What Could Happen to Binance"
What happens if the world?s largest cryptocurrency exchange with around 75 per cent of global market volume goes under"
The post What Could Happen to Binance" appeared first on LUXUO.
To be perfectly clear, while there are plenty of issues at Binance, from its regularly undercollateralised stablecoins and mixing of user funds with its pegged wallets, to alleged money laundering, it?s not at all clear that the cryptocurrency exchange will collapse in a manner similar to FTX (if at all).
But here?s how things could potentially play out if Binance runs into trouble and what it could mean for traders who continue to run the gauntlet at Binance, should the world?s largest cryptocurrency exchange fail.
As the largest cryptocurrency exchange with an alleged daily volume in excess of US$15 billion, Binance is easily 10 times the size of its nearest competitor.
And even if volumes are falsified, if just a tenth of stated volumes are actual, that?s still US$1.5 billion worth of cryptocurrencies traded daily.
So how could operations at the world?s largest cryptocurrency exchange come to a sudden halt if at all"
READ MORE: Financial Outlook For 2023: Volatility is the New Norm
Top Management Disappears
The recent US Department of Justice action against obscure Russian cryptocurrency exchange Bitzlato should be seen as a shot across the bow for so-called ?Binancians? (Binance patois for its users).
On 18 January, t...
The post What Could Happen to Binance" appeared first on LUXUO.
To be perfectly clear, while there are plenty of issues at Binance, from its regularly undercollateralised stablecoins and mixing of user funds with its pegged wallets, to alleged money laundering, it?s not at all clear that the cryptocurrency exchange will collapse in a manner similar to FTX (if at all).
But here?s how things could potentially play out if Binance runs into trouble and what it could mean for traders who continue to run the gauntlet at Binance, should the world?s largest cryptocurrency exchange fail.
As the largest cryptocurrency exchange with an alleged daily volume in excess of US$15 billion, Binance is easily 10 times the size of its nearest competitor.
And even if volumes are falsified, if just a tenth of stated volumes are actual, that?s still US$1.5 billion worth of cryptocurrencies traded daily.
So how could operations at the world?s largest cryptocurrency exchange come to a sudden halt if at all"
READ MORE: Financial Outlook For 2023: Volatility is the New Norm
Top Management Disappears
The recent US Department of Justice action against obscure Russian cryptocurrency exchange Bitzlato should be seen as a shot across the bow for so-called ?Binancians? (Binance patois for its users).
On 18 January, t...
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