The company's chief executive Changpeng "CZ" Zhao dismissed the accusations, claiming they "intentionally misconstruing facts. "Once withdrawals are suspended and a collapse begins, not only will Binance’s customers be cut off, but the customers also likely become unsecured creditors," Stark added, pointing to how users have been treated in the bankruptcy proceedings for collapsed crypto companies FTX, Celsius CEL, Blockfi and Voyager.Ī Forbes investigation last month identified an apparent $1.8 billion hole in Binance's finances. In November, FTX buckled under the weight of $8 billion in customer withdrawals-a situation similar to a run on a bank that led to it declaring bankruptcy. "It’s FTX redux and an epic bank run seems inevitable."īinance has faced intense scrutiny in the months since FTX's implosion, with questions being raised over whether it's able to cover user withdrawals. Binance CEO Changpeng Zhao has expressed optimism about the recent coverage of cryptocurrency by China's Central Television (CCTV), which he believes could lead to increased adoption and a surge in prices. Green says that the price of Bitcoin could continue rising until Q2 of 2022 at the very least as concerns over inflation rise. The Chinese-Canadian coder cut his teeth building high-frequency trading. Financial services firm deVere Group CEO Nigel Green is predicting the timeframe for the Bitcoin bull run while offering his outlook on three competing smart contract platforms. Binance CEO Changpeng Zhao has said that he believes the crypto space could see the beginning of a bull run after China Central Television aired a segment on crypto. Changpeng Zhao, who goes by CZ, is the founder and CEO of Binance, the largest cryptocurrency exchange in the world. regulatory oversight or audit," John Reed Stark, a former attorney for the SEC, posted to Twitter. Changpeng Zhao Predicts Bull Run After Rare CCTV Crypto Coverage. "Binance is a shadow bank, minting their own counterfeit currency while providing limit-order books/brokerage/custody/clearing/settlement/etc.
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