In the last 24 hours (At time of writing) it has been announced that the U.S. Commodity Futures Trading Commission (CTFC) have accused BINANCE of "placing profits over the law", that their compliance with the law was a "sham" and many other accusations. This all comes as a part of Binance being sued by the CTFC over running an "illegal exchange".
As many of you know, Binance is the single biggest crypto exchange in the world with over $9 trillion volume traded and 28.6 million user in 2021 it dwarfs its competitors. This goes to show how much it would impact the crypto industry if Binance went down. Binance is also accountable for 81% of the total BTC traded on centralised exchanges in February this year with a lone trader from the U.S. being responsible for 12% of that.
With the collapse of FTX bring a crash of 22% in the price of BTC in one day and Binance being many times larger than FTX how much damage would it do if it was forced to close?
QUICK DISALIMER!!!
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