Is Binance Going To Explode Like FTX Did?
FTX gave a lot of us some serious trust issues with crypto exchanges and I will be forever grateful to had removed my funds from FTX before it collapsed. Mind you since FTX collapse I have been pro self custodian wallets, I dont support any CEX and won’t advise anyone to rely on them because they can fail you and there is nothing you can do about it, because you dont know them or know where they live. Since FTX saga I have completely removed my assets from Binance because, before the FTX collapse, Binance has been under pressure from authorities, and we can see how this has affected their stable coin.
source
SEC influenced the stop in BUSD minting, which has affected the BUSD market, Binance has been accused of a lot of things including money laundering, for sure there is no evidence to claim this, but aside that Binance has been going through a lot of scrutiny, how long till it starts affecting the Binance company hugely? The binance coin and blockchain is a huge technology in the crypto space, personally, I feel even though anything happens to Binance, due to the amount of development and dapps built on the blockchain, the blockchain might still be up and running. But you know the blokchain is completely centralised as it can be switched off by the team, we saw that happen during the last hack.
Binance is always quick to bounce back most times during and after FUDs, this is something I can say they are good at, this is one of the reason I had decided to keep using their platform to store my crypto in the past, but once again, if FTX that was trying to be Binance competitor could crash right in our very own eyes after reassuring the public that they were solvent and customers funds were safe, then anything is so possible in this crypto space. I dont have the evidence to tell you if Binance will crash or explode like FTX, but all I can advise you is stay safe and think about self custodial wallet, so you are in control of your asset, this is not a financial advise by the way.
Posted Using LeoFinance Beta