Today S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators. If Binance lose in this case then whole market gonna be drop drastically, I hope this doesn't get as bad as I imagine it to get.
Binance has already become big and powerful enough to be called a crypto giant. This company will not be easy to break even SEC. Yes, a massive outflow of crypto assets from this exchange has begun (which directly affected the course of btc, but only temporarily), but this incident is not of such a catastrophic level. In December last year, amid rumors about the insolvency of this company, users withdrew more money than they do now, and the Binance managed to cope with it then. I believe that this time this platform will also be able to solve all the problems, including with KYC.
If the Binance fails to do this for some reason (which I don't believe), then it will create such a problem for the entire crypto industry that the collapse of Mt.Gox will seem like easy fun.