CZ Says Sam Bankman-Fried Was ‘Badmouthing’ Binance in DC—However They Weren’t in a ‘Battle’

 CZ Says Sam Bankman-Fried Was ‘Badmouthing’ Binance in DC—However They Weren’t in a ‘Battle’



Changpeng “CZ” Zhao has continued to make clear his stance on Sam Bankman-Fried, because the disgraced FTX founder continues to ramble on Twitter.

Following FTX’s collapse and allegations of fraud and mishandling buyer funds, Zhao advised CNBC Thursday that he was “by no means in opposition to” the now-disgraced SBF, whose $26 billion-dollar internet price has since plummeted to zero. 

“We don’t deal with different smaller exchanges,” Zhao mentioned in an interview.

Whereas Zhao’s publicized selloff of FTX’s token FTT could have triggered a broader selloff of the token and contributed to FTX’s liquidity disaster, Zhao mentioned the transfer wasn’t completed out of malice or rivalry. 

“We had been by no means in a battle with him. He might imagine he’s in a battle with us. We didn’t even discover. We did hear some issues about, you already know, him badmouthing us behind our backs in D.C., in different political lobbying circles,” Zhao shared. 

Binance was one in every of FTX’s earliest traders. When Zhao felt issues had turned bitter, he wished out. 

“We simply mentioned, ‘Look, we don’t wanna be entangled, we simply wish to exit our fairness portion.’ We did {that a} yr and a half in the past. And as a part of that transaction we obtained some FTT tokens,” he mentioned.

Zhao additionally mentioned he wasn’t conscious of the extent of FTX’s dealings behind closed doorways.

“I’m shocked that he lied to all people,” Zhao mentioned. “I didn’t know that he lied to all people till every week in the past.”

When requested if regulation might have prevented FTX’s collapse, Zhao said he doesn’t suppose so. 

“Rules might reduce among the issues, however when an individual lies—when there’s a nasty participant that simply needs to do unhealthy issues—regulation doesn’t forestall it.” 

The Binance CEO additionally clarified that his alternate’s U.S. arm complies with U.S. rules and has 44 totally different state licenses. 

“We shouldn’t blame this drawback on any single particular person, apart from Sam,” he mentioned.

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