Binance chief says near collapse of FTX ‘severely’ eroded confidence in crypto industry

Financial Times/Joshua Oliver/11-9-2022

“The near collapse of FTX has “severely shaken” confidence in the crypto industry and will trigger tougher scrutiny by regulators, Binance chief Changpeng Zhao said a day after orchestrating a rescue of the exchange’s rival.”

USAGOLD note: Do you remember when crypto’s most ardent supporters and much of the mainstream financial media were calling it the new gold? Now Binance is orchestrating a full-out rescue of FTX, which recently was valued at $32 billion, saying that the industry has to do more to prove that they actually have the funds on hand to meet customers’ redemptions. Bitcoin is down 7.3% over the past 24 hours and 63% year to date. Gold it’s not……