Binance CEO Changpeng Zhao Reveals Why Deal With FTX Collapsed, Says Industry Now Facing 2008-Style Meltdown

Binance CEO Changpeng Zhao Reveals Why Deal With FTX Collapsed, Says Industry Now Facing 2008-Style Meltdown


The chief executive of the world’s largest crypto exchange is revealing why the potential deal with former competitor and bankrupt firm FTX failed to go through.

In an interview at the 2022 Indonesia Fintech Summit, Changpeng Zhao says that rescuing FTX from bankruptcy did not make sense for Binance from both business and legal standpoints.

From our perspective, the deal did not make sense from a numbers front. From a financial perspective, it’s a big hole. From new users, we have very high overlap. We cover all the regions they cover, and they have much less users than us. From a technology or product perspective, I think we have a superior product. They don’t have anything that we don’t have.

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So our original intention

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