After the FTX incident, CZ sent an internal letter to all employees today. In his letter, he stated that the collapse of FTX would seriously shake the confidence of the cryptocurrency industry and trigger stricter scrutiny from regulators. Therefore, this "rescue operation" was carried out, which is not "a victory" for Binance. He believes that global licenses will be more difficult to obtain, and regulation will be stricter in the future.
CZ previously stated, “We don’t have a master plan for this or anything related. I had a call from SBF less than 24 hours ago. Prior to this, I knew very little about the internals of FTX. Income do some mental math to guess what their income is, but it's not going to be very accurate."
Odaily compiled the full text, the content is as follows:
Dear Binance colleagues:
In light of the events of the past few days, I would like to reiterate a few points.
1. We have not made a general plan for this incident, nor have we planned anything related to it. SBF called me less than 24 hours ago. Before that I knew very little about the internals of FTX. I can do some mental math with our income to guess theirs, but it's never going to be very accurate. I was surprised when he told me, my first reaction was, he wanted to do OTC...but that's it.
2. Since the due diligence of the transaction is in progress, I would like to remind everyone: Do not trade FTT tokens. What you have, then you have what. Don't buy or sell. As soon as I finished my call with SBF yesterday, I asked our team to stop selling as an organization. Yes, we have a coin purse. But that's okay. More importantly, we need to hold ourselves to a higher standard than the banks.
Three, obviously, don't comment publicly or internally on this deal. If you're not directly involved, please don't ask. We have a great team to handle it. Things will go on.
4. The decline of FTX is not good for anyone in the industry. Don't regard it as "our victory". User confidence has been severely shaken, and regulators have stepped up scrutiny of exchanges. Licenses worldwide will be more difficult to obtain. People now think that Binance is the biggest (in the industry) and will attack us more. But that's okay, we're used to opening up and riding against the wind. In fact, we accept censorship. We must significantly improve our transparency, proof of reserves, insurance funds, etc. There is still much to be done in this area. We have a lot of hard work ahead of us. Not to mention that prices are still fluctuating wildly.
5. Talk about price. As I've said many times over the years: ignore the price. Let's keep our heads down and focus on building an easier-to-use product. (This rule) has worked for years, and it's clearly no exception today.
Finally, I want to say that I am really proud of each and every one of you for your hard work and team spirit. Thanks! We still face many challenges, let's move forward and steadily and continuously help improve the freedom of money around the world.
