Exchanges to the rescue? Cash is reportedly being made available to help blockchain and crypto projects caught in the fallout of the FTX exchange collapse.
Changpeng Zhao, founder and chief executive of Binance, tells the B20 Summit in Indonesia that the world’s largest cryptocurrency exchange aims to help improve business and operation standards in the crypto industry.
Changpeng Zhao, founder of the world’s largest crypto exchange, said its earlier pledge to acquire FTX fell through partially due to regulatory concerns.
Binance may have nixed the deal to bailout rival exchange FTX.com, but it could still gain a big chunk of FTX’s business as investors flee the platform.
Binance cites due diligence on FTX books for pulling out of a deal to buy FTX.com, sending markets into a tailspin and leaving Bankman-Fried in need of another buyer… fast.
Commonly known as “CZ,” the Chinese-Canadian founder of Binance appears to have stolen Sam Bankman-Fried’s shine, coming out of the FTX acquisition with the most to gain.
Busan, S. Korea’s designated blockchain city, plans to make itself a global center for the technology. Binance, the world’s largest crypto exchange, plans to help.
The crypto world has been watching how one of the world’s largest blockchains responds to a hack last week and the questions it raises about the state of decentralization in the industry.
The world’s largest crypto exchange’s regional head of Asia says the Philippines’ GameFi community and rampant inflation in Turkey present opportunities for Binance.