Binance, one of the world’s largest cryptocurrency exchanges, has been in the spotlight due to various adverse news reports in recent months. The exchange’s leader, Changpeng Zhao, also known as CZ, has been using social media to address these concerns and dismiss them as “fear, uncertainty, and doubt” (FUD).

However, a famous crypto analyst, Adam Cochran, recently voiced his concerns about Binance on social media. Cochran discussed what he sees as lingering doubts regarding Binance’s practices. He pointed out several issues, noted the perception of Justin Sun, a controversial figure in the crypto industry, and questioned why Binance would associate with the stablecoin TUSD, to which Sun is linked.

He said that Binance has exposed itself to varying levels of sanctions risk. Cochran claimed that Binance US has failed to comply correctly with U.S. courts regarding proving the custody of assets.

Cochran questioned why Binance, already the market’s largest and most profitable exchange, would take on additional risks. He questioned their use of TUSD and engagement in smaller markets with geopolitical risks.

He wrote on X, “I don’t think Binance was always a problem. In fact, I do think it was a well run business at one point. But something has changed in the risks CZ is willing to take, that have no rhyme, reason or reward — and you have to ask yourself why.”

The analyst further asked why Binance would offload the Russian market to a Binance Cloud project and why accounts linked to individuals on the SDN (Specially Designated Nationals) list (a list of individuals and entities subject to sanctions) were identified only when law enforcement intervened. Cochran also questioned Binance’s reluctance to undergo audits and its denial of owning its custody service.

Cochran also said that the cryptocurrency community had no clear answers from CZ regarding these concerns and that even critics of Binance couldn’t find a valid reason for some of their decisions, like their association with TUSD.