UK Regulator Reflects on Binance’s Role in FTX Case

Elementary my dear CZ – Since September, the Financial Conduct Authority (FCA) had their eyes on FTX pour its activities in the country. The policeman of the British stock market had warned at that time the consumers against possible consequences with a prophetic « if it goes wrong ». A few months later, these same people want to know what happened and understand the role particular of Binance in the course of events.

Following the bankruptcy of FTX and consequences for the British concerned, a parliamentary commission of inquiry has been created in order to see things a little more clearly. During the first audiencethe representatives of the people have expressly asked Binance to explain his role in the downfall of FTX and more particularly from the moment of the disclosure of Alameda’s bankrupt accounts on November 2nd.

For any response, the teams of Changpeng Zhao provided clippings of newspapers of the period concerned as well as readings daily volumes on their exchange to explain the course of events. But the parliamentarians said they would have liked to have had access to the communications internal preceding the sale of the FTT tokens.

UK authorities are investigating whether Binance played a role in FTX’s downfall

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…but hopes to bring SBF and all the players together around a table

Alison Thewlissa member of the treasury committee, spoke to the media about his will to know more :

« It doesn’t really give us the background details. I’m sure the committee will ask more questions to get the details of what happened here, as there are wider implications around the collapse of FTX and the consequences for the cryptocurrency industry as a whole. together. This cannot be taken lightly. »

But the members of the commission have a very binding power limitbecause all the events occurred outside the UK. Not sure they get all the requested parts, but that doesn’t stop them from doing everything to achieve it. Thus, in the month of decemberwill be held a new audience on the subject and the authorities concerned have expressed their desire to see all those concerned around the table that day. To know, Sam Bankman-Fried himself and officials from Alameda Research as well as representatives from Binance to definitely do all the light on this case.

The British legislature and judiciary seized on this event in the name of defending the one million FTX users in the kingdom. But beyond the particular case of the bankrupt platform, it is to regulate the entire ecosystem that the FCA is working on. And there is no doubt that this kind of event will make him want to toughen the conditions for obtaining licenses in the country, unless Binance can convince them with this kind of initiative.

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