[Kaiko: Excessive Liquidity Concentration on Binance and Other Platforms Poses Significant Risks] Kaiko's report reveals that the excessive concentration of liquidity in the crypto market on a few platforms like Binance poses significant risks. Despite Binance's spot trading volume of $15.3 billion and derivatives open interest of $27 billion, Binance is not formally regulated and does not hold an EU MiCA license. During the $19 billion futures liquidation caused by the October crash, Binance experienced price deviations. Researchers pointed out that if Binance faces disruptions, it could trigger market-wide volatility.