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Binance's Zhao flags possible US$1 billion for distressed assets

The Edge Markets LogoThe Edge Markets1w ago

Binance's Zhao flags possible US$1 billion for distressed assets - The Edge Markets

Quick Summary:

Binance did not have access to all of FTX’s books or trading history and could not trust the information it provided, Zhao said in the interview.

Zhao said a Genesis collapse might only impact some large institutional players and sought to downplay the potential damage to the industry as a whole.“There will be pain whenever one player goes down,” he said.

Binance is also in talks with Genesis Global, the US-based cryptocurrency broker which is seeking emergency funding to stay afloat, Zhao said.


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Category: InvestingFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-11-24 @ 12:33:14 (1 weeks ago)

News Timezone: GMT +8:00

Ranking: #816 (out of 2512 stories this day)

News Source URL: news.google.com

Language: English

Article Length: 569 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Edge Markets

News ID: 1910166

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Main Topics: InvestingFinance

Official Website: theedgemarkets.com

Update Frequency: 99 posts per day

Year Established: 1994

Headquarters: Malaysia

News Last Updated: 8 hours ago

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Publisher ID: #17

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