In the wake of the news that crypto exchange FTX is on the brink of collapse, Matt Smith, CEO and co-founder of compliance technology and data analytics firm, SteelEye made some comments about the part Binance played in FTX’s fall from grace: “The digital assets market has been rocked – once again – by the near collapse of one of the sector’s leading players, FTX. Despite huge inflows of investment, FTX was reckoning with a “liquidity crunch”. Surging withdrawals – reportedly amounting to $6 billion in just three days – plummeted the crypto exchange’s valuation, and FTT, FTX’s native coin, collapsed by 72% in just 24 hours.” Continue reading…
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