Ethereum News Daily TheBitTimes.com

Michael Lewis's book 'Going Infinite' reveals that CZ and SBF had different goals when the first collaborative business opportunity arose in 2019. Binance CEO Changpeng Zhao reportedly declined to pay $40 million to former FTX CEO Sam Bankman Fried for a futures crypto exchange in March 2019, according to an excerpt from Michael Lewis’ book “Going Infinite.” According to the book, SBF proposed a futures exchange with “zero risk” for the exchange in case of bad trades with high leverage. Traditionally, a futures exchange allows traders to leverage funds against a small collateral, and the exchange often asks traders to increase collateral in case the trade starts to go bad. However, in crypto, the price swings could be fast and significant which could leave exchanges with bad debts due to lack of collateral. However, FTX wanted to create a futures exchange that would monitor the trader’s activity and, as soon as the trade surmounted the collateral, would liquidate the us...

Binance CEO Changpeng Zhao (CZ) has addressed recent rumors about employee departures in a tweet on June 7. He clarified that the reasons given for the departures were unfounded while pointing at the growth of the company and talented individuals it has attracted over the years. 4. More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong. As an organization that has grown from 30 to 8000 people in 6 years, from 0 to the world’s largest crypto exchange in less than 5 months… — CZ Binance (@cz_binance) July 6, 2023 Binance has grown from a team of 30 to 8,000 employees in just six years, establishing itself as a major player in the crypto exchange industry. CZ, the exchange’s CEO, acknowledged the contributions of former team members and stressed the importance of user security. You might also like: https://crypto.news/binance-ceo-changpeng-zhao-predicts-bitcoin-bull-run/ Departures...