Crypto Giant Binance Bleeding Assets: Report

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Alex Dovbnya

Binances’ problems continue to pile up, according to a recent Forbes report

An analysis conducted by Forbes shows how major cryptocurrency exchange Binance has suffered a significant drop in assets over the past two months.

Binance has lost a total of 15% of its assets (or $12 billion) in recent weeks, according to the well-known corporate media.

Despite CEO Changpeng Zhao’s repeated attempts to assure the public that the situation had stabilized, the outings only piled up.

The Forbes report states that only one other crypto exchange – MaskEX – suffered larger percentage losses among Binance’s 23 rivals in the past 30 days.

This discrepancy is an indication of trust issues with Binance, and its position in the market raises potential contagion concerns if those suspicions eventually materialize.

So far, it looks like a soft run on Binance is underway without substantial media attention or market volatility.

However, if these flows continue to increase at their current rate, it could have devastating consequences for both digital assets and market participants.

Binance is by far the largest exchange in terms of daily trading volumes, according to data provided by crypto analytics firm Coinglass.

The exchange has come under greater scrutiny after the dramatic collapse of FTX, its main competitor, in November.

As reported by U.Today, Binance was quick to publish its proof of reserves report, but it did not meet the definition of a conventional audit. Additionally, Mazars, the firm’s auditor, mysteriously dropped its crypto clients shortly after the report was published.

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