Binance stated last year that it may spend over 1 billion on deals in 2023, including a potential bank acquisition. CEO Changpeng Zhao aims to encourage the banks towards crypto-friendly policies. ( Fortune)Īt a time when NFT creators are in uproar over several platforms deciding not to honor resale royalties, industry giant OpenSea’s long-awaited ambiguous response to the controversy has left many uneasy. Binance is looking to invest in banks and become a minority investor in traditional financial institutions. Whatever happens, this has to be the moment where the big crypto firms finally embrace transparency and sound accounting practices, and start to act more like mature companies than offshore casinos.Īn investigation into the YouTube crypto promoter known as Lark suggests social media companies are turning a blind eye to those who engage in pump-and-dump behavior. It’s not much to ask, critics note, given SBF’s recent grandstanding about the need for more regulation and better governance in crypto.įor now, it’s unclear how this will end and whether FTX will be able to pull itself back from another catastrophe along the lines of Three Arrows, Celsius, and Voyager that battered the industry this spring. Meanwhile, many are chiding SBF for the lack of transparency he’s shown when it comes to the overlap between his exchange and his trading fund, and are calling for him to disclose the full reserves of both companies. By the end of Monday, FTX could not protect the $22 price level, FTT crashed by 25%, and on Tuesday it was trading around $16-dragging down the price of Bitcoin, Ethereum, and everything else. It was like watching a country trying and failing to defend its currency in the face of market panic over its fiscal health. ![]() ![]() ![]() Whatever his motives, SBF responded by tweeting that FTX was “fine” and offering on Twitter to buy Binance’s FTT stake at the price of $22-an ill-advised decision as it turned out, because it coincided with a run on FTT, which SBF’s companies tried to stave off by buying huge amounts of the currency in the open market. Other comments by CZ suggested that the decision came about in part owing to his rival CEO, Sam Bankman-Fried (SBF), maligning Binance to regulators. If you’re getting up to speed, the trouble began over the weekend when Binance CEO Changpeng “CZ” Zhao, citing this spring’s Terra/Luna debacle, tweeted that the company would sell its holdings of FTX’s native token, FTT.
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