Binance is trying to calm investors, but its finances remain a mystery
Binance is the closest thing to a global, borderless bank that exists today. They exist everywhere and nowhere. Their legal entities shift based on what is needed at the moment. They have the ability to easily create tens of millions of dollars as needed based on their BNB reserves, tight relationship with Tether, their ability to launch new token projects (i.e. unregulated securities offerings), and their stablecoin BUSD. They act as an investment bank - I know a prominent crypto entrepreneur that got loaned 8 figures after a text message to help finance an acquisition.<p>I would say it’s quite likely they are fractional reserve but they are so absolutely huge it would take a lot more FUD than exists currently to damage them even a little. They have a lot of room to maneuver.