"legally guaranteed deposit insurance" up to insurance limit. You're not always guaranteed to get all your money back.
Disclaimer: not defending Binance, not into crypto, just a note.
Disclaimer: not defending Binance, not into crypto, just a note.
As soon as a bank fails to provide audited balance sheets, authoroties can step in and halt operations. Mainly to make sure customers deposits are still there and can be withdrawn by the legal owners. It is almost hilarious how Crypto is relearning, at a redicioulous pace, all the lessons tradotional finance and banks learned over the last 100 odd years. And still fails to see that all the answers are already there. In a sense, it is almost peak start-up cliche disruption. Can almost be a good thing so.