It must be a nightmare keeping all that balanced.
It's all mathematically sound when you just let users trade with each other.
A person can't sell a token they don't own.
Every token sold on the exchange was deposited into the exchange's wallet.
At this point Binance has been so utterly captured by American regulators that it's actually irrational to assume they can get away with all the crazy shit they were pulling back in the day. Maybe they're doing new crazy shit by making deals with the politicians that captured them. Who knows.
Lolz, https://www.justice.gov/archives/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us.
'The regulators' are crooks, too.
Jpm had a regulator in the office watching the trades in real time the entire decade jpm rigged the markets.
Factually.
Admitted in court records.
At this point, if it's not in your hands, you don't own it.
It's recorded in a ledger that if that ledger were to ever became public your asset would go 'poof'.
Nobody has to believe that.
It is factual record.
Simply force the ledger to be public.
Fractional reserve systems cannot/will not survive a run on the bank.
Much like crapitalism fails once the rich have extracted too much and the people are too poor to pay any more profits.
We have to have workers, we don't have to have dollars.™
https://theanarchistlibrary.org/library/petr-kropotkin-the-conquest-of-bread
Simple to prove assets but not so simple to prove liability.
It's not like you can dox every single person and how much they own.
I don't mean to imply that the regulators aren't crooked.
I do mean to imply that there is not an explanation that makes sense.
If no one can even come up with a single scenario that even makes sense something weird is going on.
Likely 'los ricos' know when the plug is going to get pulled and are preparing for that.