For the past few days, the cryptocurrency market has had two giant exchanges. Binance and FTX was agitated by the events in between. The events first started with the release of a report. A balance sheet shared by Coindesk showed that Alameda Research, founded by Sam Bankman-Fried, founder of FTX, largely owned FTT, showing that the two companies were actually not very independent and that the amount held was more than the market value of the company. FTT.

For all the details on what happened between Binance and FTX;

Then came a statement from Binance. In this statement, the giant stock market announced that it will sell all the FTTs it has. Then there was a huge drop in the FTT. Yesterday, Binance CEO Changpeng Zhao (CZ) shared FTX on Twitter. are planning to buy By announcing it, it was on the agenda of the cryptocurrency world. A memo has now been published that CZ has sent to its employees on the subject.

Binance CEO Advises Against Investing In FTT As He Says FTX Collapse Isn’t Good For Industry

In the post he shared on his Twitter account, CZ clarified what has happened to FTX in recent days. In this memo sent to employees to ensure transparency, FTT about give investment advice He stated that the collapse of FTX was not good for anyone in the industry.

The famous billionaire, who said they have no plans to buy, who Bankman-Fried called him less than 24 hours ago, also said their acquisition of FTX is for Binance. there is no ‘profit’ While we state that, what happened in FTX has had an impact on the crypto industry. break the trust and more control from regulators He added that it could. CZ’s full statement was as follows;

Here’s the full statement from CZ;

“Given the events of the past few days, I would like to clarify a few points.

First, we had no plans regarding this issue. SBF (Sam Bankman Fried) called me less than 24 hours ago. Before that, I knew very little about the status of FTX. I can make a calculation in my head to estimate their income with our own income, but it is never quite accurate. I was quite surprised when he first asked to speak. My first reaction was that he wanted to make an OTC (non-exchange) deal; but this is the situation we are in now.

Second, as we continue to work on our deal, I want to remind everyone: DO NOT trade with FTT. Do not trade with FTT. As soon as I finished my conversation with SBF yesterday, I asked our team to stop selling as an organization. Yes, we have FTT; but this is not a problem. More importantly, we have to hold ourselves to a higher standard than even banks.

Third, do not comment publicly or internally on the deal. Don’t ask if you’re not directly involved. We have a good team dealing with this issue. Everything will be fine.

Fourth, the collapse of FTX is not a good thing for anyone in the industry. Don’t see this as a ‘win’ for us. User trust has been seriously damaged. Regulators will also oversee the exchanges more closely. It’s getting harder to get a license anywhere in the world. People know we are the biggest; therefore they will attack us more. But it’s no problem. We are used to being open. We embrace reviews. Our transparency, our insurance funds, etc. We need to increase things. We have a very difficult period ahead of us. Not to mention the highly fluctuating prices.

Fifth, ignore the prices, as I’ve been saying for years. Let’s focus on making products that people use. It has always worked, and it will work today.”

At the end of his message, CZ thanked all its employees for their hard work.