With Binance, Everything Is Not Fine

This is a classic scenario for crypto exchanges, everything is fine … until it’s not.

If the stablecoins in Binance’s reserves hold to their peg, everything will be fine.

If it can provide true proof of reserves, everything will be fine.

If there’s no run on the bank, everything will be fine.

If it can deliver fully audited financials, everything will be fine.

If the U.S. Department of Justice decides not to strike with criminal charges (something we didn’t even get to in this essay), everything will be fine.

For each day that passes without specific and verifiable evidence to address all its issues, these “ifs” grow bigger for Binance.

Until that happens, everything is Not Fine (and deteriorating).

Source: With Binance, Everything Is Not Fine