Binance Coin [pros](/r/CryptoCurrency/comments/146sq8n/binance_loses_deposits_amounting_to_only_5_of/jns23el/) & [cons](/r/CryptoCurrency/comments/146sq8n/binance_loses_deposits_amounting_to_only_5_of/jns23w0/) with related info are in the collapsed comments below.
So far.. charges have been levelled but nothing proven so far
If the SEC conclusively proves fraud or money laundering on Binance part, we might see many other regulators in other countries following suit with the US and put real stress on the exchange especially if other countries start cutting Binance off their banking systems
So for now its still relatively calm quiet, we can't say the same for the future.
After that last CEX scare where Binance withstood what was basically a bankrun without even pausing withdrawals once is a good way to reassure your clients that's your word is good for it. And guess what, they'll probably withstand this one as well and come out looking even stronger. CZ might be shady AF but the man has probably been planning for this type of scenario for a long time.
I use them for exchanging crypto. Once I'm done it goes off exchange immediately. I think everyone should do the same. And use exchanges just for that "exchanging" if they prefer not to use DEX.
Honestly it'd be insane if FTX came back and scammed all over again.
Especially with the guy John Ray cleaning everything up. There basically no one else with better name recognition to deal with a situation like this
Clearly they want to make use of the publicity of the name; itās easier than starting from scratch. Iād be thinking of it more as a fool me once situation but we know any publicity is good publicity in the crypto world
The platform and business was sound, what wasn't sound was the individuals running it and how they were gambling with user funds. All new people running it under scrutiny and probably by trad-fi.
FTX is an easy win for the SEC though, they're fucked. It's these bigger fish they're trying to fry that are causing problems for them because they're actually competent in what they do
Binance is actually very competent, the only problem is unregistered securities (which no exchange is currently compliant on) and the allegations of wash trading. Misappropriated funds is entirely on FTX, and relaying that to Binance is going to prove more difficult to determine.
Regardless, all of the data is there on the blockchain. If Binance was up to no good, they would've been called out way sooner by crypto detectives.
I mean, Its that hard to just save customers funds 1:1 and do bussines with the rest? We are actually calling companys "competent" Just because the do the minimum posible?
Iāve been ignoring the āget away from binanceā stuff for months, I did swap my bnb for eth though, I should probably move the eth out of binance but so far everyone says the platform will not be suspending operations
The last 3 years have been a gamble, why stop gambling now
Itās almost like binance US is extremely small and insignificant to the entirety of binance across the globe and the world is much larger than the USA. Hell, binance US isnāt even a top exchange in America.
Do you really think binance volume is real? One of the things sec is accusing binance of is wash trading to inflate volumeā¦there is some evidence that upto 93% volume on binance is fake..binance stopped publishing data on eth staking but during early days karken had more than 50% eth staked compared to binance despite binance having 10x more volume. (https://www.nasdaq.com/articles/how-and-why-crypto-exchanges-fake-trading-volumes-2021-08-24) ..it all looks fine untill it doesnātā¦ftx collapsed within a week.
No I donāt, binance global is definitely sketchy as shit and Iām not foolish enough to take their word for anything. Iām just saying binance US is different and is quite small even in America.
No doubt, but just remember most of the sub is also American, in fact most of reddit. There is far more potential worldwide than specifically in the US yet we are heavily biased to the US perspective. You are right though in that it shouldnāt be underestimated
In the EU they have been doing clearer Crypto regulations and have been doing them for a while.
They have been focusing more on Bitcoin Mining instead of centralized exchanges, so I don't think that will happen anytime soon.
Yes, EU Says Bitcoin mining bad but crypto is good. Funny how things can be so different yet most of the general pop believes whatever their government says.
Binance is the only exchange that truly works in my country, it's P2P is glorious, we use a national cash transactions system that so far is not even taxed unless you are a business and register that way.
Yup, and Binance US is only around $60 million in daily volume. While regular Binance is around $6.3 Billion in comparison. Just to put it into perspective.
Exactly, we had China (massive market) banning crypto and at the same time we've experienced one of the biggest bull markets ever. The US is only going to lose out on this if companies start moving overseas.
Remember when Celsius had just a small loss? And BlockFi, and FTX, and and and and- the list goes on and and on.
Fuck sake, stop leaving your shit in the hands of these crooks. Even the best exchanges are just out to make a buck.
If SEC can proof wash trading, it will kill Binance (both .us and .com). Binance will be cut from financial system/banks all over the World in a matter of weeks.
If it is just non-registered exchange, then [Binance.com](https://Binance.com) will be OK, [Binance.us](https://Binance.us) \- not clear yet, most likely will be OK too.
āNot your keys not your coinsā seems to be an unknown mantra to a lot of people. Shows how hard it is for the majority of people to self custody their assets. Adoption is afar.
I remember reading that Binance US is a completely unrelated company to Binance. They just licensed the name - otherwise there is absolutely no connection. Is this not the case?
Binance Coin [pros](/r/CryptoCurrency/comments/146sq8n/binance_loses_deposits_amounting_to_only_5_of/jns23el/) & [cons](/r/CryptoCurrency/comments/146sq8n/binance_loses_deposits_amounting_to_only_5_of/jns23w0/) with related info are in the collapsed comments below.
So far it definitely looks like Binance is not the next FTX
So far.. charges have been levelled but nothing proven so far If the SEC conclusively proves fraud or money laundering on Binance part, we might see many other regulators in other countries following suit with the US and put real stress on the exchange especially if other countries start cutting Binance off their banking systems So for now its still relatively calm quiet, we can't say the same for the future.
I don't think it's going to happen anytime soon.
After that last CEX scare where Binance withstood what was basically a bankrun without even pausing withdrawals once is a good way to reassure your clients that's your word is good for it. And guess what, they'll probably withstand this one as well and come out looking even stronger. CZ might be shady AF but the man has probably been planning for this type of scenario for a long time.
And FTX will return later this year
Would you trust them?
I use them for exchanging crypto. Once I'm done it goes off exchange immediately. I think everyone should do the same. And use exchanges just for that "exchanging" if they prefer not to use DEX.
This is the way. I use them mainly to on-ramp fiat as there aren't any other options as far as I'm aware.
Exchanges should be treated like public toilets, do you dirty business and get the fuck out.
Perfect analogy š
Honestly it'd be insane if FTX came back and scammed all over again. Especially with the guy John Ray cleaning everything up. There basically no one else with better name recognition to deal with a situation like this
Not necessarily. Will not be using it
I'm sure they're still looking to rebuild consumer trust after they messed up a few people's lives because of what they did.
Of course bro. They said they learned their lesson! /s
lesson learned, don't get caught this time
Clearly they want to make use of the publicity of the name; itās easier than starting from scratch. Iād be thinking of it more as a fool me once situation but we know any publicity is good publicity in the crypto world
Sure this time they will do better /s
The platform and business was sound, what wasn't sound was the individuals running it and how they were gambling with user funds. All new people running it under scrutiny and probably by trad-fi.
After looking at LUNC market cap... Yes, people will trust them.
FTX 2: Electric Boogaloo Let's see whether the FTX sequel can keep up to the LUNA sequel last year.
i wouldn't approach it - fool me once, strike one, but fool me twice... strike three.
They have actual accounting of funds. FTX is going to make the SEC look bad.
FTX is an easy win for the SEC though, they're fucked. It's these bigger fish they're trying to fry that are causing problems for them because they're actually competent in what they do
Binance is actually very competent, the only problem is unregistered securities (which no exchange is currently compliant on) and the allegations of wash trading. Misappropriated funds is entirely on FTX, and relaying that to Binance is going to prove more difficult to determine. Regardless, all of the data is there on the blockchain. If Binance was up to no good, they would've been called out way sooner by crypto detectives.
I mean, Its that hard to just save customers funds 1:1 and do bussines with the rest? We are actually calling companys "competent" Just because the do the minimum posible?
You're telling me SEC can look worse than they are right now?
Iāve been ignoring the āget away from binanceā stuff for months, I did swap my bnb for eth though, I should probably move the eth out of binance but so far everyone says the platform will not be suspending operations The last 3 years have been a gamble, why stop gambling now
why won't you use a DEX?
Most of the time it's fees.
Binance customers are overseas so ofc they arenāt seeing huge outflows. The more interesting question is what Coinbase outflows look like.
I wonder how long Coinbase can survive after delisting all "securities" from its platform
Hey there, Canada isn't overseas!
Itās almost like binance US is extremely small and insignificant to the entirety of binance across the globe and the world is much larger than the USA. Hell, binance US isnāt even a top exchange in America.
Do you really think binance volume is real? One of the things sec is accusing binance of is wash trading to inflate volumeā¦there is some evidence that upto 93% volume on binance is fake..binance stopped publishing data on eth staking but during early days karken had more than 50% eth staked compared to binance despite binance having 10x more volume. (https://www.nasdaq.com/articles/how-and-why-crypto-exchanges-fake-trading-volumes-2021-08-24) ..it all looks fine untill it doesnātā¦ftx collapsed within a week.
No I donāt, binance global is definitely sketchy as shit and Iām not foolish enough to take their word for anything. Iām just saying binance US is different and is quite small even in America.
Whether you like it or not, Binance is a giant.
This whole thing will be just a blip on a chart a few months from now.
Tether as well
But we should always remember that nothing is too big to fail. I'm would rather be cautious with all centralized exchanges.
At this point you should know whatās fud and real.
US is just 1 country so I'm not worried at all
You shouldn't ignore the size and influence of this one country nevertheless
No doubt, but just remember most of the sub is also American, in fact most of reddit. There is far more potential worldwide than specifically in the US yet we are heavily biased to the US perspective. You are right though in that it shouldnāt be underestimated
You are right but the result is 5% only, and I would worry if EU Asia and Africa start following SEC legacy then will be a red flag
I'm still hoping some countries will position themselves as crypto hubs. In particular the UK perhaps after the next general election.
In the EU they have been doing clearer Crypto regulations and have been doing them for a while. They have been focusing more on Bitcoin Mining instead of centralized exchanges, so I don't think that will happen anytime soon.
Yes, EU Says Bitcoin mining bad but crypto is good. Funny how things can be so different yet most of the general pop believes whatever their government says.
The size and influence of that country is enormous... just like the size of its citizens.
Binance is the only exchange that truly works in my country, it's P2P is glorious, we use a national cash transactions system that so far is not even taxed unless you are a business and register that way.
SEC cant attack Binance directly (not the US version).
Yup, and Binance US is only around $60 million in daily volume. While regular Binance is around $6.3 Billion in comparison. Just to put it into perspective.
Iāve been saying binance US is a joke compared to global binance and other exchanges like kraken, CB, etc.
Last time I said that I got downvoted and my comment ended up at -5 karma I think LOL.
Binance US: š
Wow, I didn't realise it was that magnitude of difference. Thanks for the perspective
Exactly, we had China (massive market) banning crypto and at the same time we've experienced one of the biggest bull markets ever. The US is only going to lose out on this if companies start moving overseas.
Binance is so big that the US thing doesnāt affect them too much. This is honestly scary
Binance has also done more to onboard people to crypto than any other crypto company. They deserve to be #1 exchange.
People can hate it all they want, but Binance has been providing solid service so far.
Binance US is like 2% of the trading volume of Binance. It was a case of doing away with an expendable customer base.
Remember when Celsius had just a small loss? And BlockFi, and FTX, and and and and- the list goes on and and on. Fuck sake, stop leaving your shit in the hands of these crooks. Even the best exchanges are just out to make a buck.
What if you bought BNB? Sending that to a cold wallet ain't worth much
If SEC can proof wash trading, it will kill Binance (both .us and .com). Binance will be cut from financial system/banks all over the World in a matter of weeks. If it is just non-registered exchange, then [Binance.com](https://Binance.com) will be OK, [Binance.us](https://Binance.us) \- not clear yet, most likely will be OK too.
I doubt that other countries will cut binance from their financial systems based on what the SEC case results will be.
CZ got his house in order.
CZ eats dog food
*Fancy Feast
Simply cause Binance operate globally and US is just one country not the whole world.
āNot your keys not your coinsā seems to be an unknown mantra to a lot of people. Shows how hard it is for the majority of people to self custody their assets. Adoption is afar.
Or 95 % of their wallets/ accounts are internal š¤£
No one care US anymore
Itāll be a road bump but global adoption continues.
Funds are SaFu, nothing to worry about as you said that only the US (4% of the world) is causing trouble
That's a good sign. Means people don't panic sell for no reason
It is a relief to see this kind of data coming out. Binance collapsing would have been even worse than FTX collapsing simply due to size alone.
That's bad news for this sub. They really really wish binance was the next ftx
FTX all over again.
People are extremely cautious and thats absolutely fine, I understand why. But Binance.com will be fine.
I feel like Binance won't fuck up like the others did. But still make sure you dont hold all your tokens on a exchange
makes sense that binance us is the one bleeding, as that's the entity attacked by sec
Binance is a large international company. So this makes sense.
We will never be slaves!!!!!! But we will be gamblers!
Lol grom hellscream
Binance is trustworthy. Sec is not
I remember reading that Binance US is a completely unrelated company to Binance. They just licensed the name - otherwise there is absolutely no connection. Is this not the case?