Famous critic Adam Cochran pointed out the risks allegedly taken by Binance. Thus, he urges the crypto community to consider the security of their assets. However, it is worth noting that Cochran’s claims have no basis. Here are the details…
Binance critic is on the agenda again
Adam Cochran, one of the well-known critics of the cryptocurrency exchange Binance, published what he called “the latest FUD (Fear, Uncertainty, Doubt) attacks” against the platform in an article he recently shared on social media. Cochran’s fiery comments revolved around a number of perceived risks taken by Binance, which he believes could pose a threat to the crypto community. In his last tweet, Cochran emphasized that this would be his last warning against Binance, suggesting that he had successfully convinced a significant portion of the crypto community about the potential dangers associated with the exchange. Despite his firm stance, he shared three critical points for those who remain open-minded and highlighted concerns he finds troubling about Binance’s activities.
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1) We all agree Justin Sun is a sketchbag & TUSD is a shitcoin he controls.
2) We all agree that Binance has taken varying levels of sanctions risk.
3) We all agree Binance US refuses to properly comply with US courts on proving asset custody.
— Adam Cochran (adamscochran.eth) (@adamscochran) October 15, 2023
First critical point: TUSD promotions
Cochran’s first point of objection revolved around Binance’s use of the TrueUSD (TUSD) stablecoin in promotions and as collateral. He argued that with its low trading volume and limited adoption, TUSD may not be an ideal choice for collateral. Cochran also raised eyebrows by pointing out that TUSD is a project associated with Justin Sun, the founder of TRON (TRX), which has caused controversy in the cryptocurrency space.
Second point: Binance and its reluctance in the courts
Another issue that concerned Cochran was Binance’s US subsidiary’s reluctance to comply with US courts’ demands for evidence of hiding of assets. This apparent lack of cooperation with regulatory authorities surprised Cochran, especially given Binance’s status as the largest and most profitable cryptocurrency exchange on the market.
Third point: Entering risky, small markets
Cochran also raised questions about Binance’s involvement in smaller markets that carry geopolitical risks. He emphasized Binance’s involvement in the Russian market through the Binance Cloud project and pointed to the existence of accounts associated with individuals flagged by the US Office of Foreign Assets Control (individuals labeled SDN). Cochran also raised concerns about the exchange’s activities, noting Binance’s alleged resistance to audits in US courts.
In his closing remarks, Cochran urged cryptocurrency market participants to carefully consider the security of their assets. He emphasized that storing assets outside the Binance platform does not impose any additional costs, but the potential risks associated with the exchange can be significant. Cochran’s latest warning encourages users to remain vigilant and consider alternative options to protect their crypto assets. The cryptocurrency community is divided on its response to Cochran’s claims; While some echo Cochran’s concerns, others defend Binance’s practices.
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