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Author Topic: What are the chances of Binance shutting down now?  (Read 159 times)
yudi09
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November 25, 2023, 09:39:58 AM
 #21

Binance has been fined with about $4 billion. What is more concerning that their image is hampered now and trust of investors is gone who will stay away from the platform. Can this result in Binance getting shut down anytime soon?
Still haven't found a reason why Binance Exchange will close because of what happened to them and CEO CZ before turning to Richard Teng as the new CEO of Binance.

Getting people to trust not to use Binance as an exchange for trading is difficult even if Binance is having problems. My assumption is that people who use Binance don't really care about this case because they consider CZ's decision to resign as a great choice even though more than 10 million Binance users felt worried when the news hit Binance.

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traderethereum
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November 25, 2023, 01:08:21 PM
 #22

If Binance is going to shut down in the near future, that would mean Binance would be next after Bittrex shuts down its exchange.
Not necessarily, as you never know which exchange might go down in the meantime. Then again, with the market looking better and only months away from the bitcoin halvening, chances are that more new exchanges will start oppoing out, instead current ones closing.
Yes, we won't know which exchange will be closed next but it seems like the SEC is still looking for its next victim. We can only wait and see what will happen with other exchanges or even projects that still have problems with the SEC.
New exchanges can indeed challenge the SEC but we don't know if they can win against the SEC.

But hopefully, the replacement of CZ with RT can provide meaningful changes to the crypto market and maybe it can trigger even better market movements. Everything can happen.
Tbh, I don't see that having a new CEO will chance Binance's course dramatically as CZ is still the owner meaning he is the boss, but this time he will operate from behind and won't be so exposed.
CZ is still the owner and even a shareholder. He could even reclaim his position in the future.
Maybe later, there will be revenge from CZ and I agree that she will only act behind the scenes. Maybe he will control it later.

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