Zhao Tweets ‘Not Banned Just Not Licensed Yet’ in Singapore

• Twitteratti is weighing sides between FTX and Binance.
• FTX CEO Sam’s net worth fell from $14.6 billion to $991M in the last 24 hours.
• Changpeng Zhao is on the defense for his withdrawals causing a drop in crypto market.

Amid the ongoing crypto volatility, scams, large-scale withdrawals of funds, and cryptos crashing, recent reports reveal that the global cryptocurrency market cap has plunged below $900 billion since January 2021. With the dwindling market, the Twitter army has seen a division between SBF’s FTX and Binance CEO Changpeng Zhao.

According to an NFT collector Alex Svanevik many users had funds in FTX since Binance has been banned in Singapore. This led to Zhao’s tweets explaining and reassuring his followers that Binance has not been banned, but is yet to acquire a license there. 

Lately, Zhao has been on the defense ever since he rejected allegations regarding Binance manipulating FTT’s price to drop due to his tweets. Furthermore, Zhao claimed that his FTT liquidation only intended to maintain transparency with Binance’s large transactions and not an effort of market manipulation.

Zhao, in response to the ongoing discussions that Binance manipulated the market purposefully, expressed his surprise. According to his claim, his tweet of liquidating FTT on November 6 was only to maintain transparency with Binance’s large FTT transactions. Zhao admitted that he didn’t expect it to be “the straw that broke the camel’s back.

Moreover, following the announcement, the price of FTT dropped by 30%. Similarly, Michaël van de Poppe, CEO and founder of the cryptocurrency training and consulting company Eight Global, tweeted that FTT was suffering immensely. In the meantime, as the market suffers due to the volatility, the CEO of Binance, Zhao, increased Binance’s emergency insurance fund to $1 billion.