![]() You can still benefit if the market moves in your favour, or make a loss if it moves against you. The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD. The difference between trading assets and CFDs He added: “We don’t have any legal entities in China, and we do not have plans to.” After the Chinese government ruling, the Binance leadership team opted to work remotely.Īs part of the post, Zhao made it clear that “Binance was never incorporated in China”. The Binance CEO said in his post the irony was not lost on him of being “forced to leave China” once again, 30 years after he fled the country with his family in 1989. In September 2017, the Chinese government issued a ruling that crypto exchanges were not allowed to operate in China. However, Zhao took a few people from Bijie Tech to set up Binance on 14 July 2017. Then in 2017, China shut down all exchanges, and Bijie Tech shut down as well. Two years before setting up Binance, he started a company called Bijie Tech, which provided exchange-as-a-service platforms to other exchanges. Between 20, Zhao tried to set up several different projects before entering the crypto space. He returned to China in 2005 to launch an IT start-up together with five other expats. However, when he was 12, CZ and his entire family left China two months after the 1989 Tiananmen Square protests.Īlthough it usually took four years to obtain a passport and then another three years to get a Canadian visa, the Canadian embassy fast-tracked the family’s visas in the light of Tiananmen Square. Zhao then grew up in Vancouver and went to McGill University in Montreal. He concluded his tweets by adding: “We take our duty seriously to protect the digital asset ecosystem and its customers.”Īccording to a blog post from CZ, he was born in China in 1977. ![]() As well as providing financial assistance to BlockFi with an injection of $250m (£219m), FTX also partnered with the crypto bank.īankman-Fried revealed in a series of tweets he chose to financially aid BlockFi because it “has careful risk management and great leadership” and that “sometimes leadership means acting decisively and that’s what BlockFi did”. At the time, Binance also placed a bid to purchase the assets of Voyager Digital.Īdditionally, in June 2022, FTX signed a deal to bail out the crypto bank BlockFi. ![]() It followed numerous rounds of bidding “in a highly competitive auction process” with an FTX bid worth roughly $1.422bn (£1.246bn). The accolade for Bankman-Fried came after FTX successfully bought the assets of bankrupt crypto lender Voyager Digital in September 2022. A white knight is a person who comes to someone’s aid. ![]() Prior to Binance announcing its acquisition of FTX, Sam Bankman-Fried, CEO of FTX, was labelled crypto’s white knight by Forbes. Changpeng Zhao, founder and CEO of Binance – Photo: Getty ImagesĬhangpeng ‘CZ’ Zhao, founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, is being viewed as crypto’s white knight after stepping in to acquire FTX following a bailout deal with the cryptocurrency derivatives exchange. ![]()
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