The bankruptcy of crypto exchange FTX and the indictment of its former CEO Sam Bankman-Fried, who’s pleaded not guilty to 8 criminal counts - is shining a light on the world’s largest crypto exchange - Binance - and its CEO, Changpeng Zhao - known as CZ. The exchange is estimated to be worth around $300 billion and holds nearly 60 percent of the crypto derivatives market. Binance has managed to eclipse its rivals when it comes to market share and CZ appears confident that the company will successfully navigate the crypto winter.
But with FTX out of the picture, there are increasing fears among some investors that Binance has become too big, and as the largest exchange, holds too much power in an industry that prides itself on being decentralized.
How did Binance get so big? What was the fuel behind its meteoric rise? Bloomberg reporters Justina Lee and Muyao Shen join crypto senior editor Phil Lagerkranser to unpack how Binance and CZ came to dominate crypto, and whether that dominance creates a threat to the future of digital assets.
Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter
This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
See omnystudio.com/listener for privacy information.
Introducing - Spellcaster: The Fall of Sam Bankman-Fried
Crypto Winter Meets Banking Crisis: A Tale of Three Banks
Princeton University’s Blockchain Center, One Year On
NFT Fans Say 2023 Is Looking Up
Job Cuts Reflect Crypto Winter’s Deep Freeze
What’s Happening With Crypto in Argentina?
This Week in Crypto: Court is in Session
Circle CEO Jeremy Allaire on US Crypto Regulation
The IRS Wants to Tax Your Frozen Crypto
What Are the UK and EU Doing About Crypto Regulation?
Why The FTX Collapse Shook The Bahamas
This Week in Crypto: Ukraine War, Marathon Digital, FTX
AI Hype Meets Crypto Winter
What’s A ‘Britcoin’?
A Look Behind The Celsius Curtain
What are Bitcoin NFTs?
The Latest on Bitcoin, FTX and Coinbase
2022 Was a Good Year for Crypto Hackers
How Are Bankruptcy Courts Shaping Crypto Law?
What Makes ‘Bitcoin Jesus’ Roger Ver Tick?
Create your
podcast in
minutes
It is Free
Pharmacy Podcast Network
Sarah Westall - Business Game Changers
Børsen Morgenbriefing
Startitup podcasty
Wall Street Breakfast