Changpeng Zhao (CZ), CEO of Binance, who announced that he would buy the giant crypto money exchange FTX after the events in the last days, sent a message to his employees on the subject. CZ told his employees that the collapse of FTX was not good for the industry and that regulatory scrutiny could increase. The famous billionaire also gave investment advice in his message and suggested that FTT not be traded.
In the last few days, the cryptocurrency market has two giant exchanges. Binance and FTX was agitated by the events in between. The events first started with the release of a report. A balance sheet shared by Coindesk showed that Alameda Research, founded by FTX founder Sam Bankman-Fried, largely owned FTT, revealing that the two companies were actually not very independent and the amount held was more than the market value of FTT.
For all the details about what happened between Binance and FTX;
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Then came a statement from Binance. In this statement, the giant stock market announced that it will sell all the FTTs it has. Then there was a huge drop in FTT. Yesterday, Binance CEO Changpeng Zhao (CZ) shared FTX on Twitter. are planning to buy Announcing it, it sat on the agenda of the crypto money world. Now, a memo sent by CZ to his employees on the subject has been published.
Binance CEO advises against investing in FTT while saying that the collapse in FTX is not good for the industry
In the post he shared on his Twitter account, CZ clarified what has happened with FTX in recent days. In this memo sent to employees to ensure transparency, FTT about giving investment advice He stated that the collapse of FTX was not good for anyone in the industry.
The famous billionaire, who said that they have no plans to buy, that Bankman-Fried called him less than 24 hours ago, also said that their acquisition of FTX is for Binance. there is no ‘gain’ While stating that, what happened in FTX has had an impact on the crypto industry. shattering the trust and more scrutiny from regulators He added that it might. The full statement of CZ was as follows;
Here is CZ’s full statement;
“Considering the events of the last few days, I would like to clarify a few points again.
First, we didn’t have any plans regarding this issue. SBF (Sam Bankman Fried) called me less than 24 hours ago. Before that, I knew very little about the status of FTX. I can do a calculation in my head to estimate their income with our own income, but it’s never completely accurate. I was quite surprised when he first asked to speak. My first reaction was that he wanted to make an OTC (non-exchange) deal; but this is the situation we are in now.
Second, as we continue to work on our deal, I want to remind everyone: DO NOT trade with FTT. Do not TRADING with FTT. As soon as I finished my meeting with SBF yesterday, I asked our team to stop the sale as an organization. Yes we have FTT; but this is not a problem. More importantly, we need to hold ourselves to a higher standard than even banks.
Third, don’t comment on the deal publicly or internally. Don’t ask if you’re not directly involved. We have a good team handling this issue. Things will work out.
Fourth, the collapse in FTX is not a good thing for anyone in the industry. Don’t see this as a ‘win’ for us. User trust has been severely shaken. Regulators will also monitor exchanges more. Getting a license all over the world will become even more difficult. People know that we are the greatest; therefore they will attack us more. But it is not a problem. We are used to being open. We embrace reviews. Our transparency, insurance funds, etc. We have to increase things. We have a very difficult period ahead of us. Not to mention the wildly fluctuating prices.
Fifth, ignore the prices, as I’ve been saying for many years. Let’s focus on creating products that people use. It has always worked, and it will work today.”
At the end of his message, CZ thanked all his employees for their hard work.
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