'An epic bank run seems inevitable.'
And given how many investors have assets in the firm, the impact of a Binance bank run would be, put mildly, devastating.
But that still-hypothetical scenario aside, Binance is facing very real trouble elsewhere: US Congress. Three US senators — Democrats Elizabeth Warren and Chris Van Hollen, along with Republican Roger Marshall — sent a bipartisan letter to Binance and its US subsidiary last week, demanding that the firms provide lawmakers with a copy of their records.
"Your companies' apparent attempts at evading the enforcement of anti-money laundering laws, securities laws, information reporting requirements, and other financial regulations cast serious doubt on the stability and legitimacy of Binance and its related entities and on your commitment to your customers," the senators"Unfortunately, a lot of misinformation has been spread about our company," the crypto...
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