- There will be some ripple effect, he predicts, from the FTX crypto exchange’s demise.
- CZ acknowledged putting aside roughly $1 billion initially to acquire troubled assets.
In an interview published on Thursday by Bloomberg, Binance CEO Changpeng Zhao “CZ” addressed a wide range of topics. There will be some ripple effect, he predicts, from the FTX crypto exchange’s demise for some time.
The CEO of Binance, Changpeng Zhao (CZ), predicted that the fall of FTX will have a contagion impact on the cryptocurrency market. Nevertheless, even if Genesis is unable to collect $500 million, the industry as a whole will ultimately bounce back.
The CEO stated:
“Whenever one big player goes down, especially a trading platform, there are many people and institutions with money on the platform. We have seen Genesis halting withdrawals, probably there will be one or two more. However, the cascading effect will become smaller. Overall, the industry is fine.”
Buying Spree Despite Sluggish Market
The CEO of Binance explains why he deleted a tweet on Coinbase’s liquidity problems and Grayscale’s Bitcoin holdings by saying he just questioned the evidence in those stories. He is unsure whether Coinbase or Grayscale is at fault.
The CEO of Binance has denied wanting to “spread FUD.” He just seeks to increase crypto sector scrutiny and openness. But now he regrets not posting about selling FTT coins sooner before FTX became too large.
CZ acknowledged putting aside roughly $1 billion initially to acquire troubled assets. Within the next six months, Binance may look at acquiring the assets of other businesses. Today, a post will be published with all the information that’s needed.
The Binance team is also monitoring FTX, Genesis, and Voyager in order to make a purchase. However, there is currently little information available.
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