In letter to staff, Binance CEO accepts regulators' scrutiny over potential FTX deal
"People now think we are the biggest and will attack us more," Changpeng Zhao said in a letter informing the staff of the situation with FTX.
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Changpeng Zhao, the chief executive of crypto exchange Binance, also known as "CZ", has warned users that his plans to acquire FTX could attract scrutiny from global regulators, but the company is ready.
In a letter to Binance staff tweeted on Nov. 9, CZ said that while the deal to acquire another major crypto exchange is still in the works, regulators will “examine the exchanges even further” and make it difficult to acquisition of operating licenses. He added that if the deal results in the downfall of FTX, it would be a loss for the crypto industry and not a "gain" for Binance.
“People now think we are the biggest and will attack us more,” the CEO of Binance said. “We are used to being open and leaning into headwinds. In fact, we accept the scrutiny. We need to significantly increase our transparency, proof of reserves, insurance funds, etc. Much more to come in this area.”
In the spirit of transparency, we might as well share the current note, sent to the entire Binance team around the world a few hours ago.https: //t.co/IUNkPcLC8T pic.twitter.com/XGlIJB7EV5
— CZ Binance (@cz_binance) November 9, 2022CZ announced on November 8 that FTX had approached Binance for assistance in response to a "significant liquidity crunch", leading the exchange to sign a non-binding letter of intent to purchase FTX. Binance's CEO said at the time that the company was "evaluating the situation in real time" and had the option "to withdraw from the agreement at any time".
FTX's native FTT token has
"People now think we are the biggest and will attack us more," Changpeng Zhao said in a letter informing the staff of the situation with FTX.
New
Changpeng Zhao, the chief executive of crypto exchange Binance, also known as "CZ", has warned users that his plans to acquire FTX could attract scrutiny from global regulators, but the company is ready.
In a letter to Binance staff tweeted on Nov. 9, CZ said that while the deal to acquire another major crypto exchange is still in the works, regulators will “examine the exchanges even further” and make it difficult to acquisition of operating licenses. He added that if the deal results in the downfall of FTX, it would be a loss for the crypto industry and not a "gain" for Binance.
“People now think we are the biggest and will attack us more,” the CEO of Binance said. “We are used to being open and leaning into headwinds. In fact, we accept the scrutiny. We need to significantly increase our transparency, proof of reserves, insurance funds, etc. Much more to come in this area.”
In the spirit of transparency, we might as well share the current note, sent to the entire Binance team around the world a few hours ago.https: //t.co/IUNkPcLC8T pic.twitter.com/XGlIJB7EV5
— CZ Binance (@cz_binance) November 9, 2022CZ announced on November 8 that FTX had approached Binance for assistance in response to a "significant liquidity crunch", leading the exchange to sign a non-binding letter of intent to purchase FTX. Binance's CEO said at the time that the company was "evaluating the situation in real time" and had the option "to withdraw from the agreement at any time".
FTX's native FTT token has
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