Quote from: Xal0lex on June 20, 2023, 10:45:19 AM

Quote from: jaberwock on June 18, 2023, 04:04:10 PM

Quote from: Xal0lex on June 14, 2023, 05:03:05 PM

It may be just beginning. The incident has not had a strong impact because it may not have fully occurred yet. So far we see only some attacks and accusations. If the attacks escalate into active criminal cases, bans and all-out harassment, the market may react in the most unimaginable way. I believe that right now the conflict has not yet died down and, things are still to come and the worst may await us within a year or so.

I do not think that it would, this ain't even that serious right now, "criminal" case is way too much for something like this. At the very worst case what would happen could be giving them a fine, in turn of many million dollars of course but it's a fine anyway, and Binance will pay it and they will move on, that's all I am guessing it's going to happen.

I understand that people are a bit worried about what's going to happen but that's just not the case in this one. I think it would be important to just let it be for a while, let them handle it between each other and they will come to a conclusion and the problem will be solved. you think Binance wouldn't know what SEC wants, it's a bribe, Binance is billions of dollars worth company, they can handle it.

The criminal case is already a measure of last resort. Judging by how quickly Binance and SEC managed to agree, there was not such a serious situation, which could lead to such a sad outcome, as a criminal case or even the arrest of CZ. I'm more inclined to believe that it's all the usual market manipulation and FUD, and the situation itself is much less dramatic than various media are trying to describe it in the information field.

I'm pleasantly surprised to see the SEC and Binance come to an agreement. I was expecting the whole incident to be a lot more serious, which sheds doubts on how serious the confict actually a larger plan to plan to manipulate the market and/or hurt cryptocurrencies and analyze at what degree they were affected.

Quote from: Kavelj22 on June 18, 2023, 05:57:52 PM

Quote from: SirLancelot on June 15, 2023, 04:45:15 PM

Quote from: Bolivar_Tony on June 13, 2023, 04:14:17 PM

The SEC lawsuit against Binance has caused a major market crash, especially hitting BNB hard. It's worrying, and the future of BNB looks uncertain unless a solution is found. It remains to be seen if governments will have the upper hand in the crypto world.

The lawsuit definitely showed its effect on the market since Bitcoin and every cryptocurrency started dropping right after the news started spreading across different social media platforms and online news portals. As you mentioned some tokens are affected more than others including BNB which has faced significant drops since SEC has announced that they will take Binance to court.

The price of bitcoin began to recover and returned to exceed the threshold of $26,000, and this, according to my simple estimation, proves that users are finally aware that the US authorities targeting the Binance platform (and the Coinbase platform in parallel) is not a targeting of bitcoin, nor any of the decentralized projects that it is logical that it cannot be targeted. Technically due to its decentralized nature backed by blockchain.

Prosecuting these platforms, in my opinion, is indeed a matter of duty, and we (as a crypto community) do not have any institution capable of holding these platforms accountable for their intercontinental activity that does not adhere to state borders, which explains that the SEC is targeting the activity of these platforms directed at American users. In a comment, I mentioned that I am a supporter of these measures to limit the activities carried out by these platforms, which in their simplest form require licenses. One of the most important accusations leveled against both platforms is that both of them provide staking interest services, which is a banking product that banks are required to obtain a license to do and is supposed to be subject to government supervision.
The other important aspect of this issue is that centralized cryptocurrency projects that are produced from nothing (literally) and whose developers enjoy making profits are being targeted just by listing them on one of the platforms, and the Binance platform lists thousands of them on its systems, and I mean specifically what is defined as stable currencies. coins.

There is no need to panic about what is happening and the recovery of the market proves that the crypto community has understood the lesson of not targeting Bitcoin specifically and that Bitcoin cannot be actually targeted.
On Chain data proves the high volume of funds withdrawn from platforms to private wallets, and this is a good indication of the decline in confidence in trading platforms and the search for safer options.

Everything you mentioned is true, Bitcoin has shown a speedy recovery and has already almost surpassed $29,000 in a matter of a few days after the incident was resolved. Thus, it's fair to claim that it wasn't a Bitcoin issue, but an aimed condemtion against selected altcoins, including BNB, which is yet to recover to what it previously was. Moreover, as you've already mentioned, it's known for Binance to list random tokens, which is probably why the lawsuit occured in the first place.

This recovery is proof that Bitcoin isn't the issue, and governments and the media know that hurting it is only temporary.