Lots of things are scams in crypto, but Binance is not one of them. The allegations that they misappropriated user funds in any material way are absurd. They didn't. They have never had any serious problems meeting redemptions or withdrawals in any of their products, and despite this lawsuit dropping and the asset freeze being granted by the court, still aren't. If they were insolvent, withdrawals would have been frozen a long time ago.

This is a political stunt. Nothing more. Some helpful context:

https://twitter.com/superanonymousk/status/16666372273239982...

Gensler is a man who's overtures to work for Binance were spurned. He came into power at the SEC, and then he went after them, literally since the day he entered office. They were originally going to drop this case right when FTX blew up, but they knew how bad the optics of that would be, so they waited. This isn't someone impartial, looking out for investors. This is someone spiteful, looking out for himself.

If he wanted to protect people, he'd have done this when the market was hot. That's when investors need protection. That's when a good regulator acts - when a market is overexcited and people are being exploited. Who, exactly, is being protected now? From what?