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25 July 2021

Sam Bankman-Fried: Why I Bought Back Binance's Shares in FTX - Decrypt

Sam Bankman-Fried: Why I Bought Back Binance's Shares in FTX - Decrypt


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Binance, the world’s largest crypto exchange by volume, was an early investor in crypto exchange FTX, which 29-year-old Sam Bankman-Fried founded in 2019.

“We recently repurchased shares from Binance to buy them out of our cap table,” Bankman-Fried said.

“I think it just makes sense given the role that our businesses are playing in the space.

Asked for his take on Binance’s regulatory issues, Bankman-Fried said, “I'm not involved in the conversations between them and regulators, and so all I can do is speculate, but something I'll say is that we try really hard to be as cooperative as we can with regulators… I think that when you don't do that, and when you sort of appear less flexible or responsive, I think that’s more likely to lead to cases where regulators might feel like they have no choice but to start bringing the hammer.”.

But to be sure, Binance CEO Changpeng “CZ” Zhao has claimed (just as Bankman-Fried does) that his company happily complies with regulators.

Binance did not immediately respond to a request for comment fromDecrypt.However, CZ toldForbes: “We’ve seen tremendous growth from them, we're very happy with that, but we’ve exited completely.” .

“One of the most impressive things about them, I think, is they started with such high volume a year ago, and then grew such an enormous amount from that,” he says

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