It could be in the making. We need to keep pushing for more money spread out further on different exchanges. Binance going down would seriously hurt the activity in the East.
We will see what happens. It would show people how keeping money on exchanges is not a safe thing.
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We must collectively transition from CEX's to DEX's asap because as it seems, most CeX's are just ticking time-bombs that can go off at any point in time.