Binance Facing Critics Over Its Lack of Transparency

SPECIAL REPORT - Binance's books are a black box, filings show, as crypto giant tries to rally confidence via @Reuters

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SPECIAL REPORT-Binance's books are a black box, filings show, as crypto giant tries to rally confidence

Binance, the world's largest cryptocurrency exchange, is facing criticism over its lack of transparency. The exchange, which has processed trades worth over 22 trillion this year, has declined to disclose basic financial information such as revenue, profit, and cash reserves.

It also does not reveal the location of its main exchange,

or the role of its own cryptocurrency in its balance sheet.

Binance - Cryptocurrency Exchange for Bitcoin, Ethereum & Altcoins

Binance has also faced criticism for its lack of oversight, with the US Justice Department currently investigating the company for possible money-laundering and sanctions violations.

Some prosecutors believe they have gathered sufficient evidence to charge Binance and some of its top executives.

This post is based on this twitter thread.