Why is 'FTX', which has a corporate value of 2 trillion yen, alienating its relationship with the world's largest crypto asset exchange 'Binance'?

The crypto asset exchange '

FTX ' succeeded in raising 100 billion yen in July 2021, and its corporate value is estimated to be 2 trillion yen. It is reported that such FTX is trying to break the tie-up with 'Binance ', the world's largest crypto asset exchange, and keep a distance.

Behind the Breakup of FTX and Binance --Decrypt

After Barclays and Santander, UK Bank Natwest Blocks Payments to Binance – News Bitcoin News

FTX is a crypto asset exchange founded by CEO Sam Bankman-Fried in 2019 and was initially invested by Binance. After that, FTX rapidly expanded its business scale and succeeded in raising funds for a series A round in 2020. In July 2021, we succeeded in raising a total of 100 billion yen from multiple investment groups.

Cryptocurrency exchange 'FTX' succeeds in raising 100 billion yen, corporate value reaches 2 trillion yen --GIGAZINE

According to crypto asset media

Decrypt , Binance did not invest in FTX's July 2021 funding. In addition, in an interview with Decrypt, CEO Bankman Fried said, 'FTX has repurchased shares from Binance.' 'We can be more flexible by repurchasing shares, and our business. Given the role that is playing in the world, I think it makes sense to buy back shares, 'he said, revealing that he has alienated his relationship with Binance in terms of capital.

Binance is the world's largest cryptocurrency exchange, which at the time of writing the article reigns first in the cryptocurrency exchange's 24-hour open interest ranking. However, the Financial Services Agency of Japan announced on June 25, 2021 that it issued a warning to Binance, saying that it was 'unregistered in the crypto asset exchange business.' Regulators in the US, UK, Canada and Germany have also warned Binance on the grounds that they 'have not obtained the necessary permits to trade.' Furthermore, in July 2021, the UK's major commercial bank, National Westminster Bank (Natwest) , announced 'suspension of transactions related to Binance', and the movement of regulation on Binance is becoming active. ..

Binance, a cryptocurrency exchange, will be banned by UK financial authorities, Japanese Financial Services Agency warns --GIGAZINE

Bankman-Fried asked Decrypt about Binance's regulatory issues: 'I can't say anything because FTX isn't involved in the interaction between Binance and regulators, but one thing is certain. We are trying to be as cooperative as possible with our regulators. Failure to do so can lead to regulatory restrictions. ”“ FTX and Binance's operating policies include several. I think there is a difference, 'he said, highlighting that FTX has a sound business operation that is not regulated.

Decrypt is also careful not to say, 'Bankman-Fried has repurchased shares to keep FTX away from Binance,' in response to Bankman-Fried's remarks. It's clear that the repurchase of shares by the CEO was done to keep the FTX away from Binance. '

in Note, Posted by log1o_hf