World’s Largest Crypto Exchange Faces a Test

There’s nothing in crypto like the New York Stock Exchange, but if the industry has anything close,


Coinbase


Global and Binance fill that role.

Coinbase


(ticker: COIN) is based in the U.S. and provides audited financial statements to investors. Binance, based offshore, is more opaque. And that is causing concern: In the 24 hours through Tuesday, investors withdrew assets from the exchange at the fastest rate in months, and it is facing perhaps one of the biggest stress tests in its five-year history.