Quote from: fokinlipat on November 02, 2023, 03:40:07 PM

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. Many users will also loose funds and some will loose faith on crypto.

There are two scenarios to think about, One is that Binance announces that they are closing their business and letting the people withdraw the funds from the exchanges. This may not have as bad an effect as compared to the second scenario where Binance shutting down all of a sudden due to some unforeseen issues (as we have seen with other exchanges in the past like FTX etc).

Any mishap or unforeseen incident which causes the binance to shut down at once with prior notice and freezing the people's funds will have a very bad effect on the market even more worse than we had seen the crash during the Luna crash or during the FTX issues. The reason is that binance is the biggest crypto exchange and we are not really mentally for the fall of this exchange.

Quote from: rat03gopoh on November 05, 2023, 08:42:37 AM

Quote from: hugeblack on November 05, 2023, 08:03:33 AM

and the price of Bitcoin will likely decline sharply,

Except for the intervention of authorities, Binance doesnt become another FTX drama and immediately releases all user-owned bitcoins in all cold-hot wallets without any complicated process nonsense requirements. Bitcoin is always the decider.

It is not only because of the authorities' binance shut down or due to any regulation. Also, it is also not because Binance wants to scam and they shut down the business, what if there is a successful hack attempt on Binance and they lose a major portion of their cryptos Huh