Its decision to help sink FTX was merely the latest in a string of moves aimed at consolidating power within the industry, taking Binance ever closer to becoming monopolistic power.
Critics have taken swipes at the Monetary Authority of Singapore for placing Binance on the Investor Alert List in the past, wondering why FTX was not included in the list.
Bitcoin influencer and historian Kurt Wuckert Jr. joined Lisa Kennedy on FOX Business to talk about the recent FTX collapse, Sam Bankman-Fried, and what it means for the industry at large.
According to Nouriel Roubini, “there are seven C’s in crypto: concealed, corrupt, crooks, criminals, conmen, carnival barkers and, finally, CZ.”
As the FTX drama continues to play out, calls for stronger regulation are only growing louder in both the public and private sectors.
Changpeng Zhao leverages FTX's downfall to paint a picture of Binance as a savior of fallen digital asset projects in a bold attempt to wash away the reputational stains of the 'crypto' industry.
Observers noticed on-chain records showing "hundreds of millions of dollars" worth of digital assets began leaving the FTX exchange’s wallets late on Friday night.
Sam Bankman-Fried and Changpeng Zhao have been exchanging blows for months, to the point that when announcing the liquidation, Zhao and his cohort were quick to deny any suggestion that the move was an attack on FTX.
The FTX exchange may have filed for bankruptcy protection but there’s no real defense against the sector-wide carnage this scandal has unleashed.
In June, Sam Bankman-Fried said many 'crypto' companies are secretly insolvent while assuring that his firm, FTX, has enough to cover all client holdings, in contrast to what FTX personnel are claiming.
This week’s dramatic implosion of the FTX exchange continues to disgorge a seemingly nonstop parade of machinations and sordid revelations that threatens to engulf the entire digital asset sector.
Securities commission Chairman Gary Gensler has re-emphasised the need for digital asset platforms to bring themselves within the protective umbrella of SEC regulation as the FTX collapse continues.
