.binance lost more than $12 billion worth of assets in two months, according to a recent report
This discrepancy serves as an indication of trust issues with regard to Binance, and its position in the market raises potential concerns of contagion if these suspicions end up materializing.
Thus far, it seems like a “soft run” on Binance is underway with no substantial media attention or market volatility. However, should these outflows continue to increase at their current pace, it could lead to devastating consequences for both digital assets and the participants in the market. Binance is by far the largest exchange by daily trading volumes, according to data provided by crypto analytics company Coinglass.
The exchange faced more scrutiny following the spectacular collapse of FTX, its main competitor, in November. , Binance rushed to release its proof-of-reserves report, but it fell short of meeting the definition of a conventional audit. Further, Mazars, the company’s auditor, mysteriously dropped its crypto clients shortly after publishing the report.
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