I Just Sold My Binance (BNB) Crypto.. (Time Sensitive!)

As of this morning we are getting some Very troubling headlines coming out of Binance today so I want to spend the First half of this video just going over The facts so you have all the Information you need as a crypto Investor and then following we'll take a Look at Price we'll talk about my Strategy what I'm doing as an investor So breaking news as of today turns out And this is being reported from Forbes Binance moved over 1.8 billion dollars In stablecoin collateral to hedge funds Last year this meant that over one Billion dollars worth of stablecoin Tokens specifically B pegged usdc so Binance's version of usdc were Uncollateralized despite binance's claim That they were a hundred percent backed In other words what does that mean it Means that cryptocurrency exchange Binance moved 1.8 billion dollars of Collateral meant to back its customer Stable coins to hedge funds so number One how do we know this we know this Because Forbes analyzed the on-chain Data which we're about to go over and Then number two why this is concerning To me is because this obviously puts Users funds at risk if it turns out They're uncollateralized which Regulators would have a big problem with I would assume not that this is binance Us binance us is regulated the news

Today is for regular binance the number One cryptocurrency Exchange in the world By trading volume according to the Report binance transferred the Collateral to hedge funds including Alameda and Cumberland drw and did so Without informants customers According to the blockchain data from August 17th to early December last year Examined by Forbes a period which Encompasses the collapse of fellow Crypto exchange FTX holders of more than One billion dollars of crypto for Bpegged usdc tokens had no collateral For instruments that binance said would Be fully backed by the token they were Pegged to so how would you feel if you Had funds on binance say you held this Stable coin in your account and binance You would think this is backed one to One for every stable coin I own there Should be a dollar representing that Correct and I guess there was just many Of those stable coins were transferred To hedge funds like Alameda for Binance's own personal benefit Now to be fair binance's Chief strategy Officer Patrick Hillman told Forbes the Movement of money among wallets was Common practice and not a problem there Was no commingling Hillman said because There's wallets and there's a ledger so I think he's saying that yes we transfer Them to different wallets owned by

Binance but it's all public on The Ledger all those wallets were under our Entity now I will give binance credit This was months ago they fixed the Problem we only know this information Because Forbes looked at the on-chain Data but why this sort of rubbed me the Wrong way is because this is money That's supposed to be backing your Stable coin and it's not busd we'll get To that in a minute this is truly Binance's version of usdc shouldn't Finance have enough money that they Don't need to co-mingle they don't refer To the Cisco mingling they say all the Same Ledger all their own wallets but Shouldn't binance Have enough money that this shouldn't Even be an issue now of course on the Very same day coinbase came out with This announcement coinbase announces the Suspension of busd so that's a different Stable coin this was be pegged usdc so Binance's version of usdc this is the Suspension of busd the suspension of Trading beginning March 13th this Decision will apply to coinbase.com Coinbase Pro coinbase exchange coinbase Prime so the entity as a whole and the Exchange did say your busd funds will Remain accessible to you and you will Continue to have the ability to withdraw Your funds at any time meaning this is Not a hard stop this is a slow phase out

And in a direct quote from coinbase they Say Our determination to suspend trading for Busd is based on our own internal Monitoring and review process when Reviewing busd we determined that it no Longer met our listing standards and Will be suspended so what were those Listing standards that suddenly busd Didn't comply with well according to the Coinbase website it's digital asset Listings group votes on assets to be Listed on the exchange informed by a Rigorous vetting slash review process That evaluates assets against legal Compliance and Technical security Standards so while they didn't give a Specific reason for busd we're left to Assume that all of a sudden busd didn't Either meet legal or compliance or Technical security standards so while Some people may say this announcement on Its own very small detail in the grand Scheme of things to me this is sort of a Signal of a much bigger War we're seeing On the crypto regulatory front and I'm Not trying to say one's right or one's Wrong or we should have all regulated or None regulated I'm just simply pointing Out a trend we're seeing globally right Now and even though I think Kevin O'Leary can be a clown often times with His crypto takes and by the way CZ big Respect for CZ I think CZ is a shark in

Business Kevin O'Leary just plays it on TV but nonetheless this is the guy that Congress for some reason keeps inviting To testify this is the guy teaching our Regulators so right now take for example BNB is 64 billion of market cap the only Reason to own that token on binance is Get a discount on trading fees what's The intrinsic value of that token Nothing it doesn't give you access to The equity of the company now if you go Look at the wallets there's only two Wallets that have 97 percent of all of Those tokens I wonder who owns those What happens if one of them says I want Cash does does binance have 34 billion USD of cash I don't think so so my whole Point is these things will keep blowing Up over and over and over again and Finally the Senators are saying on these Committees we're done When he says that the only utility for BNB the coin is discounts on the Exchange that was true five years ago That was a 2017 narrative that he's Trying to bring back in 2023. today and Subscribers of this channel know this it Is a Dap platform like in ethereum and We're seeing more and more quality Projects pop up on binance chain but to Me the narrative right now in Washington Is clearly let's regulate this space Unfortunately they seem to have picked a Face for the unregulated side of crypto

They seem to have picked a common enemy In binance and by the way so many of our Senators are on our side fighting for us I encourage my colleagues to understand Sam bankman Freed's con for what it is a Failure of centralization Decentralization is the point so as These invisible lines are drawn in Cryptocurrency Seems to me that many people are willing To stand up and fight for Bitcoin for Ethereum for more decentralized Protocols yet when they need to pick an Enemy they'll find they'll dig up the Data on the more centralized entities so As I look into the future of Cryptocurrency the short-term future I'm Talking this year into the next few Years by the way I'm not a registered Financial advisor I'm just speaking for Me what I'm doing I do not know the Future and also realize I was never a Huge holder of BNB in the first place I Was much more if you're picking douth Platforms I was much more an ethereum Than cardano more of a decentralized Dap Platform guy generally but I guess I'm Just trying to articulate that this move Isn't a huge shift for me just sort of a Slight rebalancing as we look into the Future on a few specific key factors Number one the 200 week moving average By the way this is the Bitcoin price Chart this is the 200 weekly Ma and

Until we not only break out but also get A confirmation that we have turned that 200 weekly into support instead of Resistance we are not in a confirmed Bull market meaning Bitcoin dominance Against altcoins Bitcoin dominance in a Bear Market is usually going to Trend up And by the way looking at the BNB chart Against the US dollar so the price of BNB right now you may be saying Austin Damn you're really late to the party if You're gonna sell you should have sold At either the top of early 2021 or later In 2021 or BNB was around 650 660 Dollars now we're near half that well Correct but if we take a look at not Binance versus the US dollar but BNB Versus BTC In this bear Market BNB has held up Exceptionally well relatively speaking In this chart against the Bitcoin price We can see binance tokens value actually Topped out at the end of 2022 very Recently not 2021 like the rest of the Altcoins and why is that well a huge Reason is because FTX collapsed people Needed to find a different exchange and Of course binance was the hero at that Time calling out FTX for their illegal Behavior allegedly so people switch to Binance BNB kept Rising we have taken a Dip in the short term but again it's Held up pretty damn well in this bear I Personally think that while yes there's

Been a huge amount of thud against Binance they're a juggernaut they're so Huge they're probably not going away I Think they'll probably be fine of course Anything could happen I can't see the Future but to me it does sort of seem That the trend has officially changed And at least for the next few years the Trend is defy the trend is regulated C5 And it's hard to have an exchange token Fit into defy although it is technically Binance smart chain so again if I'm Picking projects I believe in most I I Want to fight for the most that would be Bitcoin that would be ethereum that Would be the more decentralized stat Platforms and also some regulated C5 Platforms I think both have their place Finance right now I think the saying is Neither fish nor foul meaning it doesn't Really fit a category if I'm wrong I'm Wrong then obviously this would be a Loss but again it's not like I'm getting Rid of binance and just going into Cash I'm saying hey I'd rather wait my Portfolio a little bit more to these Other more decentralized dap platforms If you feel you got value in today's Video please give the video a like it Supports me and of course be sure to Come out come hang with us join us for Bitcoin 2023 awesome conference in Miami Beach in May and use code altcoin daily For 10 off your ticket link down below

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