Could Binance be the next domino to fall after FTX?

Here’s your last week’s crypto newsletter in under 30 seconds by “Decrypto30”

Rumors have it on Twittersphere that Binance could be the next big crypto exchange to fall (or fail) after FTX.

Here’s why…

1. Rising doubts in the crypto market after the fall of the FTX empire:

The recent failure of FTX has caused doubts in the cryptocurrency market.

When a company like FTX, which previously had billions of dollars in revenue, goes bankrupt within days…

It can lose trust and create uncertainty in the market

2. Binance audit leaves more questions than answers (Huge red flag 🚩)

Usually, big companies get their accounts audited by one of the 4 big accounting companies. But Binance hired a different one, called Mazars.

They said the usual companies don't know how to check cryptocurrency exchanges.

But after the audit was finished, the french accounting firm Mazars said they're not responsible for making sure it's accurate.

So Binance’s effort to get their company audited for the sake of gaining some trust back of the users, failed miserably.

3. CZ's interview with CNBC couldn’t clarify doubts of its users

CZ's interview with CNBC did not clarify doubts about how strong Binance is financially.

When asked if Binance could afford to return approximately $2 billion worth of FTX tokens,

CZ responded with a repetitive "We hold a strong position" which did not address the question and only increased doubts among Binance's users.

This tells us that this attempt of Binance to gain the trust of their users failed too.

We're changing the format of our newsletters to include more context and information.

Each newsletter will feature one main crypto news item and we'll send two newsletters per week (instead of 1), each with one topic. Both newsletters can be read in under 30 seconds though🙂

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See y’all soon.

Rohit

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