Every big crypto exchange is too big to fail. Closing will create enormous amount of fud
I agree there will be disruption if an exchange as big as Binance fail, the majority of investors and traders have an account here the market could suffer a dip, but Binance is not too big to fail if they will not follow the regulators and there are too many complaints, there's a possibility that they will fail and that will be an opportunity for other exchanges to take over.