatively if that happens.

Many users will also loose funds and some will loose faith on crypto.

That is because of their own fault for letting their funds stay on exchanges. They shouldn't do that and all of us have been telling not to store funds that they're holding for long term into exchanges like Binance. Because if a trouble comes, a hack or what or they suddenly becomes bankrupt, there's no way that they can recover that anymore. That's the consequence for not listening to people's suggestion about how to keep our funds safe and that's not through any exchange.

[libert19]

Nope, I stopped using binance since time they made kyc mandatory.

I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.

Bitcoin will recover as it did in past however I wonder how much effect will be on BNB as it's native token of supposedly decentralized chains of opBNB and BSC.

[Darker45]

I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply. Many users will also loose funds and some will loose faith on crypto.

Bitcoin will recover as it did in past however I wonder how much effect will be on BNB as it's native token of supposedly decentralized chains of opBNB and BSC.

The effect on Bitcoin is indirect and temporary. In the long run, the fall of Binance and even the rest of the centralized exchanges shall be beneficial to Bitcoin and even its price. I believe the price of Bitcoin would be a lot higher if there aren't centralized exchanges. But the effect on BNB would be tragic. Binance's collapse would be fatal to BNB even if BNB is now more than just a native coin of Binance exchange. Binance is now like a prostitute but it still is an exchange more than anything else. Binance exchange remains to be the lifeblood of BNB.

[mindrust]

I have some referrals on binance making money for me and that’s about it. I don’t hold any coins there at the moment so it won’t effect me very badly if they shut down. It is not nice to lose a portion of my monthly income but it was a referral income and referral income don’t last forever anyways so it is not really a big deal. The worst thing is, binance had so many shitcoins available to trade and losing this isn’t good. Sometimes we need to dump our shitcoins for something real and binance is one of the best places for this job. I want binance to stay in business for a long time.

[Potato Chips]

My account is currently dormant however depending on how the exchanges dynamics changes, I may come back again.

If I ever do though, there's always a chance I get to be one of the unlucky fellas lol. In other words, those who do  not use the exchange as a means of long term storage but was actively trading when shit went down.