Here’s how Binance and FTX sent shockwaves through the crypto world

Here’s how Binance and FTX sent shockwaves through the crypto world

Dubai: It’s been a tumultuous few days in the largely unregulated cryptocurrency world, with mudslinging on Twitter, a shock exchange takeover bid and plunging token values. The world’s biggest exchange, in what would be a ‘radical consolidation’ of power in the crypto world. The letter of intent is non-binding though, which sent jitters through the market and sparked a further plunge in values. While crypto might seem like a niche corner of finance, the saga between two of its top players has upended the crypto ecosystem and is likely to have far-reaching repercussions. They’re two of the biggest crypto exchanges, which are the marketplaces where investors buy, sell and store tokens. Binance is the biggest crypto exchange by volume by a long way “- and FTX is in the top five, according to crypto data provider CoinMarketCap (which is owned by Binance). They’ve also been led by two of the most visible and charismatic people in the crypto world: , and FTX by Sam Bankman-Fried (or SBF). Formerly a trader at Jane Street, until just a few weeks ago the curly-haired 30-year-old was everywhere in the crypto industry “- backing flailing projects including BlockFi, Voyager Digital and Celsius. He counted