Binance, Alone at the Top After FTX, Stirs ‘Too Big to Fail’ Crypto Worry
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The death spiral of Sam Bankman-Fried’s empire bolsters the dominance of Changpeng Zhao’s exchange and amps up potential dangers for the entire sector.
Now that Sam Bankman-Fried's fall from grace is complete, uneasiness is growing around the dominance that his rival Changpeng Zhao's Binance holds in the cryptocurrency market. The worries surfaced again on Friday as the accounting firm Mazars Group halted work for Binance and other crypto firms on reports that are meant to demonstrate that the companies hold the necessary reserves needed to cover any potential surge of customer withdrawals. Zhao, who goes by his initials CZ, has insisted repeatedly that Binance doesn't misuse customer funds like FTX allegedly did and that his exchange can process whatever amount of withdra...