FTX took funds from customers and used them to run a hedge fund. When the fund did poorly, the customers' funds were gone, leaving a $8B hole. And they lied to

FTX took funds from customers and used them to run a hedge fund. When the fund did poorly, the customers' funds were gone, leaving a $8B hole. And they lied to customers about it. Binance is very different. While it hasn't complied with various securities laws, it's never lied to customers and has kept customers' assets safe. They've also done steps to build confidence and be transparent like verifying proof of reserves: https://www.binance.com/en/proof-of-reserves https://www.binance.com/en/proof-of-reserves While this report isn't perfect, it does show that wallets they control have as much in assets as they're supposed to, so we know they're not doing what FTX did.