Binance FUD I expect the market to shift its attention back | Crypto Trading 🚀

Binance FUD


I expect the market to shift its attention back to the FTX aftermath and, far more importantly, Binance.

According to Nansen, about $3 billion were withdrawn from the exchange last week: the exodus is attributed to the exchange’s "temporary suspension" of withdrawals in USDC, which spooked users. CZ stated that the suspension was due to how long it takes to convert assets to USDC.

Recently, on-chain analytics platform CryptoQuant analyzed the exchange's proof-of-reserves audit. The report is reassuring: BTC liabilities are 97% collateralized, and BNB doesn't prevail in the exchange's reserves (as opposed to FTX's situation pre-collapse). However, even if Binance is solvent, it may encounter further issues.

Kevin O'Leary, a famous Canadian businessman, testified in the Senate that Binance purposefully put FTX out of business. Binance has had regulatory problems already, so such statements will enlarge the target on its back. If Binance keeps having substantial issues, crypto prices will plunge.