![]() But Binance’s about-face raises questions about who Zhao really is and how he built his business-questions made more acute by big gaps in the public record concerning both Zhao’s background and Binance’s operations.Ī careful study of Zhao’s background fills in many of those gaps, revealing how the Binance founder evolved to become a shape-shifter who has for years played hardball to best his business rivals while maintaining the public image of a friendly everyman. Marszalek said the transfer was an error and the ether tokens had been returned to the exchange.Binance insists it has changed its ways and is now keen about compliance the soft-spoken, modest version of Zhao is the voice of this reformed version of the company. The ask-me-anything session followed multiple tweets at the weekend from investors questioning a transfer of $400m-worth of ether tokens from to another exchange called Gate.io on 21 October. We will continue being the safe and secure place where everybody can access crypto.” We will continue operating as we have always operated. “We will prove them all wrong with our actions. ![]() “We will just continue with our business as usual and we will prove all the naysayers and there is many of these right now on Twitter over the last couple of days,” Marszalek said. Kris Marszalek took questions during a livestreamed YouTube address, and also said the platform always maintained reserves to match every coin that customers held on its platform. On Monday, the chief executive of the Singapore-based crypto exchange said his firm would prove wrong all those who said the platform was in trouble, adding that it had a robust balance sheet and took no risks. So as industry players we have a responsibility as well,” Zhao said. “One of the things we will do very soon … we will try to collect the other industry players together form an industry association globally, try to deal with some of the common standards in business etc. The crypto industry already has a number of associations including the Blockchain Association in the US. Zhao added in his B20 appearance that he was planning to form a new industry association to form common standards for the sector. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. For more information see our Privacy Policy. Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. Cryptocurrencies are based on the same basic structure as their star asset, bitcoin: a publicly available “blockchain” that records ownership without having any central authority in control, a structure that has led to warnings from regulators and central bankers that consumer investments in such assets are highly vulnerable. “We do need some regulations, we do need to do this properly, we do need to do this in a stable way.”Ĭryptocurrency exchanges help people buy and sell crypto assets. ![]() “We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” Zhao said. Bankman-Fried had been lobbying on the issue in Washington before FTX’s collapse, in a source of apparent tension with Zhao. Speaking in Bali, Zhao repeated calls for crypto regulation. FTX had bailed out BlockFi in June with a $250m loan, a week after Bankman-Fried’s company had loaned almost $500m to the struggling crypto broker Voyager Digital. Hours before FTX collapsed last Friday, BlockFi, a crypto lender, said it was pausing customer withdrawals due to the FTX situation. 1/2- CZ □ Binance November 14, 2022īefore its collapse, FTX had performed a lender-of-last-resort role for crypto firms that were struggling after a marked decline in the digital asset market since November last year – a period over which the collective value of crypto assets fell from $3tn to less than $1tn. In the meantime, please contact Binance Labs if you think you qualify. To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.
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