In the wake of the FTX collapse, Binance is the biggest game in town.
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The bankruptcy of crypto exchange FTX and the indictment of its former CEO Sam Bankman-Fried, who has pleaded not guilty to eight criminal counts, is shining a light on the world’s largest crypto exchange — Binance — and its CEO, Changpeng Zhao, commonly known as “CZ”. The exchange is estimated to be worth around $300 billion and holds nearly 60% of the crypto derivatives market. Binance has managed to eclipse its rivals when it comes to market share and CZ appears confident that the company will successfully navigate the crypto winter.
Now, with FTX out of the picture, there are increasing fears among some investors that Binance has become too big, and as the largest exchange, holds too much power in an industry that purports to be decentralized. But how exactly did Binance get so big? What fueled its meteoric rise? Bloomberg reporters Justina Lee and Muyao Shen join crypto senior editor Phil Lagerkranser to unpack how Binance and CZ came to dominate crypto, and whether that dominance creates a threat to the future of digital assets.
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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
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