Binance’s involvement with the collapse of FTX Trading Ltd. (FTX), a prominent cryptocurrency exchange, has put the company under intense regulatory scrutiny. Given the lack of transparency, it is no surprise that concerns have emerged regarding the safety of customer assets. The ongoing DOJ investigation and recent criminal charges against Bitzlato, a Hong Kong-based cryptocurrency exchange, are clear indicators of the regulatory pressure faced by Binance. Binance was the only major crypto exchange that acted as a counterparty to Bitzlato. With all of the secrecy, questionable accounting practices, and regulatory attention that surround Binance, investors no longer trust Binance, and neither should the public at large.

Source: The North Africa Journal June 12, 2023 06:53 UTC