FTX Binance

Binance plans to spearhead an effort with other industry players to set global standards in the wake of the bankruptcy of rival FTX. Changpeng “CZ” Zhao, head of crypto exchange Binance Holdings Ltd., said the firm plans to spearhead an effort with other industry players to set global standards in the wake of the bankruptcy of rival FTX.“As an industry we need to increase transparency,” Zhao said at a conference in Bali, Indonesia. “We need to work very closely with regulators all around the world to make this industry…

Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried’s FTX crypto exchange. Cryptocurrency prices rallied Monday after Binance Holdings Ltd.'s Chief Executive Officer Changpeng Zhao announced plans to launch a crypto recovery fund to help industry players facing a liquidity crunch. Bitcoin edged towards $17,000 following Zhao's announcement. Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried's…

A day after Sam Bankman-Fried’s digital-asset empire filed for Chapter 11 protection, the former crypto mogul was interviewed by Bahamian police . A day after Sam Bankman-Fried's digital-asset empire filed for Chapter 11 protection, the former crypto mogul was interviewed by Bahamian police and regulators, according to a person familiar with the matter. Analysts say about $662 million in tokens mysteriously flowed out of both FTX's international and US exchanges. FTX had begun moving some of its assets to offline…

Instead of revolutionizing finance, crypto is largely repeating its mistakes. Let the buyer beware. Cryptocurrencies were supposed to usher in a new and better era of finance. Instead of relying on fragile, stodgy and often discriminatory banks for deposits, loans and the like, people could transact directly through platforms brilliantly designed to obviate the need for trust. If further evidence was required, the travails of cryptocurrency exchange FTX.com this week have demonstrated just how far from that ideal…