Re: Binance reaches deal to pay $4.3B settlement to American regulators
I'd wait and see the outcome of Binance battle with the SEC which is still a work in progress. SEC recently confirmed that they're still going after binance and that the DOJ settlement will only serve as fuel for its battle with Binance. Till all the legal battles that Binance has settles down, I won't be too involved with using that exchange as much as I used to. Binance is already losing its market share to the likes of Bybit, OKX amd Kucoin but I don't think any of these exchanges have what it takes to completely dethrone Binance — so best play imo, it's to wait and see how it plays out.
If Binance survives the legal hurdles, then definitely; BNB will see another all time high.
https://www.bloomberg.com/news/articles/2023-12-08/sec-says-its-binance-case-should-advance-despite-doj-settlement
If Binance survives the legal hurdles, then definitely; BNB will see another all time high.
https://www.bloomberg.com/news/articles/2023-12-08/sec-says-its-binance-case-should-advance-despite-doj-settlement
The SEC wants to take down Binance at all costs. It seems like Gary Gensler hates crypto more than anything else. If this keeps going, it's likely the crypto industry will move away from the US into countries with a friendly-regulatory stance. I see both HK and the UAE becoming the next epicenters of the crypto industry. Without money pouring into the US market, the country will lose the opportunity of staying at the forefront of innovation. In other words, the US will be left behind in the dust.
CZ was smart enough to pay the fine and face responsibility for his actions (unlike SBF). This is good for the long-term image/reputation of Binance. I'm pretty sure BNB will rise from the ground up after a prolonged fiasco with the SEC. As for Bitcoin, I believe it will only grow bigger and stronger in the future. If the crypto industry works hand-in-hand with the government, it will be able to grow towards unprecedented heights. Just keep buying, holding, and forget about the rest.
Why do you think crypto industry needs to "work hand-in-hand" with the government? For one, I believe it defeats the purpose of Bitcoin because the only way that government will agree to work alongside Crypto industry is if they have control of important affairs of crypto. For instance, see how US government will heavily engage with Binance over the next couple of years simply because of that settlement. From what I've seen so far from Coinbase and the XRP lawsuit, it's clear that the US government makes its crypto regulations to be as vague as possible in order for convict most of crypto-centric firms when they have enough evidence to mount a solid case.
In the end, Crypto and government should not me. It wasn't meant to be, at any point.