Binance CEO Explains Situation With FTX — Says ‘We Did Not Master Plan This’

Binance CEO Changpeng Zhao (CZ) has shared wherever his institution is astatine connected the woody with FTX. “We did not maestro program this oregon thing related to it,” helium told the Binance team, reminding them not to commercialized the FTX token (FTT) arsenic the owed diligence for the acquisition is inactive ongoing. He further stressed that “FTX going down is not good” for anyone successful the crypto industry, informing that regulators volition “scrutinize exchanges adjacent more.”

Binance’s CEO Informs Employees About FTX Deal

The CEO of cryptocurrency speech Binance, Changpeng Zhao (CZ), tweeted Wednesday a enactment helium sent a fewer hours anterior to each members of the Binance squad globally. “Given the events that transpired implicit the past mates of days. I privation to reiterate a fewer points,” helium began, emphasizing:

We did not maestro program this oregon thing related to it.

Zhao explained that FTX CEO Sam Bankman-Fried (SBF) called him little than 24 hours ago. “I was amazed erstwhile helium wanted to talk. My archetypal absorption was, helium wants to bash an OTC woody … But present we are,” CZ detailed, claiming to person “very small cognition of the interior authorities of things astatine FTX” anterior to the call.

The Binance brag proceeded to punctual his squad not to commercialized the FTX token (FTT) close now, elaborating:

As the owed diligence for the woody is on-going, I privation to punctual everyone: DO NOT commercialized FTT tokens. If you person a bag, you person a bag. DO NOT bargain oregon sell.

He noted that instantly aft finishing the telephone with Bankman-Fried, helium asked each members of the Binance squad to “stop selling arsenic an organization,” adding: “Yes, we person a bag. But that’s ok. More importantly, we request to clasp ourselves to a higher modular than adjacent successful banks.”

The Binance main besides reminded his squad not to remark connected the FTX woody some publically oregon internally. “If you are not straight involved, don’t ask. We person got a bully squad handling it. Things volition play out,” his enactment reads.

Zhao further warned:

FTX going down is not bully for anyone successful the industry.

“Do not presumption it arsenic a ‘win for us.’ User assurance is severely shaken. Regulators volition scrutinize exchanges adjacent more. Licenses astir the globe volition beryllium harder to get. And radical present deliberation we are the biggest and volition onslaught america more,” the Binance enforcement cautioned.

“But that’s OK, we are utilized to being unfastened and leaning into headwinds. In fact, we clasp scrutiny. We indispensable importantly summation our transparency, proof-of-reserves, security funds, etc.,” helium stressed.

The situation astatine FTX unfolded erstwhile CZ announced via Twitter that Binance is dumping each of the FTT tokens connected its books owed to “recent revelations.” Zhao past announced a mates of days aboriginal that FTX asked Binance for assistance owed to “a important liquidity crunch,” adding that his speech intends to “fully acquire” ftx.com and “help screen the liquidity crunch.”

What bash you deliberation astir CZ’s enactment to the Binance team? Let america cognize successful the comments conception below.

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