With Execs Leaving and Market Share Declining, Can Binance Survive? - Ep. 544

Unchained

In the wake of FTX’s collapse, Binance – already the biggest exchange in the world by a large margin – has continued to grow. But a series of challenges, including billions of dollars worth of customer outflows, the winding down of its stablecoin BUSD and the SEC and CFTC lawsuits related to its U.S. operations have challenged its market dominance. Steven Ehrlich, director of research at Forbes Crypto, joins the show to discuss how Binance has been dealing with a deluge of bad news and how it plans to forge a path forward.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Show highlights:

• how the collapse of FTX impacted Binance and its market dominance
• how Binance has been losing market share over the past few months
• why Steven believes that Binance.US is in a "very tenuous situation"
• whether Binance is feeling stronger now that the SEC experienced a partial loss in the Ripple case
• the consequences of consumers losing trust in Binance, according to Steven
• the speculation around the recently filed sealed motion filed by the SEC
• whether the theory that Binance is the next FTX has some merits
• how Binance.US needs to recuperate some market volume to increase its revenue

Thank you to our sponsors!

• Crypto.com
• Arbitrum Foundation
• Thales DAO
• Toku

Guest

• Steven Ehrlich, director of research at Forbes Crypto

Links

• WSJ:
• Binance, the Biggest Player in Crypto, Is Facing Legal Risks Over Russia
• More Binance Executives Leave, Including Some Overseeing Russia
• How the Binance CEO Operates: Weigh the Risk, Calculate the Reward
• What Is Happening With Binance?
• Binance Lays Off Over 1,000 Employees
• Some Binance.US Crypto Trading Was a Mirage, the SEC Alleges
• Binance.US Legal, Risk Executives Leave the Crypto Exchange
• Reuters:
• Crypto exchange Binance hit by executive exodus
• Paxos receives U.S. SEC notice over Binance's stablecoin 'BUSD'
• Binance CEO's trading firm received $11 billion via client deposit company, SEC says
• The Block:
• Binance.US can't grow until CZ sells stake, fixes regulatory issues: sources
• Binance to end support for BUSD, encourages conversion to FDUSD
• Mastercard, Binance end crypto card partnership in four countries
• Binance withdraws crypto license application in Germany
• CoinDesk: SEC's Secret Binance Court Filing Has Observers Bracing for Bad News
• John Reed Stark’s post on X
• CFTC: CFTC Charges Binance and Its Founder, Changpeng Zhao, with Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange

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