Beautiful Virgin Islands

Sunday, Sep 21, 2025

Binance boss Zhao pledges to release audit, throws ‘psychopath’ jab at FTX founder

Binance boss Zhao pledges to release audit, throws ‘psychopath’ jab at FTX founder

The head of Binance, the world’s top cryptocurrency exchange, pledged Thursday to release an audit into the firm and rejected claims he sparked the recent collapse of rival platform FTX.
Changpeng Zhao said an independent audit into Binance would be released “in a couple of weeks” and urged a full investigation into FTX’s demise, before delivering a scathing critique of its founder Sam Bankman-Fried, questioning his mental stability.

Speaking at the Milken Institute’s Middle East and Africa Summit in Abu Dhabi, Chinese-Canadian Zhao, insisted “100 percent” that Binance would survive if investors suddenly withdrew funds from his platform.

Last week, FTX filed for bankruptcy and Bankman-Fried resigned as chief executive, a day after Zhao scrapped plans to acquire the crisis-hit competitor.

The collapse of FTX, once valued at $32 billion, sent major cryptocurrencies plunging and further undermined investor confidence in the young and turbulent cryptocurrency sector.

“That’s normal market behavior. If you want everyone to be equal, then you go back to communism, and that doesn’t work well,” Zhao said.

But he denied intentionally wiping out FTX by earlier announcing Binance was liquidating holdings in FTX’s FTT token.

The move prompted Bankman-Fried to write on Twitter: “Well played; you won.”

“Only a psychopath can write that tweet,” 45-year-old Zhao said, playing down his influence on the market.

“If I sell Bitcoin, nobody cares,” he claimed.

FTX’s problems were due to investors’ “suspicion” and “frustration” according to the Forbes-listed multi-billionaire.

When asked whether Binance would release an independent audit of its reserves and liabilities, Zhao said: “Yes... and I think in a couple of weeks.”

Zhao was cautious that improved regulation was the only solution to the crypto sector’s problems, insisting senior industry figures should set standards.

“I think regulation is a key component...(but) more importantly the industry players should act by leading by example,” he said.

“The tricky part is, how do you strike the balance where you encourage innovation...and try to protect consumers?”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
EU Set to Bar Big Tech from New Financial Data Access Scheme
China Bans Livestreaming and AI in Religion Amid Crackdown on Shaolin Temple Scandal
Documents Reveal Mandelson Failed to Declare Epstein-Funded Flights as MP in 2003
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Harris Memoir Sparks Backlash from Democrats for Blunt Critiques in ‘107 Days’
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Japan’s ‘Death-Tainted’ Homes Gain Appeal as Prices Soar in Tokyo
Massive Attack Withdraws from Spotify Over Daniel Ek’s €600M Defence-AI Investment
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders Third Lethal Strike on Drug-Trafficking Vessel as U.S. Expands Maritime Counter-Narcotics Operations
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
Why Google Search Is Fading and AI Is Taking Its Place
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Federal Judge Dismisses Trump’s Fifteen-Billion-Dollar Suit Against New York Times, Orders Refile
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
DeepSeek Claims R1 Model Trained for only $294,000, Sparking Global Debate Over China’s AI Capabilities
SoftBank Vision Fund to Cut Nearly Twenty Percent of Staff in Bold AI Strategy Shift
Intel’s Next-Gen Manufacturing Gets a Lifeline from Nvidia’s Strategic $5B Deal
Erika Kirk Elected CEO of Turning Point USA After Husband Charlie Kirk’s Assassination
Massive Strikes in France Pressure Macron and New PM on Austerity Proposals
Trump Seeks Supreme Court Permission to Remove Fed Governor Lisa Cook
Hillary Clinton’s Reckless Rhetoric Fuels Division After Charlie Kirk’s Assassination
NASDAQ Rises to Record as Intel Soars More Than 20%, Nvidia Gains 3%
Nvidia’s $5 Billion Bet on Intel Reshapes AI Hardware Landscape
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Trump’s Quip on Biden and Google Lawsuit Revives Debate Over Antitrust Legacy
Macron and his wife to provide 'scientific photographic evidence' that she is a real woman
US Tech Giants Pledge Billions to UK AI Infrastructure Following Starmer's Call
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
DeepMind and OpenAI Achieve Gold at ‘Coding Olympics’ in AI Milestone
SEC Allows Public Companies to Block Investors from Class-Action Lawsuits
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Federal Reserve Cuts Rates by Quarter Point and Signals More to Come
Effective and Impressive Generation Z Protest: Images from the Riots in Nepal
European manufacturers against ban on polluting cars: "The industry may collapse"
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Trump: Cancel quarterly company reports and settle for reporting once every six months
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
US Launches New Pilot Program to Accelerate eVTOL Air Taxi Deployment
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Hong Kong Industry Group Calls for HK$20 Billion Support Fund to Ease Property Market Stress
Joe Biden’s Post-Presidency Speaking Fees Face Weak Demand amid Corporate Reluctance
Charlie Kirk's murder will break the left's hateful cancel tactics
×