Changpeng Zhao hinted that FTX was not a competitor of the Binance exchange.
Binance is a top-ranked digital assets trade platform, which is highly recommended by pro-crypto traders. The user interface of Binance always remains better & easy for pro & new crypto traders. The executive of this exchange always remains transparent with the new decisions, to remain transparent with the clients.
On 20 November, Loi Luu, founder of Kyber, shared his personal opinion on the collapse of the FTX exchange and said that it is the worst outcome for the crypto investors because the collapse of the FTX exchange eliminated the whole competition for the Binance exchange.
“One of the worst outcomes from the FTX collapse is that now we have no real competitor to Binance,” Kyber founder said.
He also added that Binance is now alone at the top, where it is holding the majority of the users & crypto investors on its platform. In this way, he indirectly claimed that crypto investors are again under a very big risk of centralization of the digital assets’ economy.
In the same tweet thread, Loi also explained that here this situation is not for individual crypto investors, instead here it is a matter for the whole crypto sector where crypto investors & traders don’t have any better option over the Binance exchange.
“it was about the 99% of mainstream users out there who have been using CEXs and will find CEXs as their main platform for quite some time. Now they don’t have any other options apart from Binance,” He explained.
Another Twitter user claimed that the FTX exchange was not close to the Binance exchange and also FTX was stealing users’ funds only.
In this whole discussion, Binance CEO Changpeng Zhao indirectly criticised Loi by saying that he was thinking of Loi as a smart person.