Crypto exchange outflows rise amid FTX fiasco
Over 5.2 billion stablecoins left crypto exchanges on Wednesday, the most in five months, on-chain data showed.
Over 5.2 billion stablecoins left crypto exchanges on Wednesday, the most in five months, on-chain data showed.
The FTX.com unraveling has prompted crypto industry leaders to demand clearer rules of the road for trading digital assets.
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.
The following is a running compilation of views and comments on Binance’s announcement that it will not go ahead with the acquisition of FTX.com.
The sudden downfall of top cryptocurrency exchange FTX will bring in more regulatory scrutiny and raise the difficulty of obtaining licenses around the world, Binance founder and chief executive Changpeng Zhao said in an internal note, which he shared with the public via Twitter on Wednesday.
Large volumes of stablecoins moved out of exchanges, including KuCoin, OKX, Kraken, Huobi and Binance over the past week.
Top blockchain and crypto news: FTX concedes defeat in long battle with Binance. Crypto eyes Congress races. Hong Kong U-turns on digital assets.
In a period of toxic divide between the Democrats and Republicans, the need to figure out how to regulate the growing cryptocurrency industry is one of the few issues both parties seem to agree on.
Japan needs to further relax rules for its crypto industry, said lawmaker of Japan’s ruling Liberal Democratic Party Masaaki Taira.
Crypto exchange FTX’s native token, FTT, fell more than 20% in afternoon trading in Asia amid speculation rival exchange Binance is selling off the FTX token.