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Daily Digest | Bother brews for Binance

Written by The Uptake Published on   1 min read

There is still fallout from Binance’s May 19 outage.

Hey. It’s Brady here to round out the week.

Binance really can’t catch a break.

The exchange was added to the Monetary Authority of Singapore’s Investor Alert List, and may soon be sued in a class action lawsuit after its infamous May 19 meltdown. My colleague Stephanie had both stories yesterday.

There is a lot to unpack here. On the one hand, if you’re putting volatile digital assets through every financial wringer possible, in a barely regulated space, on a trading portal run by a company with no headquarters, that might come with a few risks!

On the other hand, when we use any platform, there is an underlying assumption that it will protect our assets—financial, data, anything—in a reasonable way. We can’t help but feel like there’s a social contract involved.

We wonder if Binance will still be the largest crypto trading platform by trading volume if the current trajectory continues. Its founder and CEO, Changpeng Zhao (aka CZ), recently said his company will improve compliance. No doubt, that’s a step toward a maturing crypto sector, but Binance may also need to adjust its way of doing business to maintain its leading position.

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