The strategy was something like the opposite of Binance’s. When FTX launched, in May 2019, Binance was merely one of a handful of crypto exchanges with roughly the same market share, of roughly 10 percent. One of those, BitMEX, soon ran afoul of the US Department of Justice, for “willfully failing to establish, implement and maintain an anti-money

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Coinbase lets people buy and sell cryptocurrencies, but in every other way, it’s like a centralized exchange on which you’d trade equities, bonds, currencies, or commodities.