FTX's old rival Binance is enjoying a growth in dominance now that Sam Bankman-Fried's crypto exchange has collapsed
Crypto exchange Binance has grown in dominance in the months since its old rival FTX spectacularly imploded, having notched its largest-ever market share, according to aThe world's biggest exchange bucked the general industry trend by winning more customers to host 55% of all crypto spot trades in January, the FT report Wednesday said citing CryptoCompare data.
Its rival FTX placed second on those metrics before it suffered a liquidity crisis in November that eventually plunged it into bankruptcy. Questions about the handling of FX customer funds led to the arrest of founder and former CEO Bankman-Fried on fraud charges.reported that Bankman-Fried's trading firm Alameda held significant amounts of its portfolio in the exchange's native FTT token.
Binance dumped its entire $529 million FTT position on November 7, before announcing it was in talks to takeover the embattled exchange. But then its CEO Changpeng Zhao — who's often referred to by his initials"CZ" — walked away from the deal after seeing the losses listed on FTX's balance sheet. Bankman-Fried and CZ repeatedly traded barbs on Twitter, with their rivalry intensifying in the weeks before FTX collapsed. The two crypto founders clashed on issues such as accounting practices and crypto regulation.
Their clashes prompted"The Big Short" author Michael Lewis to dub them the"Luke Skywalker" and"Darth Vader" of the digital asset space .
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