Quote from: CryptopreneurBrainboss on Today at 09:19:44 AM

Quote from: Gormicsta on November 22, 2023, 05:53:12 AM

So my Question is, with all the tension on ground, is Binance going to survive this or would this be the end of Binance even after naming a new CEO, since the news surfaced online, people has been repeatedly taking out their funds from the exchange with the fear of the exchange crashing. So what's going to be the impact of this tragedy on Binance??

This is why CEX are frown at by the community and not recommended to be used for holding of Bitcoin or other supposedly assets (altcoins). If other exchange were hit with similar situation as Binance just got hit, they would have probably crashed but Binance held strong but I don't believe they can do that for very long. Cz resigning was the best move because anything that happens to him after he resign won't have any impact on Binance as people won't see him as the CEO anymore but I didn't think Binance exchange is safe yet because the fed will be coming after them until they have finally broken them as they do to other services.

They have found a loophole to break Cz and Binance exchange, what tells you that they'll stop here when they can go further. The Fed has always had something against Binance exchange and it got more intense after their role in the collapse of FTX so my answer is, just like how other CEX are going down eventually, Binance exchange time will come. It might have survive this one but it's just the start. They had enough reserve that is why they could handle the withdrawal pressure but what happens when the new CEO can't be as dirty as Cz was to attract big institutional investors and they begin to lack means to get revenue and similar withdrawal pressure comes but they can't handle it causing more panic and leads to the exchange crashing.

Lets not forget that Binance had a face which was Cz and many partners only came because of Cz personality so what happens now that he's no longer the face and the new administration can't live up to the standard of Cz. I believe another CEX will takeover Binance very soon as institutional investors will be looking for their new host just as they left FTX when it went down, most of them will be looking for a new host taking their money with them.

Your philosophy and prediction is a solid one, but let's not also forgot that, CZ promised that he is only stepping down as CEO (which was a smart move in giving the the face of Binance some sense of dignity) but still very much accessible to the company, which would give the investors who came because of him and who trust in his government more confidence and reason to still stay ( that's another smart move) so my guess is that, behind closed doors CZ is still the CEO of Binance as he is still running the affairs of the Exchange while Richard Tang is only wearing the CEO coat in order to lure other investors who have lost trust in CZ and we're about to leave. Seeing that Binance has a competent representative as the next CEO, would believe he possesses the capacity to manage the affairs of the exchange and stop it from crashing, which would give them more reason to stay.

So with CZ still partially in the picture, I have a strong believe that The affairs and operation of Binance would still be Business as usual. The only set back they would face now is the huge amount of money that went out of the company due to the fine, as well as other investors who wouldn't wanna give Binance the benefit of doubt. Asides these, I strongly believe Binance has a nice shot and they have the resources to keep up with the pressure until they're completely out of this mess. Binance isn't Number one global CEX for nothing, they didn't just get there by mere luck or because they're fortunate, it shows that they have a very strong team and men of experience under their sleeves, so completely taking down Binance would be almost impossible in my own thoughts. I stand to be corrected though.