As it tries to boost confidence, filings reveal that Binance’s books are a black box
Join Our Telegram channel to stay up to date on breaking news coverage Binance, the largest cryptocurrency exchange in the world, is working to restore confidence following a spike in customer withdrawals and a sharp decline in the value of its digital token. The exchange claimed that because of its strong financial position and “we take our responsibility as a custodian seriously,” it managed net outflows of about $6 billion over 72 hours last week without “breaking stride.” Changpeng Zhao, the founder of Binance, promised his company would “lead by example” in embracing transparency following the demise of rival exchange FTX last month. The core of the company, the massive Binance.com exchange that has handled trades worth over $22 trillion this year, is largely hidden from the public view, according to a Reuters Analysis of Binance’s corporate filing s. Binance refuses to disclose its location or that of Binance.com. It withholds b...