federal government became all the more pressing after a large wave of withdrawals led them to temporarily freeze USD Coin (USDC). Later that month, Binance’s legal troubles with the U.S. Shortly after releasing their proof of reserves in December, the very same accounting firm that audited Binance deleted the website containing the exchange’s proof of liabilities. Binance’s stumbles following the collapse of FTX have not helped improve public perception, either. This was a huge shock to the entire crypto ecosystem and greatly affected the way people perceived the industry as they welcomed the new year. On November 11, 2022, FTX put out a statement on its Twitter page announcing that it was filing for Chapter 11 bankruptcy and its CEO Sam Bankman-Fried was resigning. Most recently, FTX and Binance - two giants of the crypto world - have been in the limelight for less than flattering reasons. Several large organizations, still grappling from a series of industry scandals and the meteoric plummet of crypto that started in late 2021, either filed for bankruptcy or paused customer withdrawals. Last year (2022) was not a kind year to crypto. Read on to learn about the best cryptocurrency exchanges, how they work, and which one you should pick. Some exchanges offer the most competitive prices or speeds, whereas others provide specialized financial products. They are necessary for digital assets to be traded at the scale they are today. Crypto exchanges are where traders can buy, sell and convert different cryptocurrencies and NFTs (non-fungible tokens).
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