There's blood in the streets and on every street. While Binance took the biggest hit, Crypto.com , Coinbase and others also took direct and collateral damage. Binance has taken hit from the lawsuit(s) specific to them as well as the wider stance of crypto by regulations and government. In spite of this, Binance seems to be doing well...all things considered. Binance has lost around $3.2 Billion this week that amounts to about 5% of reserves(based on reserves about 61 Billion at the beginning of this week. I wish I could give reserve losses of Binance US compared to Binance[.com] but there's no data on that...probably because of the alleged commingling of funds by Binance as in the lawsuit. However as a proxy, Binance US had around 3.2% of the trade volume(normalized) of Binance[.com] before all the lawsuits and court orders hit so compared to 5% deposit loses in total the numbers seem mostly on par to show that this is mostly limited to Binance US at least so far. It seems that through everything a large portion of traders are still willing to keep funds on Binance and CEXes in general. And Binance still has yet to face any real adversity in terms of real stress on losing deposit, fees and general business revenue. A loss of US customers will definitely hurt if/when Binance US closes, but it certainly seems Binance will keep chugging along. [link] [comments] |
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