Shadow bank
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Former official of the US SEC: Coin An is a shadow bank, and large-scale bank runs seem inevitable
According to the news on March 7, in response to the questions from three US senators, John Reed Stark, a former Internet enforcement officer of the United States Securities and Exchange Commission, wrote on Twitter: “My view is that Coin An is a shadow bank. While providing limit order/brokerage/custody/clearing/settlement/other services, it mints its own counterfeit currency without the supervision or audit of the United States. This is the recurrence of FTX, and a large-scale bank run seems inevitable. Once the withdrawal is suspended, Coin An begins to collapse. Not only…
