How Binance, which trades on its own exchange and plays several roles that may pose conflicts of interest, remains mostly unaccountable to its customers
On May 19, 2021, Francis Kim thought he had hit it big. The Australia-based entrepreneur had been dabbling in derivatives trading … Tweets: @mrmadwhips , @bigmeaninternet , @silvermanjacob , @safuunion , @ben_mckenzie , and @silvermanjacob Tweets: Anthony Carbone / @mrmadwhips : “Binance is not just an exchange where people can buy and sell crypto. The company, whose valuation some employees claim may be as high as $300 billion, is practically its own vertically integrated crypto economy” https://www.washingtonpost.com/ ... Malcolm Harris / @bigmeaninternet : “We are committed to being fully licensed and regulated around the world, and we were recently awarded virtual assets service provider licenses in Bahrain and Dubai” https://www.washingtonpost.com/ ... Jacob Silverman / @silvermanjacob : Thanks to @vhranger for his insight about how trading on a crypto exchange resembles playing poker at a rigged game across from a team of pros (while the casino may shut down at any moment). Also ty for helping get “penis420” in a reputable newspaper. https://www.washingtonpost.com/ ... @safuunion : “Binance itself trades on its own exchange. In traditional markets, this kind of arrangement would never be allowed, as the conflicts of interest — and potential for market manipulation — are glaring.” “No financial regulator would allow it.” https://www.washingtonpost.com/ ... Ben McKenzie / @ben_mckenzie : Fake it til you make it 🧵 https://www.washingtonpost.com/ ... Jacob Silverman / @silvermanjacob : New from me and @ben_mckenzie: we took a look at Binance — the world's largest crypto exchange, a money-printing machine with no headquarters and a nomadic CEO — and why some users are suing it over a mysterious outage on May 19, 2021. https://www.washingtonpost.com/ ...