Binance is not just an exchange where people can buy and sell crypto. The company, whose valuation some employees once claimed may be as high as $300 billion, is practically its own vertically integrated crypto economy, offering crypto loans and the widest selection of tokens. If that weren’t enough, Binance itself trades on its own exchange. In traditional markets, this kind of arrangement would never be allowed, as the conflicts of interest—and potential for market manipulation—are glaring. Imagine the New York Stock Exchange or Nasdaq taking positions on different sides of trades it
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