Binance is the biggest exchanges and if you experience a crisis, of course this is very dangerous, but I'm sure Binance has a large capital and will not experience a crisis, and about 6 hours ago I withdraw from Binance and everything is no problem.
You should've done that long ago.
If this crisis makes people worried about the safety of their funds and learn about self-custody it's all for the better.
I see a lot of positive aspects in this. First of all this is going to put a pressure on Binance. Stress test it so that we'll finally, in Buffett's words, se who's swimming naked.
Then there's the issue of Binance's insider trading and commingling of funds, which shouldn't be happening. They were too full of themselves and playing with fire, until they got burned, so if that makes them lose money on lawyers and fines, it's fine by me.
Finally, we have the issue of regulation in the US. The fact is, crypto regulation doesn't exist yet, but Gensler is trying to make exchanges look worse than they really are and working outside the law. A great example of this is comparing Coinbase to Binance, when Coinbase was being audited and it wasn't doing any insider trading and commingling of funds.
Armstrong said they're ready to go to court, and IMO this is going to take many years, so the SEC will have another chair by the time we see a verdict.