Binance CEO expects more regulatory scrutiny following FTX imp | Trade Crypto Now

Binance CEO expects more regulatory scrutiny following FTX implosion

Binance CEO Changpeng Zhao said his firm backed out of the FTX deal because it did not make sense and the huge financial hole they would have had to cover. Speaking at the Indonesia Fintech Summit on Nov. 11, CZ said Binance already covers most of the markets that FTX.com operates in.

The Binance CEO also referenced the regulatory scrutiny FTX has drawn as one of the reasons it dropped the deal. Reports have revealed that US agencies were investigating FTX’s handling of customer funds and lending activities. CryptoSlate research revealed that FTX and Alameda Research had used Binance as an unsuspecting intermediary in siphoning funds from each other.

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