Ever since Binance rose to heights, FUD has always been a company. The story that has allegations, accusations, litigations, mitigations; well I wanna say that the story of Binance combined with FUD is a thriller. It has everything for every serious viewer in the hall. But this story, now has come to a point where either the villain wins or the hero dies; or may be Binance and the FuD isn't a tragedy like FTX. Let's find for for one last time.
What if Binance falls like FTX collapsed! What if Binance becomes history! This is something that does not seem very likely, as Binance is not a house of cards and Changpeng Zhao is not an amateur like SBF. Times may not be as rosy for the crypto giant as they once were, but it remains steadfast and refutes all the FUD, that are surrounding Binance and CZ. However, there are critics who claim that Binance could be another runaway in the making.
Binance, the largest exchange by volume, has been under the pump amidst the ever increasing pressure from regulators around the globe. The Total Value Locked for Binance Smart Chain has seen a major decline while shedding around 40% in 2023.
It's also worth noting that for the last month the numbers of returning users on BSC have steadily remained below 1 million and and average transactions per day have been below 3 million mark. Are all of these signalling towards the beginning of a slow-slump for the Roman Empire (Binance) of crypto or just a side effect of crypto winter? Let's find out.
First of all, we as crypto lovers need to ask ourselves, 'Will Crypto die, if Binance ever crumbles?' Surely crypto will survive as it had on all of the previous occassions. Say it for the Mt. Gox hack or the FTX ficaso last year, crypto is no stranger to once supposed death blows. Also remember Binance serves Crypto, and Crypto serves the technology and innovation. So in any scenario or circumstance, Crypto is here to stay forever.
With that being said, let's move on with the scary signs that are documenting a horror story for Binance. It all started on March, 1 when a group of three senators accused Binance of being “a hotbed of illegal financial activity”. In a letter to Binance and it's CEO CZ, the senators alleged Binance for facilitating at least $10 billion in money laundering and "obscur(ing) even its most basic financial information." The price of BNB, the native token of Binance, reacted and saw a decline of 10% with the prices falling to $275 within a few days.
As though the accusation letter wasn't enough for March, CFTC added insult to injury on March 27 and Charged Binance and its Founder, Changpeng Zhao, with Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange. However this time the market was recovering and BNB again lost about 10% when it declined to $311 after reaching as high as $340.
April and May remained rather calm for Binance and CZ but June came with a big blow to the image of Binance.US as the Securities and Exchange Commission filed 13 charges against Binance and Changpeng Zhao. One of the allegations even went on to declare that CZ misused high volume US users' funds and sent them to an EU company controlled by Binance.
Although, CZ immediately refuted to the allegations and made tweets after tweets in an atempt to convince Binance users to refrain from any FUD. He further denied that Binance.US has ever used Binance Custody and claimed that all accusations were baseless. However the market did not respond positively and BNB saw one of the worst price declines of recent history of BNB. The coin nosedived to $230 mark from $310 in only 7 days.
Now after some claiming, reclaiming, allegations, misconceptions, FUD and Drama, On Sep, 21, Binance officially took it against the SEC and filed a motion in the U.S. court to dismiss all alleged charges by SEC against them. In a 60 page petition, Changpeng Zhao went on to claim that the SEC has overstepped in suing Binance.US.
Now amidst all the drama should we worry that Binance will actually fall like FTX any day? Is Binance too big to fall? Or Will Binance survive this episode of allegations? There are many questions that arise as soon as we read or listen anything about Binance vs regulators. However the answer to these questions is way too simple. Binance is now almost everywhere and it can't crash down like a house of cards. If anyone wants to see Binance fail, get ready to see a failure for cryptocurrency as well.
As Always Thanks For Reading.
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