Binance CEO Claims That In Recent Crypto Deals, It Had First Choice Over FTX

According to Binance CEO Changpeng Zhao, the exchange likely has first dibs on rival FTX, which is negotiating to buy cryptocurrency lender BlockFi for just $25 million.

“The same deals that you see on the news, they typically come to us first,” Zhao said in a live-streamed interview with Bankless. “I’m pretty confident that we have by far the largest cash reserve right now.”

Binance CEO saw the importance of lending a hand to struggling crypto companies

He emphasized that “not all projects are worth saving.”

“We don’t want to bail out companies that are mismanaged,” he said. “We do want to help the majority of the companies that have a little bit of a liquidity crunch to go through this cycle, we’re talking to 50 plus of them.”

The US is home to many lending protocols in the decentralized finance (DeFi) sector. Zhao claimed that the recent liquidity problem has caused more agreements to be completed in the area. In contrast to Binance, which has a wider customer base, the crypto billionaire said that FTX’s US subsidiary can concentrate on assisting more regional businesses.

“It’s not us versus them,” Zhao said. “We all do what we can.”

Some in the sector think Binance CEO Zhao and Sam Bankman-Fried, CEO of FTX, are collaborating to support crucial aspects of the cryptocurrency sector that are in danger as the liquidity crunch develops. This market is being supported by SBF and other major companies like CZ at Binance. They both put in a lot of effort to assist the industry.

Binance CEO Zhao attributes Binance’s so far successful resiliency in the bear market to its understanding of the cyclical nature of markets and its substantial cash reserves. He intends to take advantage of this chance to expand the market and hire people.

More than 2,000 jobs are currently available on the exchange, with engineering positions accounting for half of them. Customer service, marketing, legal, and compliance are other positions.

“We want to get to around 8,000 people by the end of the year,” Zhao said. “I do want to retire, sooner or later. I’ve been CEO of Binance for five years, and I don’t think that a CEO should for longer than ten years.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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