How do you see it with Binance? Is it another FTX?
U.S. regulators on Monday sued Binance and its CEO Changpeng Zhao for allegedly operating a "network of fraud," adding pressure on the world's largest cryptocurrency exchange and sending $BTCUSD to its lowest level in nearly three months.
The SEC alleged that Binance artificially inflated its trading volumes, diverted customer funds, failed to restrict US customers from its platform and misled investors about its market surveillance controls.
I also don't think Binance would be another ftx, I agree with others who wrote here. But if it were, it would be very, very chilling to BTC in price
My opinion on bitcoin is nothing popular. I don't see the value in it. Governments will crack it and rather create their CBDC. Right now crypto is in a bear market and if more news like this comes, it won't help it in future growth either.
I don't think it's going to be a second FTX. I'm kind of banking on the fact that it would have been leaked long ago, it should be a similar case.
No, Binance is not another FTX just because it is very profitable. Wash trading is unfortunately a sad reality and I don't understand why the biggest exchange has to do it. I suppose it was done especially on illiquid coins where they are the market maker and were too greedy to charge a small underwriting fee for every shitcoin they listed.
It's very likely that Binance will get a good flak because they run an exchange where the Americans can go to gamble and not pay the US government out of it, what they will prove to them next is the question;)
The accusations are nothing new, it's mostly about trying to label the crypt as "securities" - which, ironically, some lawmakers on the other side reject. It's mostly about comedy and fighting cryptos. And also an attempt to limit Binance's influence and position in the crypto market.
I agree in part, on the other hand some of the coins issued by regulated companies to gain their capital are what? The problem is that the SEC is very non-transparent in this regard, and for Coinbase for example, the bailout is quite ridiculous when you consider that they have been preparing for the underwriting for quite a long time and are under the scrutiny of many regulators, and no one was able to say before the entry that some of the listed coins violate current securities laws.
I've always considered Binance to be the safer choice, but I guess that's not the case now that they're on their heels.
