Tag: Binance

FTX Legal Department Jumps Ship, Binance Deal Fizzles Out

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The FTX drama continues as the deal with its competitor Binance falls apart. According to several reports, employees at the platform are fleeing amid growing concerns about a massive $6 billion hole on the company’s balance sheet. A report from Semafor indicates that FTX’s legal and compliance staff left en masse as the company announced its deal with Binance. The report cites people familiar with the matter speculating on the company’s hurdles to completing any agreement without a legal staff.  FTX’s Team Goes Silence, Employees Keep Faith In CEO Across…

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

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Binance CEO Changpeng Zhao (CZ) has shared where his company is at on the deal with FTX. “We did not master plan this or anything related to it,” he told the Binance team, reminding them not to trade the FTX token (FTT) as the due diligence for the acquisition is still ongoing. He further stressed that “FTX going down is not good” for anyone in the crypto industry, warning that regulators will “scrutinize exchanges even more.” Binance’s CEO Informs Employees About FTX Deal The CEO of cryptocurrency exchange Binance, Changpeng…

In staff letter, Binance CEO embraces scrutiny from regulators amid potential FTX deal

Changpeng Zhao, the chief executive officer of crypto exchange Binance also known as “CZ,” warned users its intention to acquire FTX may invite scrutiny from global regulators — but the firm is ready. In a letter to Binance staff tweeted on Nov. 9, CZ said though the deal to acquire another major crypto exchange was still in the works, regulators would likely “scrutinize exchanges even more” and make it difficult to acquire operating licenses. He added that if the deal resulted in FTX going down, it would be a loss…

Crypto Exchange Binance Raises Its SAFU Fund To $1B Amid Price Swings

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Recently, the crypto market has gotten into a tight tunnel as prices keep decreasing. Most crypto assets are moving to the south with little or no break. The bears are becoming too intense, and tension keeps increasing in the market. The fluctuations have triggered the leading crypto exchange Binance, to pursue sustainability. This new action came after the exchange announced its intent to acquire the FTX to ease its liquidity issues. The CEO of Binance, Changpeng Zhao (CZ), has actively noted the events in the Binance-FTX drama. Also, he took…

Binance Coin Holds Above $290 Amidst Crypto Purge; Are Bulls Still In Control?

 BNB’s price loses its $340 support as the price trades to a region of $290 before bouncing off this region.   BNB’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors.  BNB’s price remains weak across all timeframes as the price trades slightly above the 50 Exponential Moving Average (EMA). Previous weeks saw the price of Binance Coin (BNB) outperform Bitcoin (BTC). Most altcoins trend higher as many produced gains of over 200%, including Binance Coin (BNB) rallying from a region…

Binance tops up SAFU fund at $1 billion amid price fluctuations

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As the liquidity crisis and acquisition of cryptocurrency exchange FTX continues, Binance CEO Changpeng “CZ” Zhao assured his community of insurance of sufficient funds backing the network.  In a tweet on Nov. 9, CZ said that the exchange has once again topped its Secure Asset Fund for Users (SAFU) at $1 billion equivalent in light of “recent price fluctuations.” To adjust to recent price fluctuations, #Binance has topped up the #SAFU insurance fund to $1 billion USD equivalent again. BUSD AND BNB address about 700m: https://t.co/OMoB6HeR6r BTC address 300m: https://t.co/6kOJ1MZhMM…