Beautiful Virgin Islands

Monday, Sep 01, 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
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×