Rolling coverage of the latest economic and financial news
Yi He, co-founder of Binance, has said that its top priority is to “ensure the environment is secure, after which users can withdraw their funds and Binance can resume operations.”
She rejected comparisons with collapsed rival FTX, writing on X:
Every action has a motive. Look at some fraudulent exchanges that absconded, P2P platforms, and commercial banks: their ledgers are opaque; once the website is shut down, they simply abscond with the funds, the company is liquidated or goes bankrupt, and all they need to do is give you an arbitrary excuse. As for how much money was actually in the account and where it went, there is no way to know.
These kinds of closures happen without any warning—they just disappear. There is no real operation, no one comes out to explain what happened, and it is even less possible for withdrawals to be opened. Continue reading…
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