I know I'll probably be downvoted to hell but I'd rather state it loud and clear with reasons why if BINANCE fails then say goodbye to legit crypto adoption for a very long time, conceivably even in our lifetimes.
But first, who am I? Just a guy from a third world country who has used crypto the way many talk about in this sub but actually don't follow, I've used crypto as a store of value and to transact daily. During the bull-run I was trading crypto against my local currency to stay above my country's inflation rate. How does Binance factor into this?
No matter how much you hate the exchange there are facts that shouldn't be ignored:
Binance places itself well for average people to get crypto more than any other exchange on the planet. I knew crypto since 2013(mostly those Bitcoin captchas and got free BTC from moonbitcoin back in the day) but many were still in the dark to crypto but merely few years binance came to my country and everyone knows crypto, young and old know crypto, the old are skeptical but some welcome it, even with all the news of hacks and rugpulls. Personally I had a senior colleague tell me he'd rather put his money in binance than try defi.
They educate the masses about crypto in general not just their platform. When they came here was when many people including myself really wanted to know more about crypto, not just to save money in it. I've tried defi (pancakeswap, uranium finance which got rugged, wonderland time - lol, etc), nfts(cryptoblades, alien worlds, wax nfts, gods unchained), alt chains that have smart contract tokens(Tron, terra, avalanche, etc) all from the way binance drew in my curiosity. I don't know about you, but if it was just some guys talking about magic internet money like back in the day, most of us would ignore it.
Binance actively works or tries to work within the laws of whatever country it finds itself. At face value, binance is a business, businesses that grow fast usually cut corners and try to sell people a story that if you dig a bit into it are all lies e.g FTX. Binance might be guilty of a lot of shady things of which I say, if they're, put them away but throwaway the key. People who want binance to fail if there was real data that would do just that would've posted about it, but they don't, it's the usual - Oh look whale sold BTC, whale withdrew BTC etc..
This relates to my 2nd point, but as Binance is a household name for crypto in a lot of small countries, which may not be whales, but they attract innovation in the space(even going into Blockchain development myself) in the form of products like nfts, metaverses, community tokens, daos etc these products are marketed to us as what the future of crypto would be(I hope not though), having to carry your identity with you in virtual spaces along with your finances without governments or thieves knowing about it.
