Binance is almost certainly facing the same situation as FTX, just without the bank run. They're leveraged to the teeth with tether, which they similarly treat

Binance is almost certainly facing the same situation as FTX, just without the bank run. They're leveraged to the teeth with tether, which they similarly treat as a crypto leverage flywheel. Binance just has first mover advantage; as a result of inventing this "my coin can just be printed forever" crypto exchange model, they have more use and $$ which gives them a better cushion. But it's still only a cushion.