So Gary Gensler, SEC chair, on Twitter put out this video, seemed like it may have been aimed at CZ and Binance. But long-term, it's all going to be fine. If you were the kind of investor who was looking for returns the next six to seven months, which a lot of crypto people are, not fun for you. ![]() Like, there, yeah, it would hurt real bad. Like, I mean, that is- that is what would happen, I think. And then it would completely recover like nothing ever happened, I mean, ultimately. So is this something that you think is going to have a similar effect maybe in terms of what we saw with FTX if we were to see this with Binance?īRADY DALE: If something dramatic happened with Binance, it would be devastating in the near to medium turn for the crypto markets. What does that look like? Are we talking about Bitcoin? I seem to be able to shrug off a lot of the concerns back at 30,000. SEANA SMITH: So the ripple effects then from the US. ![]() Like, just the- just the US wouldn't be enough. You'd have to coordinate a lot of countries to crack down all at once. But then that would require to shut them down. I think that would be a mistake to look for that for Binance. My guess is don't look for an FTX-style collapse. So like, whether it's criminals or terrorists or whatever. And they mostly go back to its early days, right, is that they have done business with people they shouldn't have done business with. And would this be related to money laundering?īRADY DALE: My guess- yeah, if I- all the criticisms of Binance. And I think they're probably ready for that. But they've also got to figure out a way to get their hands on people there. I wouldn't be surprised if it happened at some point. Do you expect action from the DOJ? There is a lot of whispers.īRADY DALE: There's so many whispers. Everyone expects they will, but everyone's been expecting that they will. I mean, they haven't actually done anything yet. But it's going to have to find a way to get a lever onto Binance because it kind of exists everywhere and nowhere.Īnd also note, like, the things, the Justice Department, that's only been rumors so far. And so they've tried to keep US people off of it. But keep in mind, I mean, this is a global company, right? And the United States is a big important country, but it's just one country. SEANA SMITH: Well, Brady, I mean, when you take into account the legal pressure that Binance is under right now from the Justice Department, from the SEC, from the CFTC, what does all of this mean given the fact that Binance is such a large player within crypto?īRADY DALE: Yeah, well, I mean, if something serious happened, it would be huge in the industry. And I think over 100 million users, I think, something like that, they've said, yeah. I mean, it's just- you know, it's-īRADY DALE: Yeah, yeah. ![]() It does like, probably got this number wrong, but like, like, $19 billion in trades a day. So just $68 billion is the amount people have entrusted to it to hold on to that they trade. ![]() And they said that Binance has $68 billion in crypto assets in its reserves. I just took a glance at CoinGecko, which is one of the data site's numbers on it. I mean, it's the biggest crypto exchange by far, ranked number one by everyone. But let's start with just how big Binance is compared to the rest of the industry.īRADY DALE: Sure. I want to get to the potential regulations coming down upon them. But there are growing concerns about the legal pressure the world's largest crypto exchange, Binance could face. Bitcoin price is up more than 4 and 1/2% today and more than 75% this year and briefly touched 30K earlier this week.
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