Only Coinbase will survive at the end. It's the only one of the big exchanges that doesn't do any form of debt/lending/margin etc just straight up offering trading for a fee.
LMAX and Kraken are similar.
Binance is trying to calm investors, but its finances remain a mystery
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Re: Binance is trying to calm investors, but its finances remain a mystery
#22From TFA: > The reserve report, released Wednesday, is a five-page letter from a partner at the South African affiliate of the global accounting firm Mazars. It contained three numbers. The letter wasn’t an audit report, didn’t address the effectiveness of the company’s internal financial-reporting controls, and said Mazars did “not express an opinion or an assurance conclusion,” meaning it wasn’t vouching for the nu…
Nope. That's pretty much the gist of the whole shenanigan. As a former CRO, it's not unheard of but quite uncommon to do this. Because normally it has the opposite effect. It should have been only audited financials. But the Big 4 have failed us spectacularly in recent years.
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Re: Binance is trying to calm investors, but its finances remain a mystery
#23Only Coinbase will survive at the end. It's the only one of the big exchanges that doesn't do any form of debt/lending/margin etc just straight up offering trading for a fee.
It's unlikely even Coinbase will survive: they lost $1.1 billion with a B in Q2 and $545M in Q3. Their trading fees are well known to be far higher than the competition (because they can't juice their numbers by gambling), so they rely on unsophisticated mass investors who don't know any better, but those investors are wisely staying the hell away from crypto right now.
Re: Binance is trying to calm investors, but its finances remain a mystery
#24I’m waiting for Binance and Tether to collapse, and then we will know with certainty crypto’s best days are behind it, down to zero it goes. If you have assets on Binance I would not be complacent. Get them out.
Tether falling is going to make FTX look like a hiccup.
Re: Binance is trying to calm investors, but its finances remain a mystery
#25Earlier quoted context omitted.
Nope. That's pretty much the gist of the whole shenanigan. As a former CRO, it's not unheard of but quite uncommon to do this. Because normally it has the opposite effect. It should have been only audited financials. But the Big 4 have failed us spectacularly in recent years.
Quoted post unavailable.
Re: Binance is trying to calm investors, but its finances remain a mystery
#26Binance is the closest thing to a global, borderless bank that exists today. They exist everywhere and nowhere. Their legal entities shift based on what is needed at the moment. They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves, tight relationship with Tether, their ability to launch new token projects (i.e. unregulated securities offerings), and their stablecoin…
> They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves
Sounds like a huge red flag.
Re: Binance is trying to calm investors, but its finances remain a mystery
#27Binance is the closest thing to a global, borderless bank that exists today. They exist everywhere and nowhere. Their legal entities shift based on what is needed at the moment. They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves, tight relationship with Tether, their ability to launch new token projects (i.e. unregulated securities offerings), and their stablecoin…
I hope you realize that while you're trying to argue that all of this is a good thing, it's actually making them sound worse-than-FTX levels of sketchy.
Re: Binance is trying to calm investors, but its finances remain a mystery
#28Earlier quoted context omitted.
Nope. That's pretty much the gist of the whole shenanigan. As a former CRO, it's not unheard of but quite uncommon to do this. Because normally it has the opposite effect. It should have been only audited financials. But the Big 4 have failed us spectacularly in recent years.
Quoted post unavailable.
Chief Risk Officer?: https://www.investopedia.com/terms/c/chief-risk-officer-cro....
Re: Binance is trying to calm investors, but its finances remain a mystery
#29I’m waiting for Binance and Tether to collapse, and then we will know with certainty crypto’s best days are behind it, down to zero it goes. If you have assets on Binance I would not be complacent. Get them out.
What’s surprising is Tether seems to keep getting away with enquiries against them. Does anyone really believe that they have enough cash to cover all the Tether coins out there?
Re: Binance is trying to calm investors, but its finances remain a mystery
#30Spoiler: Its a fraud