Quote from: Newchanka on June 13, 2023, 11:13:22 PM

I really am no fan of Binance because I found their KYC annoying. What is not in doubt is that CZ is supposedly one of the most credible faces of crypto. How much harm do you think a Binance implosion would cause Bitcoin?

The implementation of KYC that is enforced on the Binance exchange is indeed a bit disturbing for some investors in the crypto sector. Because it's all about the real identity of the user, and that's what makes binance a little bit annoying among crypto investors. But even so, Binance has so far managed to become the number one crypto exchange in the world, and this is enough to prove that Binance is an exchange that can be considered safe and can be trusted.

But with the recent incidents, Binance's reputation among its users has dropped a little. So you could say that Binance is currently in a precarious state. Because if CZ and his colleagues are proven to have committed a criminal act as stated. It is certain that binance will be destroyed and its use will be blurred. That way it will automatically disrupt the crypto market and including bitcoin too.

And when it comes to the losses that will befall bitcoin assets resulting from the collapse of binance(for example). In my opinion, it might be a little big, if only the users on binance don't quickly withdraw the bitcoin assets they have into their personal wallets. Because if this is not done, it is feared that the assets of those who own them will be stuck on the Binance exchange. But if for example the majority of users on Binance withdraw the assets they have, maybe the loss will not be too big.