A timeline and look back at 10+ months of Binance FUD following the collapse of FTX.

November 7th, 2022 - FTT began it's death spiral and Users Begin withdrawing funds from FTX out of concerns with liquidity. The resulting collapse in FTX wreaks havoc in the crypto market as users become concerned that other exchanges may also be secretly insolvent.

Although Binance has so far remained operational there has been nearly a year of bad PR stories that keep coming out involving Binance. With newfound concerns about Binances solvency lets take a look at the last year of FUD and those concerns surrounding Binance.

----------------------------------------

November 14th 2022 - Users withdraw a record $1.35B in Bitcoin from Binance Exchange following the collapse of FTX out of concerns regarding Binances solvency. source

November 25th 2022 - Binance launches a Proof of Reserves system - to try and ease concerns about Liquidity, but failure to show Proof of Liabilities creates even more concerns. source

December 19th 2022 - Focus intensifies on $2.1 Million of FTT that Binance recieved from FTX to buy out their stake in the ownership of FTX source

"In 2021, SBF_FTX said he bought out your stake in the company. How much did he transfer to you?" andrewrsorkin asks cz_binance. "I remember it was $2.1 billion at the time and it was all in FTT tokens which are now worthless." source

January 24th 2023 - Binance admits they made a mistake and transferred BNB Chain Reserves into Binance Hot Wallets by mistake - comingling BSC token reserves and Binance user assets. source

I take special pride in this as I broke the story November 17th 2022 Via a Reddit Post here. I even messaged Coffezilla about it but he never responded.

The most concerning part of this is that this "Mistake" occurred around the same time the Proof of Reserves were published - and since Binance didn't show proof of liabilities you couldn't verify they had enough funds for BSC Reserves and user funds.

February 6th 2023 - Binance states they are suspending U.S. Dollar Transfers source

February 13th 2023 - Binance and Paxos (USDP) are caught up in Regulatory Crackdown source

March 2nd 2023 - Binances stablecoin (BUSD) sheds Market Share following Regulatory Crackdown dropping from 16B to 10B source

March 6th 2023 - Leaked texts from Binance shows Binance planned to evade US Authorities and Regulations by creating Binance US - but they failed to adequately separate the companies or companies financials. source

The report notes that the company’s main operation, operated primarily from hubs in China and Japan, with a fifth of its customers based in the United States. By creating a U.S.-based entity, the company could ensure compliance with U.S. regulations and avoid potential legal action from U.S. authorities. Binance.US is based in San Francisco and is more intertwined with Binance.com than the companies have disclosed, sharing staff and finances and an affiliated entity that buys and sells cryptocurrencies.

March 27th 2023 - Commodity Futures Trading Commission charges Binance and it's Founder Changpeng Zhao, with Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange. source

April 26th 2023 - Binance US cancels $1B plan to buy Voyagers assets source

May 12th 2023 - Binance announces Exit from Canada Citing Regulatory Tensions source

June 5th 2023 - SEC Files 13 charges against Binance and CZ source

Charges include operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance.US platform; and the unregistered offer and sale of securities.

June 16th 2023 - It's revealed Binance has been under investigation by French Authorities since Feb. 2022 for "Aggravated Money Laundering". source

July 6th 2023 - Multiple Senior Executives at Binance quit over CZs response and handling of Justice Department Investigations. source

July 14th 2023 - Binance lays off over 1,000 employees following regulatory challenges and ongoing investigations source

August 18th 2023 - Checkout.com ends it's contract with Binance early (their prior biggest customer) source

August 20th 2023 - Binance Customer Support tweets (and then deletes) that they no longer support Euro deposits/withdrawals via SEPA. source

August 22nd 2023 - BNB slide sparks concerns of Binances Liquidity in the event Binance collateralized itself with BNB tokens (similar to FTT and FTX). source

----------------------------------------

To be clear: None of this says Binance WILL collapse - but with ten+ months of constant fear and anxiety for Binances solvency - if the company will continue to remain operational is anyones guess.

If you have funds on Binance or BNB wrapped tokens, just know leaving them as is - presents a huge risk - in the event that Binance collapsed.

Simply be cautious. Binance has had one bad headline after another since the collapse of FTX.