- One of the largest media houses claimed Binance’s financial report is a “black box.”
- Reuters claimed that Binance’s corporate filings and Binance.com exchange remain mostly hidden from public view.
- The crypto space has observed that there is rising FUD revolving around Binance.
Today, a global media house, Reuters, released a special report claiming that one of the largest crypto exchanges, Binance’s financial books, is a “black box.”
Conducting an analysis, the media house claimed that Binance’s corporate filings show that the core of the business, Binance.com exchange which has processed trades worth over $22 trillion this year, remains mostly hidden from public view.
Reuters continues the analysis by explaining that Binance declines to say where Binance.com is based. The media house claimed that the crypto exchange doesn’t disclose basic financial information such as revenue, profit, and cash reserves.
Furthermore, Reuters claimed that the company has its own crypto coin but doesn’t reveal its role on its balance sheet. The media house then pinpoints the Binance Coin (BNB) has been used to lend customers money against the crypto assets and trade on margin with borrowed funds, questioning the risk level of Binance.
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