Will it affect you in any way if Binance completely shuts down ? I know there will be lot of devastating affects on crypto market of this incidence like bitcoin price will fall very sharply.
Short term, there is an effect for everyone when they shut down. I guess it's already in the minds of everybody that anything can happen with these centralized exchanges that may impact the entire market negatively if that happens.
Many users will also loose funds and some will loose faith on crypto.
That is because of their own fault for letting their funds stay on exchanges. They shouldn't do that and all of us have been telling not to store funds that they're holding for long term into exchanges like Binance. Because if a trouble comes, a hack or what or they suddenly becomes bankrupt, there's no way that they can recover that anymore. That's the consequence for not listening to people's suggestion about how to keep our funds safe and that's not through any exchange.