![]() It’s you know, it was born out of this era where people wanted to separate state and money. A lot of people in crypto are very, for want of a better phrase, there is a lot of libertarian undertones in the crypto industry. Scott Chipolina CZ describes himself as driven by freedom. But the thing is, regulatory concerns haven’t always seemed to be at the top of CZ’s priorities. ![]() Michela Tindera If Binance could ride out the wave of regulatory issues headed its way, it could become the undisputed leader among crypto exchanges. Binance, being the largest company in town, meant that unavoidably, really, they were going to bear the brunt of that scrutiny. There was going to be a renewed sense of urgency on behalf of regulators to start cracking down on crypto companies. Scott Chipolina After every FTX’s failure, which was such a public story and it was such a catastrophic bankruptcy. After FTX lost billions of dollars in customer deposits, regulators around the world have been crawling all over the shadowy space of digital currencies. Michela Tindera But this big chance to rule crypto markets also came with a lot of regulatory scrutiny. Scott Chipolina I think a lot of people thought at the time it was sort of like the end of it was like an end of history moment for crypto exchanges, right? Like it meant that once FTX had fallen through, it paved the way for Binance to be the true industry pillar and for Changpeng Zhao to be the true industry kingpin. Michela Tindera FTX’s collapse left Binance and CZ with the crypto world at their feet. And on November 10th, one day before FTX filed for bankruptcy in New York, Sam Bankman-Fried tweeted to Changpeng Zhao, Well-played. They were going bankrupt and CZ had this clear road to crypto utopia, so to speak. ![]() ![]() Scott Chipolina It meant that one of Binance’s largest competitors was no longer going to be there. The exchange FTX filed for bankruptcy protection today. Sam Bankman-Fried stepping down as CEO of FTX News clips From a $32bn company to bankruptcy . . . Michela Tindera And while the rest is history . . . Scott Chipolina Eventually, Zhao declined to do that, which effectively just sealed FTX’s fate. Bankman-Fried asks Zhao, who’s better known as CZ, to bail him out. We’re talking about a man named Changpeng Zhao, who’s the founder of another even larger crypto exchange called Binance. He tells me that Bankman-Fried looks to an unlikely source for that capital, his direct rival. Michela Tindera That’s the FT’s digital assets correspondent Scott Chipolina. Scott Chipolina During those days where FTX was really sort of teetering on the brink, Sam Bankman-Fried was frantically searching for some capital to save his company. Over the last couple of years, FTX has become one of the go-to places to buy and sell cryptocurrencies like Bitcoin or Ethereum. It’s November 2022 and the crypto exchange FTX is on the verge of collapse, and its founder, Sam Bankman-Fried, is scrambling for a way to save his company from bankruptcy. And as a listener of our show, you can receive £20 off your festival pass with the promo code listed in our shownotes. I’ll be doing a live recording of our show on Saturday afternoon, joined by my colleague Tim Bradshaw, who’s the FT’s global tech correspondent, and James Ashton, who’s the author of The Everything Blueprint, to talk about the British chip designer Arm and its path to a Nasdaq IPO this year. You can book your pass now to enjoy a day full of debates, performances, Q&As, and this podcast. I wanted to let you know that the FT Weekend festival is back, and it’s happening on Saturday, September 2nd in London. This is an audio transcript of the Behind the Money podcast episode: ‘ Did Binance miss its chance to rule crypto? ’ Michela Tindera and Scott Chipolina Jump to comments section Print this page
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