Binance And FTX, How Does Partners Change To Competitive?

JAKARTA - Binance CEO Changpeng Zhao (CZ) explained his relationship with Sam Bankman-Fried (SBF) which turned from partner to rival. According to CZ, it all started when Binance decided to withdraw from FTX.

CZ said Binance decided to withdraw from FTX after becoming "increasingly uncomfortable" by means of SBF running exchanges and partnering company Alameda Research. He claimed that the decision prompted Bankman-Fried to attack them.

"Sam was not very excited when we decided to withdraw as an investor that he launched a series of offensive omissions on some members of the Binance team, including threatening to do 'it's great to make us pay," said Changpeng Zhao. He added that he had text messages to prove it.

"After Binance's exit, SBF began investing in friends in high places - from media and policymakers to celebrities (like Kevin)," said CZ.

That was also when SBF started attacking Binance and he personally, said CZ. "My equity is the focus of those attacks," said CZ. "I'm a Canadian and Binance is not a Chinese company," he added.

CZ also showed the excessive amount of money FTX spent on marketing.

"You don't have to be a genius to know there's something wrong with FTX," said CZ. "They are our 1/10 size, but spend 100/1 on marketing & a " partnership," a luxury party in the Bahamas, a trip around the world, and a luxury home for all their senior staff (and their parents)," added the Binance boss.