UNCHAINED: With Execs Leaving and Market Share Declining, Can Binance Survive?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 15 September 2023
⏱️ 45 minutes
🧾️ Download transcript
Summary
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 suits with the SEC and CFTC 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.
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
- The speculation around the recently filed sealed motion filed by the SEC
- Whether Binance is following in the footsteps of FTX
- How Binance.US needs to recuperate some market volume to increase its revenue
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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:
Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
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| 0:43.9 | Wondery, UK. That's audible.com slash Wondery UK. This is a lot for one particular exchange, |
| 0:53.0 | any company really, but in an exchange as consequential as |
| 0:56.5 | finance to deal with. |
| 0:57.7 | Binance, U.S., obviously the first thing on their mind is sort of trying to fight the SEC |
| 1:03.6 | and figure out a way forward. |
| 1:05.4 | I mean, there is a world where Binance can exist where it's not quite as big as it was before. |
| 1:15.9 | Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, |
| 1:21.5 | Laura Shin, author of The Cryptopians. I started covering crypto eight years ago, and as a senior editor at Forbes, |
| 1:28.4 | was the first Mainstream meter porter to cover cryptocurrency full-time. This is the September 15th, |
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