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Crypto Giant Binance Bleeding Assets: Report

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Mon, 9/01/2023 - 16:03
Crypto Giant Binance Bleeding Assets: Report
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An analysis conducted by Forbes demonstrates how major cryptocurrency exchange Binance has endured a momentous drop in assets over the past two months. 

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Binance has lost a total of 15% of its assets (or $12 billion) in recent weeks, according to the popular business media outlet.    

Despite CEO Changpeng Zhao's repeated attempts to assure the public that the situation had stabilized, outflows have only continued to pile up. 

The Forbes report states that only one other crypto-exchange - MaskEX - has experienced bigger losses percentage-wise amongst Binance's 23 rivals during the past 30 days period. 

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This discrepancy serves as an indication of trust issues with regard to Binance, and its position in the market raises potential concerns of contagion if these suspicions end up materializing. 

Thus far, it seems like a “soft run” on Binance is underway with no substantial media attention or market volatility. 

However, should these outflows continue to increase at their current pace, it could lead to devastating consequences for both digital assets and the participants in the market.

Binance is by far the largest exchange by daily trading volumes, according to data provided by crypto analytics company Coinglass. 

The exchange faced more scrutiny following the spectacular collapse of FTX, its main competitor, in November. 

As reported by U.Today, Binance rushed to release its proof-of-reserves report, but it fell short of meeting the definition of a conventional audit. Further, Mazars, the company’s auditor, mysteriously dropped its crypto clients shortly after publishing the report.

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