Stay away from and avoid the cryptocurrency exchange Binance!

Last Updated: 6. Dezember 2023By

Bitcoin is the most well-known cryptocurrency, created and traded since 2009 without influence from states or financial institutions. Bitcoin is technologically mined by solving complex mathematical problems, known as mining. Transactions are made through a special peer-to-peer application based on blockchain technology, so no central processing is needed.

Bitcoin provides an alternative to state currencies and also gives users a fast way to pay without cash. In the blockchain, integrated information, known as hash, allows payment information to be checked, logged and validated on individual blocks at any time.

The FTX and Binance cases are a cleansing storm for the cryptocurrency industry. The popularity of Bitcoin is reflected in the number of transactions: by the end of October 2023, a total of around 911 million payments had been made worldwide. The success of Bitcoin has led to the introduction of a whole range of alternative virtual currencies (altcoins), such as Ethereum or XRP (Ripple). Bitcoin and Ethereum have recently developed positively, but the cryptocurrency industry has recently been rocked by several legal earthquakes.

After FTX CEO Sam Bankman-Fried was found guilty of money laundering and fraud, Changpeng Zhao (CZ) recently resigned as CEO of the cryptocurrency exchange Binance. Zhao had previously admitted violations of sanctions and money laundering provisions under the Bank Secrecy Act. Nevertheless, Binance is still by far the most important cryptocurrency exchange with a trading volume of 3.3 trillion US dollars in 2023, according to data from The Block. It is only followed by its closest competitors Upbit, OKX and Coinbase. These figures are impressive, but are significantly lower than the previous year. For example, Binance already had a higher trading volume in July 2022 than from January to November 2023. The pressure on Binance remains enormous.

My conclusion: Binance’s market dominance will continue to erode in the future! Avoid the dubious and still largely unregulated cryptocurrency exchange of Binance as a crypto investor. If you still have cryptocurrencies stored there, withdraw them as quickly as possible. Invest in solid and fully regulated cryptocurrency exchanges, as I recommend in the context of KRYPTO-X.

Invest and diversify in a solid way into the world of digitization and tokenization! Digital assets will play an increasingly important role in the future. Take advantage of the moment: invest and diversify in a solid way in blockchain technology, cryptocurrencies around Bitcoin, Ethereum and Co. as well as megatrends such as cyber security, the metaverse, NFTs or artificial intelligence (AI). In the context of KRYPTO-X, I will show you effective means and practical ways to do this.