What could be the future of Binance?

Pousinha

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Since last year, if not before, the big exchange Binance is monitored by the American SEC. It looks like the USA government is involved in a sort of battle against cryptocurrencies, especially the stable coins (there is the idea to elaborate a law that will declare illegal USDT, USDC, etc. An Italian colleague of mine stated one important step in this battle was the failure of Bittrex, after the failure of FTX. He says Binance would be the last giant CEX to stand, but it's prone to end like FTX and Bittrex. Other users and colleagues are more confident about Binance being able to overcome this situation, so won't fail (at least, the international Binance won't fail, not binance.us, I think, as like Bittrex Global is headquartered out of the USA). What do you think about this situation between the USA government, the SEC and Binance? What about Binance's future?
 

Suba

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Not only is Binance us in conflict with the SEC but Binance globally also often encounters problems, like in my country Binance has not completed licensing so the site is blocked by the government, users must access with a VPN, but fortunately Binance is also a subsidiary of the local crypto exchange (Triv). In Canada, Binance is also involved in regulation so that Binance cannot operate in Canada.Imo, Binance is the largest crypto exchange in the world if it goes bankrupt then the trust of crypto users in the exchange will be lost.
 

Golden9

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I think Binance is now being scrutinized because of the role it played in the bankruptcy of FTX, which is an American exchange.

Like normal human reaction, it's painful to lose something close to you while seeing that of outsiders succeed and thrive after that.
 

Suba

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Many issues, both with US regulators, the collapse of the FTX exchange etc., made Binance's spot crypto market share fall and only control around 50%. Other shocking news such as the Government of Israel confiscated 190 accounts on Binance suspected of being involved with terrorists. However based on the volume, Binance exchange will remain the leader in the crypto world.
 

Pousinha

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The most pitiful thing, I think, if Binance falls into bankruptcy, would be the loss of money by poor people, Binance users, counting on cryptos stored there to make ends meet or even to be able to purchase their daily food. By my hand, I emptied my Binance account in June 2022, favouring in app wallets where I own the private keys.

I think Binance is now being scrutinized because of the role it played in the bankruptcy of FTX, which is an American exchange.
The bankruptcy of FTX was a very sad thing. I remember a Brazilian user, a cryptos investor, very confident about his investment well stored in the CEX. And after a while, he could have turned pennyless :cry:
 

Suba

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In general, if the crypto exchange still has funds, it will return crypto to its users. That is one of the risks of saving at CEX, we cannot have full control over the crypto that we have, besides, the government will easily freeze our account if there is a problem.
 

Carson20t

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It is simple ladies and gentlemen,it is pointless to save income with a custodial wallet that you term as profits.So all your profits should be going to the non custodial wallet with your own private keys then your profits will be safe.As for your investments then you can do transanctions on custodial wallets where they get to keep your private keys.At times you lose and at times they can be able to recover and give back what you rightfully owned but it is a game of chance.

Hoping Binance keeps on following the laws and being in compliance where ever they have presence and operations.
 

cherry123

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j hope nothing goes wrong here especially not the issue of bankruptcy as they would be high loss of money of people by the site Binance users are a lot on the platform
 

Pousinha

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Yes, sure! Unfortunately, the American SEC and the regulatory authorities take in no account at all the money of poor people stored in CEXs like Binance. My husband, in its turn, stored more than 200 reais of shiba inu and I sincerely hope he won't lose his cryptos. I told him to choose a non-custodial wallet, but he did a fixed staking (to earn more interests, so he is obliged to wait the end of the staking timeline).
 

fcbetting

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U think it is good but there wili be chnages. All goverments will add more restrictions and regulators and Binance must follow it. Otherwise they will lost biggest markets especially US.
 

Pousinha

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I know there will be changes. To be sincere, no one can really expect to earn whatever currency, including cryptocurrencies, while the governments stay still and quiet: we must expect the governments want to tax whatever kind of income, to receive tax reports and, especially among south European countries and some disadvantaged areas where there are interests to maintain the people in poverty, to create new burdens having such a specific aim (so a strict regulation is above all an excuse, in such countries). Obviously, this latter is not the case of the USA, where the government and the politics are fairer, compared to many other countries.
 

fcbetting

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I think goverments in some way would even try protect and save Binance in case they will go broke. Why? To many people invested money there. Similar situation when goverment try save big company which is on edge of collapse.
 

Pousinha

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This would be a very good news:cool:! Users who get involved in fixed staking, cannot remove their funds from Binance (and my husband is one of them: he staked shiba inu worth of more than 200 reais). If something happens to Binance, I cannot even think about the mess. So governments trying to save Binance means to save the hard earned money of many poor people.
 

nomad

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The US is suspicious of Binance because CZ is a Chinese man. Binance does not operate in Canada as well (maybe as the reason is the same as the US), but I think Binance will continue to grow bigger
 

Pousinha

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Yes, it's to suppose the reason is northern American governments don't trust Chinese men and as consequence, Chinese initiatives. But the sore point in this question is the hard earned money of poor people, stored in Binance. Moreover, it often happens, among many third and fourth world countries, the only means of earning of many poor people is online platforms that only pay cryptocurrencies (considering Paypal and Payoneer are not available all over the world). And people need a CEX like Binance to convert to their local FIAT currency, to purchase their daily food.
 

Bisolami

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Since last year, if not before, the big exchange Binance is monitored by the American SEC. It looks like the USA government is involved in a sort of battle against cryptocurrencies, especially the stable coins (there is the idea to elaborate a law that will declare illegal USDT, USDC, etc. An Italian colleague of mine stated one important step in this battle was the failure of Bittrex, after the failure of FTX. He says Binance would be the last giant CEX to stand, but it's prone to end like FTX and Bittrex. Other users and colleagues are more confident about Binance being able to overcome this situation, so won't fail (at least, the international Binance won't fail, not binance.us, I think, as like Bittrex Global is headquartered out of the USA). What do you think about this situation between the USA government, the SEC and Binance? What about Binance's future?
I still see binance as a platform that has the potential to do more and a platform that has a very bright future even with the influence of Cristiano Ronaldo
 

nomad

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I think with the recent lawsuits against Binance by SEC US, Binance is under a risk. The recent dip in the crypto market was because of this lawsuit. I believe Binance will come clean.
 

Bisolami

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I think with the recent lawsuits against Binance by SEC US, Binance is under a risk. The recent dip in the crypto market was because of this lawsuit. I believe Binance will come clean.
I hope that they come clean and I hope that nothing happens to our money on it. I have about $100 but I'm thinking of either leaving it there or sending it to my trustwallet. I don't know which one to do
 

Pousinha

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I think with the recent lawsuits against Binance by SEC US, Binance is under a risk. The recent dip in the crypto market was because of this lawsuit. I believe Binance will come clean.
I hope that they come clean and I hope that nothing happens to our money on it. I have about $100 but I'm thinking of either leaving it there or sending it to my trustwallet. I don't know which one to do
I too hope Binance will come clean, for the sake of your cryptos stored in the CEX. Because I'm afraid the American SEC hasn't the least concern about the hard earned money of poor, lower middle-class and middle-class people, forced to store their cryptos in a CEX or in app wallet because the amount is too little to be worth the purchasing of a Ledger or Trezor. I never heard about regulatory authorities worried for my money and yours.
 

nomad

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I too hope Binance will come clean, for the sake of your cryptos stored in the CEX. Because I'm afraid the American SEC hasn't the least concern about the hard earned money of poor, lower middle-class and middle-class people, forced to store their cryptos in a CEX or in app wallet because the amount is too little to be worth the purchasing of a Ledger or Trezor. I never heard about regulatory authorities worried for my money and yours.
I am not sure investment in crypto comes from poor. Most people who make money from crypto are already rich people who have obscene wealth for investment. SEC has enmity against crypto and I am not very positive of this outcome.
 
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