We've reached out to AngelBlock recently to ask Alex Strzesniewski about the Binance situation? It's been a while since the first concerns appeared, is one of the most popular crypto exchanges in trouble?
Alex Strzesniewski (AngelBlock): Binance FUD (fear, uncertainty, doubt) is unfortunately nothing new and has been around since early 2018 in one shape or another. Is some of it substantiated? Perhaps. Binance could definitely be more transparent when it comes to various aspects of their business. One cannot, however, take away from a lot of the great work that they’ve done for crypto as a whole. A key part of my framework when looking at such matters is, where are these allegations coming from? When it comes to Binance, many of the accusations and allegations emanate from the US and their regulatory bodies.
Alex Strzesniewski (AngelBlock): The same regulators and politicians that were playing nice with now defunct exchange FTX - and how many of them warned us about FTX? Zero. Binance has proven to be a more trusted player in this space than 99% of other crypto companies. Despite regulatory hurdles and even some hacks, they’ve (so far) always done right by their users and I see no reason why their user-centric approach would change anytime soon. Much of the current situation stems from Binance’s stablecoin BUSD and the issuer they’ve been working with Paxos - but again, the issue here is one of US regulatory nature, where the SEC is claiming that something like a stablecoin should be under their jurisdiction. This means the SEC potentially views BUSD as a security, which just shows their total lack of awareness and understanding of this space - or worse yet, their nefarious intentions.
