Coinbase CEO Brian Armstrong explained that the exchange does not have a currency in FTX, FTT or Alameda. Following the latest development, FTX is owned by Binance, one of the largest cryptocurrency exchanges. The FTX-Alameda problem is finally solved. Binance announced that the exchange has successfully acquired FTX and supports SBF. However, FTX’s benchmark, FTT, quickly fell under the influence of these developments.
With the launch of FTX, Coinbase became the second largest crypto exchange after Binance. After this event, Coinbase CEO Brian Armstrong took to Twitter to cover the latest developments in the crypto industry. He explained that Coinbase does not disclose any form of FTX or FTT.
Following the FTT-Alameda event, Armstrong recently posted a lengthy Twitter thread. Later, after carefully investigating the FTX incident, the exchange adopted some dangerous practices and assured its subscribers that Coinbase will not engage in dangerous practices that could harm the interests of the user. . Armstrong went on to point out Coinbase’s transparency and reliability. Armstrong’s statement was as follows:
“We don’t use our customers’ money for anything unless the customer tells us so. We hold all assets for dollars. Users can withdraw their money at any time. We are incorporated and sold publicly in the United States because we believe that transparency and trust are paramount. Every investor and client can view our publicly audited financial statements, which show how we hold clients’ money.
Coinbase CEO Armstrong calls for crypto laws!
Following the Alameda-FTX development, Coinbase CEO Brian Armstrong called for a rational regulation of crypto. He later said that 95% of crypto transactions move overseas because crypto laws in the United States are “difficult to navigate”.
Coinbase went on to highlight how central exchanges and markets should develop reasonable regulatory infrastructure to ensure stability and ease of use for consumers. At the time of writing, the FTT token of FTX is down 73% and is trading at $4.76.