Hopefully binance didn't straight up steal customer funds like FTX. It's profitable enough to charge hefty fees (compared to tradfi) and use customer info to fe

Hopefully binance didn't straight up steal customer funds like FTX. It's profitable enough to charge hefty fees (compared to tradfi) and use customer info to feed your quant algorithms or act as a market maker. On the one hand, I've been anticipating regulatory action for quite a while now. Crypto enables ransomware and other crime, although it does make it easier to track criminals. So it perhaps helps small time crooks and harms sophisticated ones. But if you're sophisticated enough you'll just switch back to cash. So I'm not sure why it's still permitted, aside from the legal difficulty of suddenly banning something you've already allowed for so long. Then again, over the last several years long term treasuries have been an even more harmful pump n dump scheme (orchestrated by the Fed) due to their scale.