Sep 15, 2023

Binance.US has lost two more of its top executives. This comes not long after the crypto exchange lost CEO Brian Shroder.

Video transcript

Finance us is in the news again this morning. They reportedly lost two more high level executives. Not long after the CEO Brian Schroeder Schroeder left amid intensifying regulatory scrutiny. The Wall Street Journal says the head of legal and Chief Risk Officer are now exiting the company, Lawrence. I know you have some charts that unpack some data for us here. You're comparing spot Bitcoin volume with other exchanges. What are you seeing? How does this relate? You know, I OK, I'm gonna, I'm gonna take a, I'm gonna make a big stand here and if you're watching, you want to sue anyone, sue this guy, I'm gonna say this. Something is weird going on at Binance. I like, I don't know if you lose your CEO Chief Risk Officer, legal guy at Binance U SI, I'm gonna guess this isn't good. Now, look at this chart. So you see there was this drop here uh in, in open interest. There's a uh something happened in mid August. Do you remember? I, you know, it seems like so long ago we had this big rumor that uh it wasn't even a big rumor. It was like this selloff, everyone said, oh, it's because SpaceX sold its Bitcoin. I don't know if you remember that whole story and, and, and there was a selloff and it, but maybe it's because the fed is getting a little aggressive on interest rates. Maybe this, maybe that, I don't know, whatever it is. We got bookmark that date because as you can see with this chart here, we saw that, uh, open interest has fallen and hasn't gotten up, it's fallen and it can't get up. As, as the commercial would have said Binance lo their open interest amounts is down about a billion dollars is Binance dot com, right? Because Binance dot us is such a sliver of everything. It almost doesn't even show up in any volumes and anything Binance that us is barely in exchange. I mean, like honestly, it's like a non entity. Uh We look at the next chart again, I wanna, I wanna show you this part this chart too because this shows that date of liquidation and you could see the drop in open interest and it never gets back up. We have good news with uh the SCC regarding uh gray scale, which again, owned is owned by uh DC G with a parent company at Coindesk, disclose everything here. But nonetheless, after that selloff, there was a ec months before there was a spike up and then there was a liquidation of about a billion dollars in open interest gone big chunk of that came out of Binance. Keep that in mind when you think about all this stuff here, I'm gonna guess. And, and this is me speculating here, there's some relationship between the largest exchange in the world of crypto and the collapse of crypto futures. Uh It, it open interest maybe, you know, I, I'm gonna put that connection there. This was less than a month ago. Now. Now Binance us lost a bunch of people. The news originally about Binance us came out in June, but this all this stuff happened. August September book market. Remember it? All right, Lawrence, we'll have to wait and see what happens next. But these two charts came out of your newsletter. So you should just go ahead and tell people how to subscribe, how to keep up to date on the data you're looking at and what you're deriving from it. The tie dot IO, we collect tons of data here. It's a data, you know, we're a data company. Uh term, we have a terminal, the tie terminal, the tie dot iothetie dot IO and the newsletter is called the Wire um or wire rather. So put it out every week. Uh You know, so in between uh you know, yelling at people on the internet, I love it. We got to get a plug in on a Friday. All right, before we move on to the next story, I should note that we did reach out to a company spokesperson for Binance and they did decline to comment on the journal's latest report.

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