Friday, December 9, 2022
 

Binance CEO Mocks Unnamed Exchange; Twitter Believes it is FTX

  • CEO of Binance, Changpeng Zhao, has taken a dig at an unnamed exchange.
  • Users speculate that this exchange could be FTX. 
  • FTX has recently been in some trouble with the Federal Deposit Insurance Corporation (FDIC).

In a Twitter post, the CEO of Binance, Changpeng Zhao, better known as CZ, has taken a dig at an unnamed exchange. There are speculations that the exchange he mentions in his latest tweet is the Sam Bankman Fried-founded FTX. 

Zhao says in the Tweet, “Just learned a new word, jitters. On 1 particular exchange, sometimes your orders will be stuck for a bit, and a few other orders will get in front of you. Apparently, this happens often enough on this exchange that the traders coined a term for it, jitters. (Front running).” 

These allegations come at an interesting time. Recently, the Federal Deposit Insurance Corporation (FDIC) issued a cease and desist order to FTX and four other crypto companies. According to the FDIC, FTX US, SmartAssets, FDICCrypto, Cryptonews, and Cryptosec misinformed investors by convincing them that their products were insured by the FDIC.

In the Twitter thread, Zhao explains that he reached out to the VIP traders on Binance regarding these allegations. These traders apparently confirmed knowing about the illicit trade activities. 

Twitter users have offered mixed reactions to Zhao’s tweet. One user said, “We also have experienced this with at least 1 medium CEX exchange. But also on DEX such as Pancakeswap. And although many in the comment section knew which exchange Zhao was referring to, some asked him to openly address the exchange. 

However, some other Twitter users took this opportunity to strike back at Zhao. “Binance app is having an issue for quite some time now,” said one user. Another user shared screenshots of investors facing difficulties while using Binance. 

  • CEO of Binance, Changpeng Zhao, has taken a dig at an unnamed exchange.
  • Users speculate that this exchange could be FTX. 
  • FTX has recently been in some trouble with the Federal Deposit Insurance Corporation (FDIC).

In a Twitter post, the CEO of Binance, Changpeng Zhao, better known as CZ, has taken a dig at an unnamed exchange. There are speculations that the exchange he mentions in his latest tweet is the Sam Bankman Fried-founded FTX. 

Zhao says in the Tweet, “Just learned a new word, jitters. On 1 particular exchange, sometimes your orders will be stuck for a bit, and a few other orders will get in front of you. Apparently, this happens often enough on this exchange that the traders coined a term for it, jitters. (Front running).” 

These allegations come at an interesting time. Recently, the Federal Deposit Insurance Corporation (FDIC) issued a cease and desist order to FTX and four other crypto companies. According to the FDIC, FTX US, SmartAssets, FDICCrypto, Cryptonews, and Cryptosec misinformed investors by convincing them that their products were insured by the FDIC.

In the Twitter thread, Zhao explains that he reached out to the VIP traders on Binance regarding these allegations. These traders apparently confirmed knowing about the illicit trade activities. 

Twitter users have offered mixed reactions to Zhao’s tweet. One user said, “We also have experienced this with at least 1 medium CEX exchange. But also on DEX such as Pancakeswap. And although many in the comment section knew which exchange Zhao was referring to, some asked him to openly address the exchange. 

However, some other Twitter users took this opportunity to strike back at Zhao. “Binance app is having an issue for quite some time now,” said one user. Another user shared screenshots of investors facing difficulties while using Binance. 

 

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