Investors Believe Binance Could Collapse

Last week, Binance announced its departure from the Russian market, with CEO Changpeng Zhao denying any connections between his team and the CommEX platform, which will take over Binance’s business in Russia.

However, citizens of Russia who reside outside the country will still be able to use the exchange’s services.

As a result, institutional investors have expressed concerns about Binance’s financial stability and have started to withdraw their assets.

This comes after a lawsuit from the Securities and Exchange Commission (SEC) and increased regulatory pressure, with some EU countries even banning Binance from operating within their borders.

Additionally, Binance’s market share has decreased and the company has had to lay off employees to reduce costs.

However, Changpeng Zhao has refuted claims of bankruptcy and reassured investors that Binance is still financially stable.