币安的财务完全是黑箱操作
Binance’s Financial Operations are a Black Box, With Complete Lack of Transparency
Binance established the Secure Asset Fund for Users (SAFU) in 2018, aiming to protect users' funds and ensure the company will have sufficient funds in the event of a massive liquidity crunch.
The SAFU was valued at 1 billion USD in January 2022 with the combination of BNB, BUSD, and Bitcoin. The value of these funds is based on market value and can vary from time to time. The year-to-year price of BNB’s value has dropped 57% from 563 USD to 242 USD, while Bitcoin’s value has declined 66% from 50,717 USD to 16,862 USD today. As of December 27, the value of Binance’s SAFU is worth around US$573 million, almost 50% less than in January.
The recent bankruptcy of FTX, Voyager Digital and Celsius Network have heavily affected the cryptocurrency market. Both FTX and BlockFi halted withdrawals in December, causing digital currency market panic and investors are more inclined to sell their digital assets. Cryptocurrency exchanges faced a serious liquidity crunch in the case of mass withdrawals.
The credibility of Binance remains skeptical as the company has yet to release a fully audited financial report, as users are still doubtful about its liabilities position. Binance’s CEO Changpeng Zhao (CZ) played down market concerns when he was asked whether the company would be able to handle the $2.1 billion clawback due to the FTX’s bankruptcy proceedings. CZ avoided a direct response, stating the company is “financially strong” and will leave the matter to the attorneys.
Bloomberg reported in June 2022 that CZ agreed to allow reporters to visit Binance’s office in Dubai. However, CZ rejected the interview after a whirlwind of texts, calls, and emails, citing there was a surge of Covid-19 cases.
Binance has been investigated by the U.S. Department of Justice for four years in relation to its compliance with U.S. anti-money laundering laws and sanctions, including three DOJ offices, the Money Laundering and Asset Recovery Section (MLARS), the U.S. Attorney’s Office for the Western District of Washington, and the National Cryptocurrency Enforcement Team. Sources also revealed anyone can open an account on Binance.com practically anywhere in the world with just a few basic personal information and an email address. No one really knows the real identity of these customers.
Financial regulators from the United States, Australia, Japan and other countries are pushing to regulate the cryptocurrency industry as suspicious frauds and money laundering activities soar. In 2023, digital currency exchanges with transparency and a strict KYC process would enhance investors’ confidence as well as market stability.
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