The Meltdown of the World’s Biggest Crypto Firm

Binance, once the dominant force in the crypto world after FTX’s crash, is now facing challenges. U.S. agencies’ enforcement threats have led to over a dozen senior executives departing and the layoff of 1,500 employees. Binance’s market share has decreased from 70% to 50% this year. With the SEC suing both Binance and Coinbase, there are concerns about the future of the crypto industry. If Binance collapses, it could cause a short-term market liquidity crisis, potentially driving crypto prices down significantly. Some traders are even preparing for a potential Binance meltdown.

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