Binance, the world's largest cryptocurrency exchange, says it is buying rival FTX, run by Democratic mega-donor Sam Bankman-Fried.
FTX customers began pulling their investments. On Monday morning, Bankman-Fried tried to calm nerves, writing on Twitter that a “competitor is trying to go after us with false rumors,” while insisting that the platform and its assets were both “fine.” By midnight, FTX had$654 million in net withdrawals over the previous 24 hours, according to analytics firm Nansen.
The takeover thrusts Zhao, with a lower profile among the general public than Bankman-Fried, into the limelight. Zhao, born in China in the late 1970s, spent his teenage years in Vancouver, B.C., after his family moved to North America. He worked in fintech for much of the 2000s before founding Binance in 2017. He quickly grew it into the largest global crypto exchange by volume, aided by a lack of competition and a bull market in its earliest days.
The shake-up also casts into doubt Bankman-Fried’s pursuit of a law to establish the first federal guardrails for the industry. The executive has thrown himself into that mission in recent months, taking frequent trips to Washington to meet with everyone from congressional leaders and top regulators to legislative staffers.
Bankman-Fried backs a bill sponsored by Sens. Debbie Stabenow and John Boozman that would hand significant responsibility for the industry to the Commodity Futures Trading Commission. He has been pushing lawmakers to adopt it by the end of the year, a timeline that would mean approving it without so much as a hearing in the House.Rep. Patrick T.
“It’s imperative that Congress establish a framework that ensures Americans have adequate protections while also allowing innovation to thrive here in the U.S.,” he said.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
FTX CEO Sam Bankman-Fried Denies Insolvency Rumors as Binance Liquidates FTT TokenFTX CEO SBF_FTX has dismissed speculation over whether the company has enough capital to cover its customer deposits. Reporting by oknightcrypto
Weiterlesen »
Sam Bankman-Fried Insists 'FTX is Fine' After Bombshell Report and Binance Liquidations | CoinMarketCapA flurry of speculation has hit FTT hard — and it has fallen by 14.5% over the past seven days. It's the worst-performing cryptocurrency in the top 30 by market cap.
Weiterlesen »
CZ Says Binance Intends to 'Fully Acquire FTX,' Sam Bankman-Fried Confirms Transaction – Bitcoin NewsAfter all the speculation surrounding FTX, Binance CEO Changpeng Zhao (CZ) revealed that his company is set to acquire FTX.
Weiterlesen »
FTX Agrees to Sell Itself to Rival Binance Amid Liquidity Scare at Crypto ExchangeIt's a stunning outcome. After days of speculation, Binance has agreed to buy rival cryptocurrency exchange FTX_Official. Here's what you need to know 👉
Weiterlesen »
Bitcoin falls to two-year low after crypto exchange Binance proposed to buy rival FTXBinance, the world’s largest crypto exchange, has signed a letter of intent to buy the non-U.S. assets of FTX, according to Binance’s co-founder and chief executive. If completed, the acquisition could be the most high-profile deal in the crypto space.
Weiterlesen »
World's largest crypto platform Binance buys rival FTX TradingThe cryptocurrency exchange Binance said it plans to buy its rival FTX Trading, in what appears to be a bailout of FTX.
Weiterlesen »