FTX founder Sam Bankman-Fried claimed during the testimony that he planned to sell the exchange to Binance when it was still in its early phases.
FTX founder Sam Bankman-Fried claimed during the testimony that he planned to sell the exchange to Binance when it was still in its early phases.
Bankman-Fried indicated that FTX strived to establish itself as a specialized platform for margin trading, addressing a market gap at the time. He expected an exchange like Binance to be interested in acquiring FTX.
Binance expressed interest in acquiring FTX as the exchange ran into issues last November, but ultimately pulled out of the deal due to circumstances beyond its control.
SBF also emphasized FTX's expansion, highlighting the main appeal of the exchange, such as its risk engine and cross-margin trading. FTX's revenue increased significantly, hitting $20 million in 2019 and peaking at $3 million a day in 2021. SBF also stated that Binance's BNB token inspired FTX's native token FTT.
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