Saved by sari and
The Paradoxes of Coinbase
Selling what were in effect shares in itself to US retail investors on its own new US crypto exchange, Binance lifted the biggest middle finger to the US regulators. In the bargain, it juiced the value of BNB incredibly. When Binance formally opened its US exchange, in September 2019, the market cap of BNB was a bit shy of $3 billion. By the fall o
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Which is why, when Sam took in the situation, he decided that Binance’s strategy was unsustainable. That the smart thing to do was to be the world’s most law-abiding and regulator-loving exchange. FTX could use the law, and the regulators, to drive crypto trading from Binance and onto FTX. If countries did not…
Some highlights have been hidden or tr
Michael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Only after CZ turned him down did Sam decide to create an exchange himself. The idea was simple: the first crypto futures exchange that was well enough designed that it would serve the needs not just of crypto people but also of big professional traders, like Jane Street. Still, Sam was deeply uneasy about it. “We were going to build a product that
... See moreMichael Lewis • Going Infinite: The Rise and Fall of a New Tycoon
Crypto exchanges and token creators who wanted to sell to Americans insisted that these tokens weren’t securities but more like, say, Starbucks Rewards points. As FTX was incorporated in Antigua, operated in Hong Kong, and in principle did not allow American investors to trade on its crypto exchange, and in principle did not sell its tokens to Amer
... See more