- Do you still trust Binance?
- Regulators after Binance
- Will Binance Survive The Test of The Bear Market and See 2023?
2022 has been a tough year for cryptocurrency. Top crypto firms have surprisingly collapsed. Even firms like FTX and Celsius, that most users thought would stand the test of time, filed for Bankruptcy.
However, one firm can withstand the test of time. With a clear structure and good customer relations, Binance is still strong.
However, the past few days have not been good for the firm. Following the imprisonment of Sam Bankman-Fried, the CEO of FTX, there has been a lot of fear surrounding cryptocurrency. Most people are skeptical, and the FUD is high. Therefore, firms like Binance have been on the receiving end.
This weekend, Binance lost its auditor. The firm was also undergoing scrutiny from top market regulators. After losing its auditor, fear rose, and most people took to Twitter to say that about three-quarters of BNB that seems to be investor held is company owned.
This paints an alarming picture for the company because such holdings usually show a rug pull. The company might liquidate at any time, leaving users with useless BNB.
However, Binance supporters are stating that this is simply FUD. Even the CEO, CZ, seems unbothered by the news. His constant tweeting and implementation of company projects show that Binance is doing well. The CEO has taken to Twitter previously to expose false information from the media and bloggers.
Cryptocurrency Might Stabilize in 2023
With the SEC and Regulators arresting crypto company CEOs for mismanagement, cryptocurrency might stabilize in 2022. Unstable firms have not been able to withstand the harsh market conditions, something that Vitalik Buterin predicted in 2021.
Vitalik said that most projects with no actual use case would collapse. However, many people learned that that year was 2022.
The collapse of unstable projects will force investors to be keener when building. After a slow but sure recent upgrade, Vitalik Buterin has inspired many developers to take their time in building projects.
Most companies will be under the regulation of the SEC or a newly founded Regulatory body by 2023. This is because the government has realized cryptocurrency affects the economy. Users who lose life savings blame the government for failing to protect them.
The government has had to intervene and interfere with crypto afterward. After realizing rug pulls and a heightened level of cybercrime in crypto, the government is setting up processes to stabilize the market.
The market may stabilize sooner than anticipated. This is because cryptocurrency adoption is growing, and most users need help investing. Just like it is safe to invest in the stock market, therefore, it is best if the crypto market attains such levels.
Further upgrades for energy conservation, like Proof-of-Stake, make cryptocurrency centralized. Even Gary, the SEC chairman, admitted that cryptocurrency regulation will become a reality in 2023.
Will Binance Survive The Markets?
Close to every tweet on Twitter is asking whether people still trust Binance. A recent tweet shared much information about how Binance US is a fake cryptocurrency site. The tweet has over 2000 likes.
It is difficult to determine whether Binance will survive till 2023. Most cryptocurrency firms in 2022 began collapsing following little FUD and strict SEC regulations. This harsh scrutiny puts the companies in a vulnerable position. Only the ones that plan survive. Binance is a firm that plans; however, the future of cryptocurrency is unknown.