Is this "Binance gets its comeuppance from catalyzing FTX's downfall?"
Is this "no big deal/a triviality" as is implied in the article?
Perhaps something else?
Is this "Binance gets its comeuppance from catalyzing FTX's downfall?"
Is this "no big deal/a triviality" as is implied in the article?
Perhaps something else?
In almost any other context, e.g., bonds, bank accounts, currencies, the next step would be devaluation, crisis, and default.
It's worth noting that Binance operates BUSD, a stable coin pegged to USD which according to their website saw a 25% reduction in net asset reserves between Nov 2022 to Dec 2022 (https://www.binance.com/en/busd) - if that trend has continued that may be why they need a short-term supply of USD.
"We're suspending withdrawals" reads to me as "we don't have money to cover withdrawals" which implies they don't have enough liquidity or are insolvent.
Or rather: this isn't something very confident, growth-trending orgs do.