.JohnReedStark believes that binance operates as a shadow bank
, one of the world's largest cryptocurrency exchanges, may face an"epic bank run," according to John Reed Stark, a former attorney for the US Securities and Exchange Commission .posted on March 6, Stark called Binance a"shadow bank" that mints its own counterfeit currency while providing a range of financial services with no US regulatory oversight or audit.In a recent letter, U.S.
While Brady Dale, a journalist who commented on Stark's tweet, argued that Binance is behaving more like an exchange than a bank, Stark disagreed, stating that a collapse at Binance could have"devastating investor carnage." "In order for exchanges to run properly, they need mandated oversight, audit, inspection, insurance, net capital limits, commingling rules, licensure of individuals, and a vast array of critical regulatory protections," StarkThe cryptocurrency giant has previously defended its operations and claimed to be committed to compliance with all relevant regulations.
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