Could it be that Binance will become the next major trading platform to fall within the crypto world after FTX? Your gut says no, but the reality is that users have already withdrawn $902 million worth of crypto from the exchange platform in the past 24 hours. Concerns about Binance arose after the exchange's vague Proof-of-Reserves report.

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No cause for concern yet

Based on the size of the outflows, there is no reason to worry about the exchange platform yet. In total, $1.7 billion worth of crypto flowed out of Binance, but also about $800 million came in. Ultimately, this results in a net outflow of around USD 900 million. Number two on the list is Bitfinex, which has a net outflow of $110 million.

Confidence in centralized exchanges is slowly crumbling further. However, according to Arkham's Henry Fisher, we needn't worry just yet. Binance would manage a total of $64 billion in assets, making this outflow painful, but not fatal. Ultimately, Binance also claims that it owns all of its users' assets.

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Even if everyone were to record everything, Binance would still have to survive and fulfill all requests. It is to be hoped that this claim is correct, because if Binance also sells paper Bitcoin, then the end is not there. If Binance goes under, Bitcoin could drop below $10,000.

Why would Binance do that?

The big question is why Binance would take any risk and play with customer funds. The exchange platform processes a gigantic volume of transactions every day, which should generate enough money to become very rich. In that respect, it would be strange to take risks and gamble away customer funds.

That doesn't change the fact that Binance is a relatively opaque organization and crazier things have happened in the financial world. Perhaps the Dutch stock exchanges close to home are currently the safest home for your crypto assets. After all, they have to comply with very strict regulations.

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