The US has sued Changpeng Zhao and his Binance cryptocurrency exchange for alleged violations of derivatives regulations.
Browsing: Changpeng Zhao
Binance’s stablecoin, Binance USD, has seen around $6-billion of outflows following a US regulatory crackdown on the company that issues the token.
New York’s chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token.
Now that Sam Bankman-Fried’s fall from grace is complete, uneasiness is growing around the dominance that his rival holds in the cryptocurrency market.
As customers withdrew billions of dollars from crypto exchange FTX, founder Sam Bankman-Fried worked the phones in a futile bid to raise $7-billion in emergency funds.
Once again, a feud broke out between alpha-male celebrities in crypto. Only this time, what followed was tens of billions of dollars of digital wealth vanishing in a flash.
News of the liquidity crunch at FTX has sent reverberations through the crypto world.
The crisis engulfing Sam Bankman-Fried’s FTX.com is rapidly worsening, with the onetime crypto wunderkind warning of bankruptcy.
Crypto giant Binance has helped cover a “liquidity crunch” at rival FTX in a surprise move that lifted cryptocurrencies on Tuesday.
Strip away the hype, and it looks like turtles all the way down. Crypto is not too big to fail.