Implying that if $FTT’s price dropped, FTX could be at risk. However, the assets are $FTT tokens printed by the company. That made SBF a sudden enemy of crypto.Īfter that, in a news story, Alameda, FTX’s investing arm, had $14.6 billion assets on its balance sheet. Two events paved the way firstly, SBF published proposals on crypto regulation which met severe criticisms from the crypto industry, where many said SBF was pushing for regulatory capture and trying to kill DeFi. While SBF was at it with other indirect finger pointing, CZ took hold of a recent opening to strike back. With SBF’s grand ambitions, such participation could maximize FTX’s potential by winning over regulators. He tried getting at Binance was Still, Binance does 10x the volume of FTX.įTX’s CEO played a smart card in being one of the biggest donors in U.S politics (Biden’s campaign) and in the crypto space likewise. FTX’s growth is alarming to many exchanges but particularly to CZ. In 2022, FTX flipped to rank as the second exchange after Binance. As part of Binance’s divestment from FTX back in 2021, during the FTX $900 million funding round, they received $2.1 billion worth of $FTT & $BUSD.įTX, in the last bull market, grew rapidly and became a seeming threat to CZ. The after-play confirmed that he was not just being lucky in building Binance he was a smart player. The CEO of Binance, CZ, made a strategic decision to have Binance invest in FTX in 2019. Following the launch, FTX thrived with a smart and competitive drive, and rose to become one of the key players in the crypto exchange industry however still had a lot of catching up to do to beat Binance. In May 2019, Sam Bankman Fried (SBF) entered the space and founded FTX, a cryptocurrency exchange like Binance. This conflict has been taking form since 2019, and in 2022, there seems to be a “public outburst.”Ĭhanpeng Zhao founded Binance in 2017 following its launch and growth, other exchanges Coinbase, Gemini, BitMEX, etc., came up, but Binance has continued to retain its leading position. Binance, one of the world’s leading cryptocurrency exchanges, have recently been in what could be called a “public war” with a rival exchange, FTX.
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