They have it, as long as no one tries to withdraw it
Schrodingers assets
Binance is probably worth at the very least $30 bil. They can get a loan to cover withdrawals if they need to. Crypto hedge funds would love to because a binance collapse is bad for everyone who is long crypto
Fractional reserve crypto banking? What's the next thing to reinvent? Mortgages?
I assume they would say it regardless
Yeah, and anyone who had their crypto there will move elsewhere, then Binance has -12b
I have absolutely no insight into their financials, but yeah, their incentives point entirely to saying the funds are safe, regardless of if they actually are or not. Either they are indeed safe, and it eases panic, or Binance folds, and lying didn't matter. It's do or die for them right now.