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New book reveals Binance CEO CZ rejected SBF’s $40M request for futures exchange

Published 10/04/2023, 08:56 AM
Updated 10/04/2023, 12:40 PM
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Binance CEO Changpeng “CZ” Zhao reportedly declined to pay $40 million to former FTX CEO Sam “SBF” Bankman-Fried for a futures crypto exchange in March 2019, according to an excerpt from Michael Lewis’ book Going Infinite: The Rise and Fall of a New Tycoon.

According to the book, SBF proposed a futures exchange with “zero risk” in case of bad trades with high leverage. Traditionally, a futures exchange allows traders to leverage funds against a small collateral, and the exchange often asks traders to increase collateral if the trade starts to go bad.

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