What happened between Binance and FTX?

The largest crypto exchange by volume (Binance) and the third-largest crypto exchange by volume (FTX) faced off in recent days after Binance CEO Changpeng “CZ” Zhao tweeted that his exchange would slowly withdraw billions of its holdings in FTX’s native token, FTT, “due to recent revelations that have came to light.”

What is the Zhao and Bankman-fried/Binance and FTX debacle?

The Zhao and Bankman-Fried/Binance and FTX debacle has rocked the crypto market and shaken the confidence of crypto investors. Due to the events, Bitcoin, the leading cryptocurrency, plunged by over 10% to lows not seen since November 2020.

Is Binance the largest exchange in the world?

By trading volume, Binance is easily the largest in the world. Just on Nov. 10, it processed around $40 billion in transactions. FTX is not very close in this metric, processing only about $3 billion, but it’s still the fourth-largest exchange by volume.

Did the Stars Align for Binance in the last week?

The stars certainly aligned for Binance in the last week. Indeed, much of the FTX implosion was FTX’s own doing. Binance CEO Changpeng Zhao needed only knock over the first domino to send the competitor reeling.