Binance, the world’s leading cryptocurrency exchange, has been on the agenda with some claims recently. Claims that the US Department of Justice (DOJ) is preparing to file a fraud case against the platform draw attention. Therefore, the Bitcoin exchange is facing potential turbulence. The news created shock waves in the crypto market, raising concerns about the future of the stock market. It has caused widespread speculation as to whether Binance will suffer a similar fate to that of FTX in 2022. In this regard, the comment of Crypto Capo, one of the famous analysts, drew attention. Capo says Binance will be like FTX. Here are the details…
Bitcoin exchange faces big allegations
cryptocoin.com As we reported, the FTX bankruptcy, which was undoubtedly the most sensational event in the crypto world last year, had a profound impact on the industry. The collapse from Fed rate hikes, the LUNA crisis and Celsius bankruptcy pales in comparison to the crippling blow that came with FTX’s collapse. The bankruptcy process was triggered by none other than Binance CEO CZ, who announced the start of the sale of FTT (FTX’s native token). As bankruptcy proceedings progressed, ugly practices came to light, ultimately leading to the downfall of FTX and FTT. Now, by a strange twist of fate, the Bitcoin exchange Binance, which set things in motion, is now finding itself under the scrutiny of the US Department of Justice due to allegations of fraud.
Crypto Capo, a prominent cryptocurrency analyst respected for his clever predictions for 2022, expressed his thoughts on the matter. He drew parallels between the current situation with Binance and the period when FTX was sold. He expressed his concerns about the potential outcome of the stock market. In a recent Telegram post, “Recent events on Binance remind me of when Binance started selling FTT. When Binance was selling FTT, they knew there might be an escape to the bank and they said they would do it gradually to prevent it.” said.
Are there any similarities between the FTX crash and Binance?
As the Bitcoin community awaits the DOJ’s official statement on the fraud case, uncertainty over Binance’s future remains. Traders and investors are watching developments closely, fearing that Binance’s native token will suffer a similar fate as FTX’s. For now, the crypto community can wait and watch how the legal battle unfolds, wondering if Binance can weather the storm or face a similar fate to FTX’s unfortunate death in 2022. The anxiety in Capo’s words can be felt as it makes a direct comparison to the collapse of FTX. Capo continued:
You know what happens after FTX and FTT, right? Binance wasn’t really worried about this (DOJ doesn’t seem to care either), they just warned. SAME BOTTLE, SAME BATH…
