![]() ![]() “When collapsed, everybody turned to Zhao as the potential future saviour for the industry.”īut while the prices of major cryptocurrencies like bitcoin stabilised in dollar terms after FTX’s collapse, Binance has struggled. “Many people looked at Sam Bankman-Fried to be the leader of the industry and save it in the face of regulators,” says Charley Cooper, a former chief of staff at the Commodity Futures Trading Commission. If Binance could ride out the regulatory onslaught that followed the FTX implosion, it would be the go-to venue for trading crypto tokens, and Zhao could establish himself as the “acceptable face” of crypto, a section of financial markets that many still regard as the Wild West. ![]() The collapse of its biggest rival left Binance the undisputed leader in digital assets, controlling more than half of the fast-evolving cryptocurrency market by the end of 2022. On November 10, one day before his crypto empire filed for bankruptcy, Bankman-Fried tweeted his competitor: “Well played you won.” Sam Bankman-Fried, co-founder of Binance’s biggest rival FTX, went to Zhao in November last year hoping the Binance chief would bail out his own exchange. We’ll send you a myFT Daily Digest email rounding up the latest Cryptocurrencies news every morning.Īs 2022 drew to a close, Binance co-founder and chief executive Changpeng Zhao appeared to have the world at his feet.
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