New Superior Trading Platform Emerges as Binance Insolvency Fears Arise – Find Out More
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Fears over Binance continued to escalate on Friday morning with CEO Changpeng Zhao working to reestablish client trust after a tough week.
As CryptoNews reported earlier this week, Binance investors were not satisfied with the exchange's Proof-of-Reserves audit.
The exchange also temporarily halted withdrawals on stablecoin USDC, which only led to more panic from investors and then saw more than $3 billion in withdrawals in 24 hours.
The news comes in the wake of the FTX disaster and is in lockstep with ongoing reports that Zhao could be facing money laundering charges in the US.
Now, the Mazars Group, which was appointed as the official auditor of Binance's proof-of-reserve updates in late November, has now removed the Binance audits from its website.
According to Bloomberg, Mazars has now halted all work for crypto clients, a major blow to an industry seeking reassurance after the collapse of FTX.
Earlier this month the accounting firm's proof-of-reserves assessment found that its Bitcoin reserves were overcollateralized - the link to the report on Mazar's website is now dead.
The auditor also found that KuCoin's BTC, ETH, USDT and USDC reserves were overcollateralized, while Crypto.com was fully backed 1:1.
In response to the news, a Binance spokesperson offered an extremely brief response to CoinDesk:
Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance. Unfortunately, this means that we will not be able to work with Mazars for the moment.
Dash 2 Trade to help Investors Navigate Crypto Market
The last 12 months have been extremely tough for crypto investors and traders with the vast majority of coins and tokens heavily in the red.
However, a new crypto intelligence and analytics platform is on the way to help investors and traders maximize their profit-making potential.
Dash 2 Trade is currently in the final stage of its presale and will offer a range of tools, metrics and insights to help its users
Users, who access the market-leading dashboard via a monthly subscription of D2T tokens, can use a range of tools and data to make better decisions on their trades and investments.
- A bespoke scoring system for new crypto presale projects
- Trading signals that provide buying/selling opportunities
- Alerts on new exchange listings
- Professional-grade independent trading indicators
- Strategy-building tools such as automated trading APIs and a backtester
- On-chain analysis and social media tracking
- Copy trading tool and trading competitions
- Learn to Earn academy for beginner traders to educate themselves
The Dash 2 Trade developers opted to cut the presale short in the wake of the FTX collapse, slashing the presale from nine stages to four, spotting that crypto traders and investors are crying out for reliable tools and data to help them navigate the market.
The team is doxxed and made up of a group of experienced professional traders who previously developed Learn2Trade - a forex and crypto trading platform for beginners that has 70,000 users and a four-star rating on TrustPilot.
The project will soon come to the market with fewer than 65 million tokens on sale and almost $10 million in funding secured.
D2T tokens are currently on sale for $0.0533, with listings on leading exchanges such as LBank, BitMart and Changelly Pro already lined up following the ending of the presale.
For more information, read through the Dash 2 Trade whitepaper or join the Telegram group for the latest news on the project.