Crypto community members discuss Bank-run on Binance

CoinTelegraph

Within the past 24 hours, the Binance cryptocurrency exchange has seen outflows of over $1.14B due to rising fear, uncertainty and doubt (FUD) within the crypto ecosystem. 

According to Binance CEO Changpeng “CZ” Zhao, the exchange has seen this before and believes “it is a good idea to ‘stress test withdrawals’ on each CEX [Centralized Exchanges] on a rotating basis”. 

How To Get Free Crypto  

The bank run on Binance comes a month after, the Binance CEO triggered a bank run on FTX, which led to the its liquidity issues, and eventual collapse.

Despite the FUDrampant within the crypto community, members remain optimistic that Binance will weather the storm, and will not share the same fate as FTX. While others speculate that if Binance goes down, the entire crypto industry might be brought to its knees. 

Bitcoin millionaire Carl Runefelt opined on his Twitter account that; “If Binance collapses we’re all fucked.”

Author and Bitcoin enthusiast, Layah Heilpern, shared: “You realise if Binance goes down everything else will crumble? Yes #bitcoin will survive but the entire crypto ecosystem including stablecoins will die.”

Twitter account holder Crypto Cognac shared that Binance going down wouldn’t do the space any good, as it would send the space “back to the stone age.”

Coinbase Banner  

Twitter account holder Timverse said they believe that if Binance became insolvent, it would “set the industry back” by years, however, crypto would survive because “ Crypto has been here way before binance came to existence & it will be here thereafter.”

Crypto Analyst and Government advisor, Del Crxpto accused crypto media outlets of promoting the FUD against Binance sharing, “The media are trying to cause a bank run on binance. In the last several weeks they have attempted to push several narratives to this regards, with the latest being that binance did not pass an audit. The fact is, time is the #1 audit and binance has proven the test of time.”

Related: Abnormal token price movements on Binance not hack-related, confirms CZ

On Dec 11, Cointelegraph reported that Binance’s proof of reserves raised red flags for accounting and financial specialists, and had been labeled “pointless” by rivals, as it failed to include liabilities.

Go to Source
Author: Judith BannermanQuist


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.