I have always maintained that Binance's proofs of reserve are insufficient without proofs of expenditures and debts. Merely displaying the reserve does not provide a complete picture, as there could be hidden gaps filled by diverting funds from customer capital. While the reserve indicates what remains, it fails to account for expenses and debts. #Binance has been extensively involved in sponsoring numerous projects and pursuing aggressive marketing campaigns, which undoubtedly incur significant costs. How are these expenses being covered? The company keeps many financial audit procedures hidden, leaving users with only the reserve, which can be wiped out at any moment to conceal loopholes that may exist.

I don't harbor hatred towards Binance, but as a trader who has recommended the platform to others, including friends and family, as well as strangers, I have had doubts for some time, particularly regarding CZ's behavior since the collapse of FTX. Something seems to be brewing, and CZ is not being transparent, most likely hoping to resolve the issues before they become public. Regardless, even as a trader, I am concerned because to profit, we must leave our funds on these exchanges, knowing the risks and observing the vulnerabilities.

I won't pretend, like many others, that I trust Binance. The truth is, I trust no exchange. However, I must work with them as they continue to hold a significant role in the #crypto world. Moving forward, it is crucial to recognize and acknowledge the reality of the situation. I am aware that Binance is not ideal for me, but neither are other exchanges. When compared to the available options, Binance still stands out due to its efforts and accomplishments. Therefore, despite my lack of trust, I support Binance and hope they can overcome the SEC case for the sake of the crypto trading industry