Central bankers call crypto a “shadow” financial system as Binance breaks over $1 trillion trading volume

Crypto market liquidity is increasingly hyper-concentrating within a handful of massive trading venues, creating a market structure that global central bank researchers warn is evolving into a heavily leveraged “shadow crypto financial system.” Data from CryptoQuant shows that Binance, the world’s largest crypto exchange, cleared over $1 trillion in trading volume during the first 112 days [ ]