A Market Watcher’s Guide to the Collapsed Binance-FTX Deal

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Alyssa McDonald

Kristine Servando

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Crypto Exchange FTX CEO Sam Bankman-Fried Portraits

Binance Founder Changpeng Zhao at Day Two of the VivaTech Conference

Key Speakers At IIF Annual Membership Meeting 

Crypto’s richest executive has shocked the market twice in just a few days. On Tuesday, Binance founder Changpeng “CZ” Zhao announced an unexpected move to take over FTX.com, the troubled firm led by his chief rival and onetime disciple, Sam Bankman-Fried. A day later, Binance walked away from the deal, with a financial black hole and possible regulatory investigations at FTX looming.

Crypto’s richest executive has shocked the market twice in just a few days. On Tuesday, Binance founder Changpeng “CZ” Zhao announced an unexpected move to take over FTX.com, the troubled firm led by his chief rival and onetime disciple,   Sam Bankman-Fried. A day later, Binance walked away from the deal, with a financial black hole and possible regulatory investigations at FTX looming.

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