Unless you were returning some video tapes yesterday, the hot topic has been the acquisition of FTX by Binance after CZ started a bank run with just a tweet or two. I’m alright with having insolvency exposed and having SBF who was trying to buy regulators to be favorable towards him leave with his tail between his legs, but look at the power one man/exchange has.
They accomplished this with a single tweet and completely wiped 15+ billion of a man’s net worth in a single day. There are no regulators to rectify the situation because crypto reg is not widely agreed upon yet. Binance has been known to skirt the laws in their places of business and have changed their HQ to different countries to avoid certain governmental agencies.
One exchange having all this power is the definition of centralization and is quite scary if you think about it. What’s stopping binance from coming after your favorite CEX or who has enough $$ to compete with one of the richest men in the world when he feels slighted?
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