I don't know about you but I am concerned that these news result in a greater push for cryptocurrency regulation should anything happen to binance. Additionally, it is likely to discourage people from investing in cryptocurrency. Lastly why does it seem to me that this is a script that is being played out we had the taran ola cars then we have the ftx and now buying us is facing a very tough battle why doesn't this seem like just a mere coincidence think about it.

It will definitely results to something worse that FTX drama and will lead to people leaving and removing the coins they have on Binance.

I see that Binance has seen a total remove and withdrawals of $1.9 Billion in the last 24 hours, but it would have been so wise and smart of those who did when the FTX drama came up.

Binance makes big profits from when they carry out transaction as transaction fees are one of the major ways if how they make profits, so the pull out of funds has both advantages and disadvantages to them.

Looks like Binance had been trying to control the markets by 'winning the hearts of all crypto users' by trying to defame FTX and even took advantage of the Luna and UST situation, but now it is becoming a pain in CZ's ass as the Spider who was weaving a net every time he got a chance, seems to be fell into his own trap. I smell something that could ruin the crypto industry in a very bad way that the trust will never be regained in it again.

Check this - https://markets.businessinsider.com/news/currencies/crypto-binance-reportedly-processed-over-10b-in-illegal-payments-2022-2022-12

US Department Of Justice's reports claim that over 10 billion USD worth transactions were processed as illegal payments and that Binance could be involved in money laundering activities.

If such allegations prove to be true and Binance shows up as guilty, everyone's trust will be broken so bad that nobody will turn to crypto again. We can only hope that CZ isn't involved in either money laundering or market manipulating activities.


Never keep your funds at any exchange for a long time, you don't know when you may see that exchange next to come up with a news like 'we are hacked', or misuse of funds just like in the case of FTX.
I always see and believe in those words of wisdom - Not your keys, not your coins.

Yeah, that's what FTX people were saying too until the end, that's it just a FUD and we saw how that ended.


What Binance announced is self reported and can be manipulated in myriad of ways. If everything is fine and dandy, why even the company that did so called audit for them won't even vouch for it? Something fishy is going on, that's why.


I use Binance too, but that doesn't mean I have to close my eye to all the problems it have.


Take your money out of Binance as well, unless you want to say goodbye to it in case Binance goes down (and there is always a chance for that).

They have enough coin to cover all the bitcoins, but the detail is that there are a lot of accounting companies that require you to have both a bit more and also all other coins as well. Binance probably didn't show all other coins, and that's the issue.

Most of their wallets are already known and I doubt that it would change anything, I feel like this would be similar to what we had so far and I doubt that it would change anything in the slightest. I personally believe that the best thing to do would be just focus on withdrawals, Binance took advantage of this situations and profited a ton from withdrawal fees to be honest and they will recover, they are the biggest and I am sure they will recover.

The fud in my opinion has been week but it was enough to create over $7B in withdraws. If this way before the FTX collapse most likely nobody would withdraw. People just want to be safe. You can also send back.

Apparently this all started with some texts about some regulations coming which never came. But it was enough to stir up a lot of panic.

That and Kevin Olery blaming Binance for the FTX collapse.

It seems entirely possible because every big company that’s working just “fine” has dirty story behind it. There are only few companies which are really good at managing their funds without any third party interference or may be gambling their money with others. If binance is doing the same then I wouldn’t be much surprised because they have billion dollar company to handle and they have to have liquid cash flow all the time to handle the huge buy and sell orders. Imaging the managements and accounting in the stress all the time. It’s not funny, and it’s not safe either.

Pretty interesting opinion. I am pretty sure that even Binance isn't free of all these nuisance, it's pretty much as involved as FTX in such things it's just that Binance is too big to be tug offed by just one person or small set of persons. It's too huge and obviously controls not only the market but media, whales and funds as well. But obviously if it falls the fall is going to be equally big. Moreover I even read somewhere that Binance opted Mazaars to audit then instead of the Big 4 which are generally popular in Auditing.

The purpose of audit is to see if Binance is reporting the correct numbers and if there’s irregularities most probably that could affect the financial capability of Binance. Anyway, so many fud recently about Binance and its hard to believe on those especially after the statement of Binance that they can accomodate 100% withdrawals and still able to function properly, that’s how confident Binance is so its not easy to ruin Binance with those fud.