Travis Kling, founder of Ikigai Asset Management, has recently warned of a potential “implosion” at Binance, citing a timeline of “negative events” since December 2022. These events include withdrawal from certain jurisdictions, mass layoffs, and lawsuits from the US’s chief market regulators. Kling suspects Binance may have an FTX-like asset-liability mismatch, which is when exchanges don’t have enough assets to cover customer withdrawal requests. Patrick Hillman, an earlier departee from Binance, defended the exchange, arguing that it has not collapsed because it has the largest market share in the world’s most important crypto markets. Binance CEO Changpeng Zhao (CZ) also took to X (formerly Twitter) to dispel worries about “negative news/rumors” around Binance, instead listing some positive developments for the firm this year. He stated that all withdrawals and deposits are properly handled and that all customer funds are SAFU and 100% reserved.

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Information	Details
Geography	Asia
Countries	🇨🇦 🇺🇸
Sentiment	negative
Relevance Score	10
People	Travis Kling, Changpeng Zhao, None, Mayur Kamat, Patrick Hillman
Companies	FTX, Binance, The Delphi Podcast, Ikigai Asset Management, United States’ chief market regulators, X (formerly Twitter)
Currencies	Ethereum, Bitcoin, BNB, US Dollar
Securities	None