The research institution Kaiko pointed out in its latest report that the crypto market is facing significant liquidity concentration risks, with a particular reliance on Binance being especially pronounced. The report states that as more and more liquidity concentrates in a few centralized exchanges, the risk of market-level chain reactions is rising once shocks occur during periods of high volatility. Kaiko noted that although Binance occupies a central position in the crypto ecosystem, it still faces structural, operational, and legal risks. The report emphasizes that Binance is currently not a 'formally regulated' exchange, having been convicted in the United States for failing to effectively combat money laundering, and has yet to obtain a MiCA license from the European Union. These factors could amplify systemic risks in extreme situations. (DL News)