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How did Binance come to dominate crypto? -Bloomberg

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How did Binance come to dominate crypto?

The bankruptcy of crypto exchange FTX and the indictment of its former CEO Sam Bankman-Fried, who pleaded not guilty to 8 counts – shines a light on the world’s largest crypto exchange – Binance – and its CEO, Changpeng Zhao – known as CZ. The exchange is estimated to be around $300 billion and holds almost 60% of the crypto derivatives market. Binance has managed to eclipse its rivals in terms of market share and CZ seems confident that the company will make it through the crypto winter. But with FTX irrelevant, some investors are increasingly concerned that Binance has grown too big and, as the biggest exchange, has too much power in an industry that prides itself on being decentralized. How did Binance get so big? What fueled his meteoric rise? Bloomberg reporters Justina Lee and Muyao Shen join crypto editor Phil Lagerkranser to discuss how Binance and CZ have come to dominate crypto and whether that dominance poses 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.

January 10, 2023

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