The world’s largest crypto exchange is much like FTX — but with more red flags.

It’s been almost two months since Sam Bankman-Fried’s crypto empire came crashing down. The collapse of crypto exchange FTX and hedge fund Alameda Research, which were used to perpetrate a fraudulent scheme some consider “worse than Enron”, changed public perceptions of crypto forever. Not that everyone knew the industry was ripe with fraud and bad actors but that the most trusted, respected figureheads were just as likely to be swindlers. Shortly after the downfall of SBF (Sam Bankman-Fried), the focus turned swiftly to Binance, the largest exchange and entity in crypto. Was it another FTX — or Celsius Network or Three Arrows Capital or BlockFi or Terra-Luna — that had yet to meet its demise?

But unbeknownst to many, the list of red flags at Binance has already grown so enormous that it outweighs the pre-collapse warning signs of SBF’s empire. For starters, Binance CEO, Changpeng Zao, known informally as “CZ”, has said repeatedly that the company has no headquarters, which sounds contemporary at first, but appears to be a diversion from the fact that Binance has been banned from operating in several countries.

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