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

[Gormicsta]

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.

Exactly my point, they're offering the same services other CEX is offering so the big question remains why they were able to monopolize their business while not doing anything special or different from what their opponents and competitors were doing. Monopoly is very strong marketing tool and not everyone can take advantage of it, correct me if I'm wrong, it takes resilience and extreme innovative insight to be able to monopolize your business in the midst of your competitions, it only means Binance wasn't just lucky, there was a brain behind that. And keeping the business in shape and ahead of other competitions requires another level of work. Meanwhile I didn't say it's impossible for Binance to crash, I said it's almost impossible, and it wouodbtake more than this conspiracy to take it down. Taking down businesses with this structural framework would be from the inside and not the outside, with the scale of 1 to 10 if I'm to rate Binance's chances of crashing within a couple of months as you implied earlier, I'd rate 2. The money Binance was fined was also for the investigation to be discontinued if I'm not mistaken, and Binance on the other hand being fully aware right now that there's a loophole in their end would go extra mile to make sure the loophole is covered. So I doubt that further implicating evidence would surface that would result to Binance's final take down.

And yes I may be a Newbie on the forum and I admit that I have a lot to learn from OGs like you, but regardless that fact, i believe that no man is a monopoly of knowledge, I do my findings so to help me argue with fact and not fallaciously (if there's a word like that) before I joined the forum I believe I have somewhat level of knowledge about Bitcoin and I came here to broaden the knowledge and learn more. I argue to learn and change my current mindset if I'm convinced beyond doubt so I shouldn't suppose my current rank should be equated with my capacity of knowledge about Bitcoin.

I still believe that this scandal isn't enough to pull Binance down, well time would tell if Binance can withstand the hit or if it'll collapse within a couple of months as you've predicted. Like @JayJuanGee would say, I'd like to go on a friendly bet with you on this issue, but unfortunately for me, I don't have the luxury of going on friendly bets.

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[CryptopreneurBrainboss]

And yes I may be a Newbie on the forum and I admit that I have a lot to learn from OGs like you, but regardless that fact, i believe that no man is a monopoly of knowledge,

You must have misunderstood me as I never intended to look down on your knowledge, my response came as a response of you saying taking down Binance exchange is almost impossible. Most newbies think that way and that's what I meant. We have seen big and small exchange go down and that'll will always be the norm in the industry until we get rid of or reduced the power of centralized exchanges. At the peak of FTX exchange if they had asked if the exchange can collapse and seize to exist, many newbies would have said no because they had almost the same structural and financial strength as Binance exchange.

The newbies back then would had said FTX will be able to withstand any challenges that comes their way but the story today is different. All I'm saying is, don't put your bet on any centralized exchange as they don't have your best interest at heart. They're only here for profits and Binance is going too far by monopolized the industry and also taking the industry backwards instead of pushing it forward. This is a decentralized industry and it should be respected if you have the industry at heart and trying to do the best for the industry as they say.

Just because others didn't to it doesn't make them foolish, Cz is a greedy bastard and not different from the feds (they both are hungry for control). This is the start of his downfalls as I have always predicted. As for the bet, sorry I won't be placing a bet on something I know is inevitable. Binance will crash like other centralized exchange has, it mightn't be today, tomorrow or next but it'll happen and that's why even though you're using it for trading, don't make this mistake of using if as a place to store your Bitcoin. Your funds might be safe today but tomorrow the case might be different. No CEX is too big to crash. It mightn't even be this case that takes Binance exchange down but something is coming maybe a hack or other crimes they'll be found guilty of.

[wiss19]

I re-searched it online to see if it's only a FUD you are spreading there but it seems it is legit since there are lots of reputable sources who also reported the same news. Ouch, this is going to be painful for them, also for their customers, to the rest of us (non-binance users), and most especially to the entire crypto space, as we know Binance is like the foundation of it. They are huge, but the involved amounts are also not a joke.

And it's not only about the amounts anyway, but also their reputation. So even if let say they can pay it, I think many are still going to be disappointed from them, that they will not support this crypto exchange anymore. Oh well, we can only hope for the best.

[Antotena]

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.

I hate to support centralized exchanges but CZ is Binance whether we accept it or not. His leadership structure will remain of the most love and like by the people. He is the only reason why some people are still here and believe in crypto despite that their ideology is quite different from decentralized exchanges. They like him because I remembered seeing a tweet from him when he encourage everyone during the covid 19 market black out, he said "as long as he is still alive, he will never stop supporting bitcoin" and that relieved lots of people and bitcoin did bounce back lively.

The new CEO might do his thing and probably want to win back many people, but I don't think he will remain influencial like CZ, I'm not even sure if there any crypto person that had likes in a tweet from his last tweet he made about dropping down as CEO of Binance. They like him more than FTX and I think they have any reason to because of the impact he has made all through this time and we can see that the market didn't react much to the news.

[Gormicsta]

And yes I may be a Newbie on the forum and I admit that I have a lot to learn from OGs like you, but regardless that fact, i believe that no man is a monopoly of knowledge,

You must have misunderstood me as I never intended to look down on your knowledge, my response came as a response of you saying taking down Binance exchange is almost impossible. Most newbies think that way and that's what I meant. We have seen big and small exchange go down and that'll will always be the norm in the industry until we get rid of or reduced the power of centralized exchanges. At the peak of FTX exchange if they had asked if the exchange can collapse and seize to exist, many newbies would have said no because they had almost the same structural and financial strength as Binance exchange.

The newbies back then would had said FTX will be able to withstand any challenges that comes their way but the story today is different. All I'm saying is, don't put your bet on any centralized exchange as they don't have your best interest at heart. They're only here for profits and Binance is going too far by monopolized the industry and also taking the industry backwards instead of pushing it forward. This is a decentralized industry and it should be respected if you have the industry at heart and trying to do the best for the industry as they say.

Just because others didn't to it doesn't make them foolish, Cz is a greedy bastard and not different from the feds (they both are hungry for control). This is the start of his downfalls as I have always predicted. As for the bet, sorry I won't be placing a bet on something I know is inevitable. Binance will crash like other centralized exchange has, it mightn't be today, tomorrow or next but it'll happen and that's why even though you're using it for trading, don't make this mistake of using if as a place to store your Bitcoin. Your funds might be safe today but tomorrow the case might be different. No CEX is too big to crash. It mightn't even be this case that takes Binance exchange down but something is coming maybe a hack or other crimes they'll be found guilty of.

First of all, I'm not putting my bet or trying to defend Binance, my theory is coming from a neutral perspective. Whatever Binance is doing isn't any of my business. And I'm not trying to defend or side anyone. Once again my theory is coming from a neutral perspective. My argument is on the ground that Binance has the resources of withstanding the pressure of this particular disaster that has befell her. I'm not saying Binance isn't above crashing just like FTX. Yes FTX back then may have shared striking similarities with Binance and nobody believed it would go into bankruptcy and crash in 2022, I've looked into the case file of FTX as well and I can say that if Sam Bankman-Fried of FTX was charged for money Laundering and fined a few billion, then FTX would still business. But come on, A surge of customer withdrawals, due to concerns over the questionable financial valuation practice and unusually close relationship with Alameda, and loosing over $1Trillion would throw any solid company off balance and cause them to crash.

Again my claim is that, this whole money laundering scandal isn't enough to throw Binance into that ditch as FTX. Yes maybe some day Binance's time will come to go down, but this isn't that time because they have more than enough resources and facilities to make it out of this one. Again, I'm not saying this because I'm siding Binance or I'm trying to defend them. No, this is simple logic coming from a neutral perspective.
Call CZ a greedy bastard, I won't dispute that fact or argue it, they're all hungry for control and power, true. I totally agree with you on that one. And if there's another thing I'll agree with you, it's the fact that this is definitely not that scenario that will throw Binance into bankruptcy, (logically speaking) absolutely not. Maybe when that time comes, we'll all rejoice together  .

[NotATether]

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

Why? They didn't announce that Binance is closing down (unlike what some other exchange did a few days ago). So how would anything happen to Binance products overnight?

I am not trying to defend Binance or anything, but all this panic over a charging is silly. Most likely they still have a lot of liquidity after this because they're so large that they put *other* exchanges out of business previously just by their user counts.

In fact, BNB has only taken a small hit since the news.

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

Seems like he is a very sly person.

[super bako]

What's on my mind is whether Binance will become the No. 1 market in the world after CZ leaves?
It seems the community will have confidence in CZ's main founder, Binance's replacement CEO. There is no sign of performance reaction yet. When Binance was still held by CZ, the royalties for the Binance community were the most extraordinary I have ever experienced. Now I withdraw all assets on Binance and move them to other markets

[EarnOnVictor]

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.

I agree that the CZ's ugly event would certainly affect BNB as this token is tantamount to the shares of Binance. This view explains what is happening in the crypto market, and if not for the bull run spirit, it could have been worse for BNB. From the very first day, I knew that this was nothing to the crypto market, it could only react negatively to it a bit and would get back in line.

This was exactly what happened. The reason is that the market is bigger than Binance, and Binance itself is not in trouble of financial stress, it's a mere fine, and fines happen to companies, yet they stand even taller. Financial institutions and brokers are used to this, only that it's just started in exchanges where they are being slammed with heavy fines. This is a welcome development as I expect it to at least speak sanity a bit to the industry. It seems Kraken is going to be the next scapegoat now, this is good if found guilty. No hurt feelings, all I want is fair and trusted exchanges and crypto businesses/environment.

[Binance Coin]

I ask everyone for forgiveness. I left my post for the well-being of users

[bayu7adi]

Binance still appears strong, even though CZ announced his resignation. His move seems well-timed; even though he's no longer the CEO, he can still control the company behind the scenes. People aren't panicking about the news, and I believe Binance will continue to be an exchange that positively impacts the crypto community.

It's been a week, and I think CZ's good ethics haven't caused much turbulence in market sentiment. Just a few days ago, I noticed BNB experienced about a 10% price drop but managed to recover. Meanwhile, Bitcoin's price wasn't significantly affected, with fluctuations being more of a correction.

[KingsDen]

Binance still appears strong, even though CZ announced his resignation. His move seems well-timed; even though he's no longer the CEO, he can still control the company behind the scenes. People aren't panicking about the news, and I believe Binance will continue to be an exchange that positively impacts the crypto community.

It's been a week, and I think CZ's good ethics haven't caused much turbulence in market sentiment. Just a few days ago, I noticed BNB experienced about a 10% price drop but managed to recover. Meanwhile, Bitcoin's price wasn't significantly affected, with fluctuations being more of a correction.

Binance is no longer a baby company to be honest. CZ is no longer pampering binance and to be honest, many people and including the government has a stake in binance,  directly or indirectly.
When binance boosted about their reserves, many of us thought it was a joke and today we have seen that binance is able to pay any fine and still stand strong.

I thought BNB will drop upto 50% after CZ resignation,  but I wasn't even upto 10% and has already corrected.  So, there's no other FUD that will pull the market down. Binance is in auto pilot and doesn't need 100% intelligence to keep working.

[apogio]

Companies change CEOs often. The real question for a company is when does the new CEO completely changes the behaviour of the company. In my opinion CZ's approach will always guide Binance into being an ordinary CEX like the rest of them.

[tabas]

We are still seeing them doing well and operational. This only means that this incident of bailing out and paying the fine is a can afford matter to them. I think that there's a share from all of the shareholders that have paid the fine, I dunno.

Companies change CEOs often. The real question for a company is when does the new CEO completely changes the behaviour of the company. In my opinion CZ's approach will always guide Binance into being an ordinary CEX like the rest of them.

IMO, this change of Binance's CEO won't happen if there were no cases or cracking down by the US government. But as they move on, that's prolly one condition that they need to meet and show. CZ's involvement is likely still there and he's still got the influence to the company that he's built for sure.

[bayu7adi]

Companies change CEOs often. The real question for a company is when does the new CEO completely changes the behaviour of the company. In my opinion CZ's approach will always guide Binance into being an ordinary CEX like the rest of them.

+1... CZ stepped down from his public position, but internally, I'm confident he'll still wield influence over Binance's moves. He's been the face of Binance since its inception, even during the ICO, and his stance on legality seems to earn him extra respect. He's proven to be responsible, which could reflect on Binance, hopefully maintaining accountability in line with CZ's character.

No one wants a second version of FTX to happen, and I don't see that happening to Binance. I don't recommend keeping money on exchanges, but if you have to, Binance isn't a bad choice as long as their reputation stays solid, despite the AML cases that led to fines.

CZ and Binance are still closely connected internally for the time being.

[CryptopreneurBrainboss]

When binance boosted about their reserves, many of us thought it was a joke and today we have seen that binance is able to pay any fine and still stand strong.

I thought BNB will drop upto 50% after CZ resignation,  but I wasn't even upto 10% and has already corrected.  So, there's no other FUD that will pull the market down. Binance is in auto pilot and doesn't need 100% intelligence to keep working.

BNB is a centralized token controlled by Binance exchange, the price is been manipulated by the exchange and with their burning mechanism they're attracting more gullible investors. It's not a surprise that the token didn't get much price dip because they haven't been found guilty of doing anything that affect the community so they still have the trust of the community. Cz move also is been praised all over the industry as sacrificing himself for the wellbeing of the industry so people are still buying into the crab that they're selling. I didn't expecting expect the token to fall too as there wasn't much heat instead support because the stories is been spread as the government against the industry and investors will naturally side with the industry, but this is just the fed against CEX.

What I can say is the Fed wouldn't be giving up and other things will work in their favor, already Binance exchange partners are now the target with law suits which might drive away potential business partners which will dry the pockets of Binance and their reserves. The only way I see them combating the lack of revenue that would soon be their problem is to charge more for listing fee and list more altcoins but soon they'll run out of projects to list or their listing won't have much effect on projects growths anymore, making them to lose patronage from crypto products. The money will move over to other exchange and then the so called reserve will dry up and the crisis begin to unfold in front of our eyes.

The mistakes most people commenting on this issue is making is thinking, Binance exchange is too big to fail but no CEX has such quality. The fine wasn't a big money for an exchange like Binance exchange but when they can't replace the money to keep their reserve up then we'll begin seeing similar situation to other CEX that has seized to exist in the past.

[yudi09]

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??

CZ resigned from the CEO position because part of the demands and positions left by CZ was filled by Richard Teng. News of the incident that occurred to Binance involving CZ spontaneously made people wonder how the fate of the next exchange of binance because binance is a big exchange and is quite well-known among trade actors.
My answer to the question as you ask is that I don't care because in Exchange Binance I don't save funds and funds available there just for trade needs. If binance is closed, we can still use local exchange to trade.

[passwordnow]

My answer to the question as you ask is that I don't care because in Exchange Binance I don't save funds and funds available there just for trade needs.

You don't need to be vulgar with that answer because you don't hold your funds there and so do I, who keeps their funds there because if someone keeps his/her funds there, they're at risk.

If binance is closed, we can still use local exchange to trade.

There are local exchanges that are way terrible than Binance and that's why even the locals, they use Binance instead of their very own local exchange.

The mistakes most people commenting on this issue is making is thinking, Binance exchange is too big to fail but no CEX has such quality. The fine wasn't a big money for an exchange like Binance exchange but when they can't replace the money to keep their reserve up then we'll begin seeing similar situation to other CEX that has seized to exist in the past.

You said it right, even if they're already big enough, that doesn't mean that they can't skip a fall down, an unexpected one. We can learn from FTX issue that has no one expected them that their founders have been playing with people's deposits there.

[rat03gopoh]

Now I withdraw all assets on Binance and move them to other markets

You are over interpreting this case, I don't think this has any correlation with the security of binance so you have to empty your balance elsewhere, it costs you withdrawal fees.

There are local exchanges that are way terrible than Binance and that's why even the locals, they use Binance instead of their very own local exchange.

Using Binance is like holding a spear. Binance actually has the most complete trading features, but Binance is rejected by regulation in my country. You can use the sharp tip to get something, but you have to hold the stick in the middle (standing in the gray area).

[passwordnow]

There are local exchanges that are way terrible than Binance and that's why even the locals, they use Binance instead of their very own local exchange.

Using Binance is like holding a spear. Binance actually has the most complete trading features, but Binance is rejected by regulation in my country. You can use the sharp tip to get something, but you have to hold the stick in the middle (standing in the gray area).

That's not new. Many countries are pushing Binance out of their jurisdictions for some reason. It's all about their registration or there's another player that's about to come out so they need to kick out the biggest competition.

But for those countries where regulations are tough and they can't get in, those that are inside that country and operate with their local customers. They've got of course an edge over Binance. Anyway, they still want to penetrate to most countries and they have to go through the process of being registered and having a dialogue with the regulators.

[yudi09]

My answer to the question as you ask is that I don't care because in Exchange Binance I don't save funds and funds available there just for trade needs.

You don't need to be vulgar with that answer because you don't hold your funds there and so do I, who keeps their funds there because if someone keeps his/her funds there, they're at risk.

I think that's my non-joking answer to describe my situation regarding the problems that befell the Binance exchange and other exchanges.
Because it is clear functionally that the exchange is not a place to store funds but its function is to trade.
If Binance has problems, there are still other exchanges that can be used for trading. Just select...

If binance is closed, we can still use local exchange to trade.

There are local exchanges that are way terrible than Binance and that's why even the locals, they use Binance instead of their very own local exchange.

The local exchange that I use for trading meets the standards I want even though Binance Exchange is known to be good according to most of its users.