CZ officially bids goodbye to Binance. Will Binance Crash or still stand Strong?

[Gormicsta]

Binance has really made a reputable name and laid an outstanding legacy through the years as the best exchange that has earned global trust. Everyone feels safe with Binance. Just yesterday,  CZ the CEO and Binance Founder Pleads Guilty to Violating Money Laundering Rules and agrees to pay a $50 Miliion Fine and to also step down as the CEO  as part of his guilty plea. And that same yesterday cZ officially resigned and bid goodbye to his office as the CEO of Binance, Although still making himself accessible to the company. It might also interest us to know that Binance itself was also found guilty and charged as well, and also agreed to pay a $4.3 Billion fine and restitution to the government. So my Question is, with all the tension on ground, is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

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[OgNasty]

I think it is likely that the market will experience a little pain as Binance tries to come into compliance with the desires of regulators. Getting rid of CZ was probably step one, but I imagine their balance sheet will have to go through some drastic changes in order to keep the company operating. This will likely be most obvious in the price of BNB and whatever other currencies Binance used as collateral.

[virasog]

is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

We cannot be sure what will be the outcome of Binance in the long run and also what is the future of the BNB token (the native token of Binance).

However, if we see, the impact of this news on the overall crypto market is not so bearish. Bitcoin didn't dump much and as of this writing; it is again recovering and trading near 36300$. Since people know that we have some major upcoming bitcoin developments including the bitcoin ETF and the Halving, no one is willing to sell their crypto holding on this Binance CZ news.

The news is more relevant to the CZ, as the money laundering charges are on him and he stepped down as a CEO, for the present I do not think there is anything to be worried about the Binance platform itself.

[BlackBoss_]

I think it is likely that the market will experience a little pain as Binance tries to come into compliance with the desires of regulators. Getting rid of CZ was probably step one, but I imagine their balance sheet will have to go through some drastic changes in order to keep the company operating. This will likely be most obvious in the price of BNB and whatever other currencies Binance used as collateral.

Rumors are around that Black Rock can be the entity behind the scene and they did something seriously to take down Binance. For now, it's rumors but time will tell us whether Black Rock engaged in this action from US. authorities.

With their perfect successful rate of ETF approval (approved 575/576 ETF applications), they are like a branch of US. government. Chance for a Bitcoin Spot ETF approval in the USA will become bigger when Binance is taking down and Black Rock will take advantage of it to dominate this cryptocurrency market, take overthe leading position of Binance.

[Ambatman]

This has shown again the huge risk in keeping coin in a centralized exchange
I knew something like this was inevitable
One of the reason government are against Bitcoin was proudly embarked on by CZ
What a true celebrity
Binance has a stronger legacy so would stand firm
But for how long?
Now they in the eyes of the government
And nothing good comes out of been under the government radar.

[Eternad]

CZ is not Binance so I’m sure it will recover since they are the number 1 crypto exchange. This is different to FTX issue since CZ part ways properly without any funds taken away from the customers.

The dip is just weak since everybody expected this outcome and they just delay it. Despite CZ can’t work anymore on Binance, I’m sure that everything will continue as usual since the exchange is not dependent to CZ. Just like everyone said, Binance is already a trusted brand while the one who has problem is CZ alone.

[Yamane_Keto]

AFAIK, CZ was not just the CEO, but everything, and since he did not liquidate his shares in the company, he will have influence, and the new CEO will follow the same policies with which Binance tried to remain hidden for a long time. The repercussions of this decision may affect the price of BNB, but it is good that it came early because the market may receive it with a little negativity, especially if this matter is followed by the sale of many Binance currencies and assets. The price did not react negatively to prices.

[davis196]

Binance has really made a reputable name and laid an outstanding legacy through the years as the best exchange that has earned global trust. Everyone feels safe with Binance. Just yesterday,  CZ the CEO and Binance Founder Pleads Guilty to Violating Money Laundering Rules and agrees to pay a $50 Miliion Fine and to also step down as the CEO  as part of his guilty plea. And that same yesterday cZ officially resigned and bid goodbye to his office as the CEO of Binance, Although still making himself accessible to the company. It might also interest us to know that Binance itself was also found guilty and charged as well, and also agreed to pay a $4.3 Billion fine and restitution to the government. So my Question is, with all the tension on ground, is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

Why do you even care about Binance? Centralized crypto exchanges should become a thing from the past. We don't need them anymore.
There's no centralized crypto exchange that hasn't been involved into illegal stuff like money laundering, scamming the customers, faking trading volumes, etc. I'm surprised that Binance didn't turn into the new FTX(it might turn in the near future).
Every time Bitcoin is having a price pump something like this happens and the prices start going down. Centralized exchanges helped a lot in crypto adoption, but they are a burden for the crypto world.

[Gormicsta]

CZ is not Binance so I’m sure it will recover since they are the number 1 crypto exchange. This is different to FTX issue since CZ part ways properly without any funds taken away from the customers.

It wasn't only CZ that was implicated but Binance as well so Binance is likely to take the fall too.

Binance itself was also found guilty and charged as well, and also agreed to pay a $4.3 Billion fine and restitution to the government.

[bayu7adi]

Isn't great for both Binance and CZ. Despite facing numerous accusations, CZ remains a figure who garners a lot of support from social media users. Whether there's a hidden agenda to make BNB holders feel secure or it's genuine support, I don't know. What's certain is that CZ plays a central role when Binance dominates the exchange industry. The evidence against CZ and Binance could be a significant source of FUD for the cryptocurrency market, even though the exchange and CZ have never been linked to the BTC system.

The reason FUD might not be too strong is that CZ handled the situation gracefully. He didn't take away other people's money and continues to comply with regulations and the law. I believe this won't severely shake the crypto industry in the long run; recovery might come in the next few months.

[apogio]

Binance, like every other CEX is loved by governments since it is the only way to monitor peoples' transactions. People do KYC to use them, so it is very easy to know that person X bought Y BTC on date Z.

Normally I don't follow the news, I don't read articles etc. It seems interesting, I don't suppose Binance will crash though.

[bluebit25]

Binance will have to pay a $4 billion fine, are you worried that Binance will sell crypto to pay? The power of power is difficult to stop. One thing I still don't understand is this drama, when the justice department does not accuse Binance of appropriating users' assets and does not accuse Binance of participating in any manipulation market distress.

We may not know what kind of sentence CZ will receive, but many people wonder what will be the outcome of former Bitmex CEO Arthur Hayes? Similar to the charge of violating anti-money laundering laws in February 2022, he was only sentenced to two years of probation, accompanied by six months of house arrest and consent to wear a location-based device.

[Text]

I don’t think that it will crash. It was a responsible transition. It has the resources and the expertise to overcome these challenges and it has a strong financial position with a large cash reserve and influential platform in the crypto space. I believe it will stand stronger than ever. It has a solid foundation and loyal customer base and is committed to operating in a compliant manner. They will continue innovating and developing new products and services. Expect stricter KYC procedures on Binance's centralized platform.

[Silberman]

Binance has really made a reputable name and laid an outstanding legacy through the years as the best exchange that has earned global trust. Everyone feels safe with Binance. Just yesterday,  CZ the CEO and Binance Founder Pleads Guilty to Violating Money Laundering Rules and agrees to pay a $50 Miliion Fine and to also step down as the CEO  as part of his guilty plea. And that same yesterday cZ officially resigned and bid goodbye to his office as the CEO of Binance, Although still making himself accessible to the company. It might also interest us to know that Binance itself was also found guilty and charged as well, and also agreed to pay a $4.3 Billion fine and restitution to the government. So my Question is, with all the tension on ground, is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

Why do you even care about Binance? Centralized crypto exchanges should become a thing from the past. We don't need them anymore.
There's no centralized crypto exchange that hasn't been involved into illegal stuff like money laundering, scamming the customers, faking trading volumes, etc. I'm surprised that Binance didn't turn into the new FTX(it might turn in the near future).
Every time Bitcoin is having a price pump something like this happens and the prices start going down. Centralized exchanges helped a lot in crypto adoption, but they are a burden for the crypto world.

We cannot really afford to not care, once centralized exchanges are a thing of the past no one will care about them except those studying the history behind this market, but today the binance exchange is one of the most influential entities on this market, and whatever happens to it will have heavy repercussions on the market, and while so far the effect has been small when it comes to the market in general, BNB has been hit with a 10% correction, so it is likely many people using leverage have been liquidated at this point.

[ImThour]

We need to understand the reason why he resigned at first. Binance is doing good or there is something we don't know about that might happen soon?
It's weird and the decision doesn't make sense to me as Binance is the biggest exchange in Crypto and we are soon about to hit the Halving i.e. soon so much profits to be made.

Surely, something big is incoming in Crypto world and only the insiders know about it.

[apogio]

Surely, something big is incoming in Crypto world and only the insiders know about it.

Apart from the upcoming Bitcoin halving and possible spot ETFs, what else?

Perhaps Binance fears that with ETFs they won't be able to make money. ETFs will likely use US based exchanges. I think Binance is not based in the US, is it ?

[Z_MBFM]

CZ has been an efficient CEO for Binance and CZ has played a huge role in the massive development of Binance. He has worked tirelessly since Binance's inception to build Binance into a massive exchange platform. But now it is very difficult to understand how the new CEO of Binance @_RichardTeng can manage Binance, but it will be understood after seeing the management strategy for a few days.  But I think CZ must put a qualified person in the position of CEO. So hopefully the new CEO @_RichardTeng can manage Binance as well as before. However, seeing this news, many people are panicking and going to sell BNB as a result.  BNB price had a some of negative effect today

[Ayers]

So what's going to be the impact of this tragedy on Binance??

It's impossible to say, but if you have bitcoin on Binance, you should withdraw it all to your non-custodial wallet, prevention is better than cure. In my opinion, their case is not like FTX so I think we don't need to panic too much. Furthermore, if they have accepted to pay fines to comply with the law, there is no reason to close. But Binance's position without CZ will certainly be more difficult, that's what everyone can see.

With this news in the long run, I think this is good for the market because binance is gradually becoming a monopoly in the exchange segment and they have great influence on the market. So the fact that they need to share market share is a good thing for the market. But it looks like Wall Street is going to be the new boss of this game and I don't know if that's good for us or not.

[rohang]

Its been just around half a day since the news broke and BTC seems to be standing strong without any significant decrease

BNB as well seems to be stable for now as its up 10$ from the time i slept

well this Binance settlement forces them to be transparent to US gov for 3 years

SEC now should have no more excuses for denying a BTC ETF. Binance was the final piece of the puzzle to unlock ETF approval!?!?

[CarnagexD]

Binance will continue it's operation, it's just like any other companies out there, when someone steps down as the CEO another one will replace that seat. Binance right now is too big to crash so it's not something we should worry about, what we should be worried about is the new CEO, how will he handle the next generation for Binance and will he be continuing what CZ has started but didn't finish?