Binance CEO Didn’t Predict FTX’s Fall

The near-collapse of FTX wasn’t anticipated, and Changpeng Zhao, CEO of Binance, informed workers of this after Binance made the decision to enter into an agreement to acquire FTX.

Zhao wrote in a letter to Binance employees after the last event:

The deal’s announcement Tuesday stunned the cryptocurrency market and led to a significant selloff of digital assets.

Zhao claimed that during a call with Bankman-Fried on Tuesday, he had instructed Binance to halt sales of FTT, a token produced by FTX.

The message also detailed the rapidity of the agreement he and his counterpart Sam Bankman-Fried reached to keep FTX, which had been valued at $32 billion early this year, from completely collapsing.

Zhao stated that the acquisition deal’s due diligence is still in progress, and he asked workers not to discuss the deal in public. He claimed to be managing the transaction with a good team.

In light of the FTX crash, the CZ projected that regulators throughout the world would monitor exchanges much more closely.

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