Binance’s Zhao Says No ‘Master Plan’ for Takeover of FTX
- The CEO said he had little knowledge of FTX’s internal state
- FTX’s collapse should not be seen as a win, Zhao said
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Binance Chief Executive Officer Changpeng “CZ” Zhao said in a memo to employees that there wasn’t a “master plan” to take over FTX.com and the collapse of the rival crypto exchange “is not good for anyone in the industry.”
Zhao stunned the crypto world on Tuesday with an announcement that his firm was moving to take over Sam Bankman-Fried’s FTX.com, which suffered a liquidity crunch after Zhao announced that he was selling a $530 million holding of FTX’s native token. The letter of intent signed is a non-binding agreement. Terms haven’t been disclosed.