Cryptocurrencies
Binance, Alone at the Top After FTX, Stirs ‘Too Big to Fail’ Crypto Worry
The death spiral of Sam Bankman-Fried’s empire bolsters the dominance of Changpeng Zhao’s exchange and amps up potential dangers for the entire sector.
Changpeng “CZ” Zhao’s Binance enjoys unrivaled market dominance, and that’s a concern to some.
Photographer: Nathan Laine/BloombergThis article is for subscribers only.
Now that Sam Bankman-Fried’s fall from grace is complete, uneasiness is growing around the dominance that his rival Changpeng Zhao’s Binance holds in the cryptocurrency market.
The worries surfaced again on Friday as the accounting firm Mazars Group halted work for Binance and other crypto firms on reports that are meant to demonstrate that the companies hold the necessary reserves needed to cover any potential surge of customer withdrawals.