Binance CEO shares ‘two big lessons’ after FTX’s liquidity crunch

[Google News Bot]

Binance CEO Changpeng “CZ” Zhao has shared his take on “two big lessons” to be learned from the FTX saga, saying cryptocurrency firms shouldn’t use their own tokens as collateral and should also keep “large reserves.” In a Nov. 8 tweet, Zhao laid out two learnings after the significant “liquidity crunch” at FTX which has ultimately resulted in a non-binding letter of intent from Binance to acquire the struggling exchange. Two big lessons: 1: Never use a token you created as collateral. 2: Don’t borrow if you run a crypto business. Dont use capital “ ...

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