Binance CEO Changpeng “CZ” Zhao thought the crypto market was recovering from 2022's bear market before...
Regarding the collapse of FTX in November last year, CZ underlined the dishonest behavior of the then-CEO Samuel Bankman-Fried “SBF” as he, along with his accomplices, used customer funds to trade for profit but lost those funds.
However, regulators weaponized FTX’s failure to target the crypto-industry. Post the FTX debacle, the authorities not only targeted bad players, but the entire crypto-industry, CZ alleged.CZ also highlighted how the two-year period of 2020-21 was one of all-time highs due to the arrival of relatively new technologies such as DeFi and Metaverse. The phase also witnessed a lot of capital investment in the industry. 2022, however, was marred by the failures of Three Arrows Capital, Luna, and FTX.
On the question of crypto-regulations across the globe, CZ praised the jurisdictions of the Middle East and Europe for implementing the regulations. CZ was also asked about the prospect of Binance buying a bank as only recently, we saw the collapses of “crypto-friendly” banks such as Signature, Silvergate, and Silicon Valley Bank in early 2023. He said that the thought had crossed his mind, but he realized that it is not really a practical solution.Since then, the SEC has charged Binance with securities violations.
“While we take the SEC’s allegations seriously, they should not be the subject of an SEC enforcement action, let alone on an emergency basis. We intend to defend our platform vigorously,” Binance said in its
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin trades at a discount on Binance.US after major announcementThe SEC's legal action against Binance has created ripples across the crypto market, impacting the dynamics of the BTC/USD trading pair.
Read more »
How PancakeSwap can relieve Binance’s troublesPancakeSwap's progress on the BNB chain brings hope amid bearish sentiment. Recent upticks in BNB activity and attention hint at potential recovery despite challenges.
Read more »
Examining Binance’s asset stability amid SEC Lawsuit, growing FUD and moreData shows Binance's assets experienced a modest decline of approximately 13% due to cryptocurrency price drops.
Read more »
Cameron Bluffs wildfire larger than previously thought, firefighter injuredJust over a week since the out of control wildfire near Port Alberni was discovered, the Cameron Bluffs blaze is now burning 254 hectares.
Read more »
How the CEO of the $243.7-billion PSP Investments pension fund is navigating tumultuous marketsDeborah Orida lays out her strategy as CEO of the $243.7 billion PSP Investments pension fund. Find out more.
Read more »
Illumina CEO Francis DeSouza resigns after battle with IcahnIllumina said it named Senior Vice President and General Counsel Charles Dadswell as interim CEO. DeSouza will stay on in an advisory capacity until July 31, it said
Read more »