Quote from: rhomelmabini on Today at 07:13:06 PM

Quote from: Abiky on Today at 07:00:24 PM

Quote from: Ultegra134 on June 10, 2023, 07:33:29 PM

The latest SEC lawsuit against Binance has caused a massive market crash, with BNB suffering the most, going as low as $233, the lowest it has ever been in 2023. Bitcoin has also suffered great losses, but it's not as bad as BNB, which hasn't stopped falling since the incident started and got progressively worse for altcoins when the SEC labeled 46 of them as securities to be avoided at all costs. Some of which include BNB, XRP, BUSD, MANA, and plenty of others. Personally, I believe that the condition is starting to become worrying, especially if Binance loses and there's no settlement, which would also have disastrous consequences for the market in general.

The most worrying of all is BNB, which is in freefall and its future might be doomed if no solution is found. What's your take on this? Do you think that a solution will be found to avoid any further losses, or are governments on their way of winning the war against cryptocurrencies?

It's very unfortunate to see how the SEC is reacting against this nascent industry. This will set back the US in terms of crypto adoption and innovation. If the regulating agency keeps pushing against crypto exchanges, they will abandon the country and move to a place where they're welcomed with open arms. Hong Kong and the UAE will be "eating the US' cake" faster than you can imagine. Crypto companies and startups already announced their intentions to move there.

Without the US market, I'd envision crypto market prices going down for an extended period of time. US-based customers will have to find a way to buy/sell crypto with USD through other means (P2P, OTC, etc) as there will be no mainstream exchange (CEX) left in the country. This might force the US-based crypto industry to go underground. BNB might've dipped in price, but it could only be temporary as Binance shuts its operations in the US for good. The question is: Are you buying the dip?

Well, they are driving innovation out of the country with these regulations but it's not that bad, the US market isn't the entire crypto market and there a lot of other countries that pushing for more transparent laws and regulations for crypto. I don't think Binance will left for good in the US, they even made a deal with the SEC already if you are following the news but it's likely an absurd deal if I will be the one being asked.

Correct, the USA isn't the whole world, and while a possible withdrawal of Binance in the USA will hurt cryptocurrencies, it'll only last for a short period, and the gap will quickly be filled by another exchange. Governments don't care about innovation and technology; they see it as a threat for a variety of reasons, such as tax evasion and privacy, which they are against. While it may seem that purchasing now may be a huge opportunity, current purchases may be a liability because further allegations may hurt Binance on a worldwide basis. There's no guarantee on what will happen next. The situation requires cautious moves, as things may quickly take a sudden turn for the worse.