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

[Alphakilo]

At this point, we should give Blackrock a standing ovation for a script well played. It may sound like a conspiracy theory but everything is beginning to unfold. First the ETF is delay, then CZ is being "forced" to resign and agree that he laundered money. In the next few weeks, the ETF will be approved and we are sure nothing is going to stop it. Truth be told right now, I am more worried for bitcoin than for Binance or CZ.

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[Crypt0Gore]

If you like believe this or not, this is what I believe thats happening behind the scene right now.

For one reason or the other, CZ must go for ETFs to get approved, you might not like the sound of it but Black Rock is the one behind the resign of CZ, I know some will try to argue that its wrong, CZ did well for steping down easily, its for the greater good, but still not free of going to prison someday, since he is already proven guilty.

Sometimes to keep business running you go extra miles by getting your hands in the dirt, I understand, with the market manipulation and USDt excessive printing, its business anyways but still CZ is the best man I know in crypto.

Now that he is out of the way I am sure they the ETFs will get approved this time.

[user210822]

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!?!?

Am I the only who noticed interconnection with these events and overwhelming increase in both: BTC fee and ETH gas?! Compare it to last year figures and you'll notice x100 difference!

[yhiaali3]

I think Binance is in big trouble, Binance itself is guilty and accused of money laundering, not only the CEO CZ who faces prison sentences that may reach 18 years, Binance must pay a fine of $4.3 billion in compensation to the government.

$4.3 billion is not an easy number even for a large exchange like Binance. Most users are now withdrawing their money, so where will Binance pay this huge number from?? If it is from the saved cash or its assets, it will be a devastating blow to the exchange. Even if the loans are long-term, they will take years and years to be repaid.

Panic will now spread among users who have already begun withdrawing their assets, and this may cause Binance to go bankrupt.

[slaman29]

Who cares about Binance or any exchange? They can all go to hell and Bitcoin stands strong. P2P stands strong. Sick of fanboys of business people, but new guy will show up, trust me.

At this point, we should give Blackrock a standing ovation for a script well played. It may sound like a conspiracy theory but everything is beginning to unfold. First the ETF is delay, then CZ is being "forced" to resign and agree that he laundered money. In the next few weeks, the ETF will be approved and we are sure nothing is going to stop it. Truth be told right now, I am more worried for bitcoin than for Binance or CZ.

Why? Bitcoin doesn't gain or benefit from any of this. Market stuff all temporary while Bitcoin does its own thing. Bitcoiners don't give a damn.

[DapanasFruit]

Binance has already established itself as the biggest centralized exchange in terms of volume and users on a global scale. The stepping down of CZ will affect a bit its operation and business, of course, but in the long run as long as the CEO is good then it will even be growing more. I have a lot of confidence on Binance and remember that the hack that happened to it in the past never made long-term negative effect on its growth...and I am hoping the same.

[EarnOnVictor]

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

I read this news with dismay and it's a big shame on CZ and his Binance, which company can we ever trust these days? CZ who was instrumental in the collapse of FTX also has his darkness within itself, so I don't possibly know what allowed him to cause the collapse of a company while his own company is not without flaws as well. The $4.3Bfine is not enough as far as I'm concerned, the guy should also pay some jail terms no matter how little it is. The fact that these rich person could buy their crimes' penalties with money emboldens them. I want such antecedents to change, a situation where only the poor face the brunt of their wrongdoings.

About the impact on Binance or on the crypto market itself, I don't think there will be much issue due to this, BNB will be affected for sure but not Binance itself and the effect would be overpowered by the crypto-market sentimnet which is still positive in the long-term. Even if people start withdrawing their money, they will try to take measures, but I don't think it would get to that. The issue now is not a company going insolvent, it's just mere wrongdoing that would cost them a fine.

And I'm sure that Binance is a well-insured company, the insurance would cover it if need be.

[atamism]

This news make me sad, CZ is stepping down as CEO of Binance. I support Binance since it started and I bought many things from Binance. As I check the market, Binance go crash, there's a panic selling going on on the market. I think Binance will collapse in the next 24 hours and people will panic sell. I hope the new Binance CEO will come back and stands the BNB, also I am hoping that Binance will stay remain in the market. The potential of BNB to grow more is possible if the new CEO and people will support it.

[gabbie2010]

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?

Truly a well established and reputable exchange like Binance can't wind up just because their CZ is stepping down, definitely nothing changes except the leadership of the exchange, of course another competent CEO would take over the affair of the exchange thus there shouldn't be any cause to panick Moreso the outgoing CEO would still have some input directly or directly to the exchange when call upon, I am sure his exit won't affect price of Bitcoin or BnB because I am not expecting massive withdrawal of cryptos rising from the exit of CEO because most traders keep only their trading assets with Binance

[BitcoinsGreat]

At this point, we should give Blackrock a standing ovation for a script well played. It may sound like a conspiracy theory but everything is beginning to unfold. First the ETF is delay, then CZ is being "forced" to resign and agree that he laundered money. In the next few weeks, the ETF will be approved and we are sure nothing is going to stop it. Truth be told right now, I am more worried for bitcoin than for Binance or CZ.

It seems like Blackrock is trying to eliminate every competitor and every big exchange, so that once the ETF is approved, BlackRock will get most of the investments. Anyway, we do not know the exact idea behind all this drama but in a nutshell, there can be nothing bad for Bitcoin in the long run.

If there are serious allegations against CZ and Binance, then it can only dent the price of BNB and i do not think that BNB is too big to affect the whole market. FTX was done and dusted, not sure what will be binance future but bitcoin and crypto is here for the long term and everyone should keep this big picture in mind when deciding to buy or sell their holdings.

[angrybirdy]

Binance has already established itself as the biggest centralized exchange in terms of volume and users on a global scale. The stepping down of CZ will affect a bit its operation and business, of course, but in the long run as long as the CEO is good then it will even be growing more. I have a lot of confidence on Binance and remember that the hack that happened to it in the past never made long-term negative effect on its growth...and I am hoping the same.

Since CZ step down as a CEO of Binance, I am hoping that the new CEO- Richard Teng will handle and operate this reputable exchange just like what CZ did. I am confident that nothing will change with how Binance operates, maybe there will be an upcoming improvements. I made a research about the new CEO and as per CZ, He said that Mr. Teng is a Highly qualified leader when it comes to financial services and regulatory experiences. Upon checking his credentials, Being a former director of corporate finance at the Monetary Authority of Singapore (MAS) and a former Chief regulatory officer of the Singapore Exchange (SGX). You can say that he is entitled to be elected as a new CEO

[CRAIC]

Goodbye CZ. We will miss your funny face

Binance will not crash. The company will finally stop money laundering and become an inclusive corporation

[Gormicsta]

If you like believe this or not, this is what I believe thats happening behind the scene right now.

For one reason or the other, CZ must go for ETFs to get approved, you might not like the sound of it but Black Rock is the one behind the resign of CZ, I know some will try to argue that its wrong, CZ did well for steping down easily, its for the greater good, but still not free of going to prison someday, since he is already proven guilty.

Sometimes to keep business running you go extra miles by getting your hands in the dirt, I understand, with the market manipulation and USDt excessive printing, its business anyways but still CZ is the best man I know in crypto.

Now that he is out of the way I am sure they the ETFs will get approved this time.

I suspected the same thing when I heard the news about the whole thing, I suspected straight away that this could be a plot because the evidence must have been so delicate that CZ had no other option than to plead guilty to the crime. I didn't think of who could be behind the whole plot at first but now I think it all makes sense now. Surely, CZ was the only one Black Rock could see as a threat and with CZ outta the way now, Black Rock remains the only one who's directly benefited from CZ's resignation as CEO.

[Gormicsta]

Binance has already established itself as the biggest centralized exchange in terms of volume and users on a global scale. The stepping down of CZ will affect a bit its operation and business, of course, but in the long run as long as the CEO is good then it will even be growing more. I have a lot of confidence on Binance and remember that the hack that happened to it in the past never made long-term negative effect on its growth...and I am hoping the same.

Since CZ step down as a CEO of Binance, I am hoping that the new CEO- Richard Teng will handle and operate this reputable exchange just like what CZ did.

I believe CZ is only officially resigned but inside the house he's still the CEO and Richard is only representing CZ. From what I checked Richard Tang do have the expertise and qualifications to handle the affairs of Binance but CZ's experience still remains the irreplaceable commodity needed to pilot the affairs of Binance, I believe CZ will still remain the brain behind the whole operation while Richard Tang will only be standing for him as the CEO. So I have no doubt that Binance's operation would still be as usual and we wouldn't need to worry about the change in government.

[Zaguru12]

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.

Yes the government certainly prefers the centralized exchanges due to the KYC protocol than the decentralized ones, but that is if your bank exchange regulated in that country. As for binance which has its subsidiary in the USA as Binance.US they have failed to meet up the regulation requirements and that has been one of the main problems in which we are having this current issues of CZ been charged and fined.

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?

Apart from upcoming ETF or halving there are other factors that could shape the market, example Is government policy if some countries all of a sudden starts to tighten against bitcoin it could affect the market, another thing is economic impact, we are hearing stuffs like inflation, recession and even global war, this things could also have there own effect on the price too.

Another thing could be any collapse or hack of a big exchange too this could cause a little FUD just like what the CZ resignation is doing, many are already spreading FUD about it

I think Binance is not based in the US, is it ?

No they do not have an headquarter in the US, there last headquarter is in Malta (if it is still there) they had one before in China, which was the first before Chinese government banned the use of cryptocurrencies and then they moved to Japan and now Malta.

Although they do not have an headquarter in US they have a subsidiary which was referred to as binance.US for use by US based citizen but according to reports they are quitting totally from US after this charges and fines placed on both CZ and the exchange. Also they had in the past No been able to meet up with the regulatory requirements in the country.

[Faisal2202]

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??

Your concerns are understandable but I trust Binance but don't let trust make you blind so before assuming things try to find facts and figures. In my opinion, Binance has a lot of liquidity and money in holding either in the form of BTC or in any other type. $1+ billion has been withdrawn from the exchange in the last 24 hours while the total reserves they have now are around $72,974,932,941.34 according to cmc so, I don't think if there is anything to afraid of.

If you still think you don't trust your analysis or other's and want to hear experts then you can consider listening to any news outlets like this one:
Can Binance survive at this stage? by CNBC

[stompix]

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.

One can't enjoy one day around here fore getting stabbed by some tinfoil hats around here.
Why would BlackRock target Binance? It makes no sense
- Blackrock is not going to be your traditional exchange
- Binance wasn't a key player in the US anymore
- Blackrock if targeting exchnges would go for Coinbase, far more entrenched in their target userbase
- Blackrock would normally first target other ETF than a dying exchange

Furthermore, even before Blackrock
- CZ fled China
- CZ fled Singapore arguing about regulations
- CZ fled Japan while threatening newspaper with lawsuit, saying their are getting a license
- CZ lied about Malta and their license as they never got one not had they a headquarter there
- CZ lied about losing their license in Uk, Netherlands , Australia and many more
- CZ lied about losing Visa support
- CZ lied about losing the EU payment getaway and lied about a replacement, the current one is a joke

So rather than some stupid conspiracy, don't you think it's about time this lying pos would finally get brushed aside, and hopeful land a few years behind bars too?

[CryptopreneurBrainboss]

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??

This is why CEX are frown at by the community and not recommended to be used for holding of Bitcoin or other supposedly assets (altcoins). If other exchange were hit with similar situation as Binance just got hit, they would have probably crashed but Binance held strong but I don't believe they can do that for very long. Cz resigning was the best move because anything that happens to him after he resign won't have any impact on Binance as people won't see him as the CEO anymore but I didn't think Binance exchange is safe yet because the fed will be coming after them until they have finally broken them as they do to other services.

They have found a loophole to break Cz and Binance exchange, what tells you that they'll stop here when they can go further. The Fed has always had something against Binance exchange and it got more intense after their role in the collapse of FTX so my answer is, just like how other CEX are going down eventually, Binance exchange time will come. It might have survive this one but it's just the start. They had enough reserve that is why they could handle the withdrawal pressure but what happens when the new CEO can't be as dirty as Cz was to attract big institutional investors and they begin to lack means to get revenue and similar withdrawal pressure comes but they can't handle it causing more panic and leads to the exchange crashing.

Lets not forget that Binance had a face which was Cz and many partners only came because of Cz personality so what happens now that he's no longer the face and the new administration can't live up to the standard of Cz. I believe another CEX will takeover Binance very soon as institutional investors will be looking for their new host just as they left FTX when it went down, most of them will be looking for a new host taking their money with them.

[Gormicsta]

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??

This is why CEX are frown at by the community and not recommended to be used for holding of Bitcoin or other supposedly assets (altcoins). If other exchange were hit with similar situation as Binance just got hit, they would have probably crashed but Binance held strong but I don't believe they can do that for very long. Cz resigning was the best move because anything that happens to him after he resign won't have any impact on Binance as people won't see him as the CEO anymore but I didn't think Binance exchange is safe yet because the fed will be coming after them until they have finally broken them as they do to other services.

They have found a loophole to break Cz and Binance exchange, what tells you that they'll stop here when they can go further. The Fed has always had something against Binance exchange and it got more intense after their role in the collapse of FTX so my answer is, just like how other CEX are going down eventually, Binance exchange time will come. It might have survive this one but it's just the start. They had enough reserve that is why they could handle the withdrawal pressure but what happens when the new CEO can't be as dirty as Cz was to attract big institutional investors and they begin to lack means to get revenue and similar withdrawal pressure comes but they can't handle it causing more panic and leads to the exchange crashing.

Lets not forget that Binance had a face which was Cz and many partners only came because of Cz personality so what happens now that he's no longer the face and the new administration can't live up to the standard of Cz. I believe another CEX will takeover Binance very soon as institutional investors will be looking for their new host just as they left FTX when it went down, most of them will be looking for a new host taking their money with them.

Your philosophy and prediction is a solid one, but let's not also forgot that, CZ promised that he is only stepping down as CEO (which was a smart move in giving the the face of Binance some sense of dignity) but still very much accessible to the company, which would give the investors who came because of him and who trust in his government more confidence and reason to still stay ( that's another smart move) so my guess is that, behind closed doors CZ is still the CEO of Binance as he is still running the affairs of the Exchange while Richard Tang is only wearing the CEO coat in order to lure other investors who have lost trust in CZ and we're about to leave. Seeing that Binance has a competent representative as the next CEO, would believe he possesses the capacity to manage the affairs of the exchange and stop it from crashing, which would give them more reason to stay.

So with CZ still partially in the picture, I have a strong believe that The affairs and operation of Binance would still be Business as usual. The only set back they would face now is the huge amount of money that went out of the company due to the fine, as well as other investors who wouldn't wanna give Binance the benefit of doubt. Asides these, I strongly believe Binance has a nice shot and they have the resources to keep up with the pressure until they're completely out of this mess. Binance isn't Number one global CEX for nothing, they didn't just get there by mere luck or because they're fortunate, it shows that they have a very strong team and men of experience under their sleeves, so completely taking down Binance would be almost impossible in my own thoughts. I stand to be corrected though.

[CryptopreneurBrainboss]

Binance isn't Number one global CEX for nothing, they didn't just get there by mere luck or because they're fortunate, it shows that they have a very strong team and men of experience under their sleeves, so completely taking down Binance would be almost impossible in my own thoughts. I stand to be corrected though.

They got there due to monopolizing the industry and it isn't because they did something different in the service they're providing. Their exchange isn't any different from other centralized exchange so they can always been taken down. It'll only take more time because of the amount of resources they have at their disposal but that won't be around for much time. Irrespective of Cz been in control behind closed doors nobody likes to association with a guilty CEO or organization because the fed will be digging further to look for more evidence. They're not stupid, the know what Cz was is trying to do before he even does it.

They knew something was going on that's why they have been investigating the exchange so long and if there's something I have learnt from following up similar cases is that the least offense is always the first they present and when you get guilty them others follows. It was obvious something shady was going on, I won't be surprised when they find other crimes like market manipulation or inside trading because the rate at which tokens about to get listed or listed on the exchange pumps  all of a sudden is suspicious.

I believe you're new to the industry (your rank also says that) that's why you think Binance exchange can't go down. I understand they're powerful due to their monopoly of the industry (buying coinmarketcap, talking over popular wallets and small exchanges and also dominating the crowding sector of the industry and so on) but no CEX is above collapse from law enforcement pressure and other causes. If Cz can be found guilty and Binance itself are guilty, is a matter of time before others in the company or partners are implicated. Just know the fed won't stop until they win and from the looks of things they're on the path of winning. Take out your popcorn, relax and watch how things unfold in the coming months.