A month ago, CZ (CEO of Binance) sparked a bank run on FTX, which resulted in liquidity problems and the exchange’s eventual collapse. Now the Binance facing ban run speculations with crypto market dwindling. Crypto analysts claim that Binance is being targeted by the media in order to create a bank run. They have tried to push a number of storylines in this direction over the past few weeks, the most recent of which being that binance failed an audit. Time is the most important audit, and binance has stood the test of time. Additionally, over the past week, Binance’s exchange saw outflows of an estimated $3.7 billion. Only time will tell if people are shifting money into bitcoin and withdawing money from binance.
On the other hand Binance coin (BNB) has surged over 4.0% with an indication that inflation is expected to be lower down. To add more, if the Binance goes down we may see a deep fallback in crypto market since Binance is the number one exchange with larger daily volume and consumer base. The Binance exchange also doubled the size of its security and compliance team and was the first cryptocurrency business to join the National Cyber-Forensics and Training Alliance (NCFTA) in 2022. Currently available evidence indicates that the lengthy criminal investigation of Binance is being postponed due to differences between US Department of Justice prosecutors.