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Global newsletter: Et tu, Binance?

by delta
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The following is an excerpt from today’s Global Newsletter.

Binance, as a surprise to no one, finds themselves the subject of a Reuters exclusive alleging they commingled customer funds with corporate accounts.

Despite official denials, the story highlights the feeling that the wild west of crypto exchanges is as rootin’-tootin’ as ever.

We’ve said in this space that CZ seemed to have protested too much, projecting public vitriol about a lack of transparency at FTX during that spectacular flameout and crash. 

We also suggested the clock was ticking until a similar investigation outed alleged eyebrow-raising practices at Binance. There’s zero true insight into Binance’s activities, so speculation has been a professional sport for some pundits this year.

This scrutiny and skepticism is a natural result of pretending crypto doesn’t exist in the U.S., pushing companies offshore and into the regulatory wilderness. Americans will just use VPNs to transact and be vulnerable to bad actors thriving without real liability.

Until legitimate oversight and effective and fair regulation are in place, the fraud flood can continue unabated, and industry growth will be hamstrung.

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  • John K. White

    John has been in communications since graduating from Creative Communications at Red River College Polytechnic in Winnipeg in 1992. He launched one of Canada’s first digital-only local news sites called Winnipeg First in 2007, which led to digital editor postings with the Winnipeg Free Press and Edmonton Journal. In 2012 he joined Bankless Times as managing editor, later becoming president and CEO. He and the Bankless Media co-founders completed a sale and exit in August 2021.

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