Will Binance Survive the Recent Challenges? - COINTURK NEWS
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Will Binance Survive the Recent Challenges?

8:12 pm (76 days ago)
July 20, 2023

Is Binance in Danger?

Binance, the world’s largest cryptocurrency exchange in terms of trading volume, has recently been in serious trouble with regulators. The lawsuit filed by the SEC and the alleged investigation initiated by the US Department of Justice have had a shock effect on Binance and Binance US. This has caused a major upheaval in the exchange and led to many significant changes. So, do experts believe that Binance can survive this chaos?

Famous investor and executive Dovey Wan, one of the most important figures in the cryptocurrency sector, especially in Asia, expressed her views. Wan emphasized that centralized exchanges either fail due to running out of funds or the founders giving up. She claimed that centralized exchanges will continue to survive as long as they apply strict control over money and reserves, and stated that Binance is much better in this regard.

Wan pointed out factors such as the hacks and regulatory pressures experienced by Kraken and Bitfinex, the arrest of OKX’s CEO by the Chinese police, and the founders of Poloniex and Huobi giving up, suggesting that she may be right.

According to the famous figure, it is very difficult for Binance to fail in an industry where all of these events are happening. Wan stated that the survival rate of the exchange, which has two founders like Ye Hi and CZ, is at the level of a cockroach, implying that the likelihood of failure is very low.

Wan pointed out that Chinese founders who have been exiled have a significant survival rate, citing examples such as Zoom, ByteDance, Shein, and many other technology companies. Noting the abundance of exiled Chinese founders in the cryptocurrency sector at the moment, Wan emphasized that Binance will not fail.

Criticism of Binance Continues

Adam Cochran, known as a staunch critic of Binance, drew attention to the recent development and emphasized that the danger is not over. Cochran highlighted the connections between True USD (TUSD), which was found to be owned by Sun, and Binance, stating that Binance is currently paying an additional 10% to users who lock TUSD for 150 days.

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