FTX-Binance standoff highlights the need for clear rules, says Sen. Lummis

FTX-Binance standoff highlights the need for clear rules, says Sen. Lummis


The feud between the CEOs of crypto exchanges FTX and Binance — Sam Bankman-Fried (SBF) and Changpeng “CZ” Zhao — not only crashed cryptocurrency prices but also reminded regulators to step in and avoid similar fallouts in the future.

Ever since CZ publicly announced Binance’s intent to liquidate its FTX Token (FTT) holdings, investors anticipating a price dump began selling off their FTT holdings as a means to minimize their losses. What followed was a steep 86% drop in FTT’s market value, down from the $22 range to $3 in a matter of hours.

FTX Token (FTT) price dropped over 86%. Source: TradingView

Trending: Radio Host Who Attacked ‘Anti-Vaxxers’ to Take Hiatus Until 2023 After Heart Attack

However, the eventful day concluded with CZ announcing Binance’s intent to acquire FTX, and SBF sufficed the move citing consumer protection. Reacting to this development,

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend