CZ shares note to team on FTX situation

The CEO of Binance has just publicly shared his thoughts on FTX and crypto in general in a note to the globally based Binance team.

In a bid for full transparency in his dealings with Sam Bankman-Fried, the CEO of FTX, and to share his thoughts on the current situation for cryptocurrency, CZ has tweeted out a note that he shared with his team a few hours previously.

The note begins with CZ stating that the FTX meltdown was nothing to do with him, or anything that he was following in some kind of  “master plan”. In fact, he said that he had little knowledge of the internal goings on at FTX.

He said that when Bankman-Fried approached him he thought it would be for an OTC deal, but then said “But here we are”, obviously alluding to the deal whereby Binance will buy FTX outright.

CZ followed this by warning his team not to trade the $FTT token. He said that individuals at Binance might “have a bag”, but that they should just keep it and not buy or sell $FTT. He added:

“We need to hold ourselves to a higher standard than even in banks”.

The CEO at Binance went on to say that the demise of FTX was not good for anyone in the crypto industry and that it should not be viewed as a “win for us”, given that the fall out had led to much confidence being lost in the sector.

CZ continued by stating his belief that Binance will be scrutinised even more by regulators now, and given that the exchange would undoubtedly be the biggest, it would probably be the focus of attacks by people.

He said that this was “OK” given that we (Binance) are used to this.

“We are used to being open and leaning into headwinds. In fact, we embrace scrutiny. We must significantly increase our transparency, proof-of-reserves, insurance funds, etc. We have a lot of tough work ahead of us. Not to mention prices swinging wildly.”

CZ’s advice in the note on prices was to ignore them, instead stating we need to “keep our heads down and focus on building products people use”.

The Binance boss ended the note by stating that he was “proud” of the whole team and all its “hard work”. He affirmed:

“Let’s continue to push ahead and help increase the freedom of money all around the world, steadily and consistently.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.