The bankruptcy of crypto exchange FTX and the indictment of its former CEO Sam Bankman-Fried, who’s pleaded not guilty to 8 criminal counts - is shining a light on the world’s largest crypto exchange - Binance - and its CEO, Changpeng Zhao - known as CZ. The exchange is estimated to be worth around $300 billion and holds nearly 60 percent of the crypto derivatives market. Binance has managed to eclipse its rivals when it comes to market share and CZ appears confident that the company will successfully navigate the crypto winter.  

But with FTX out of the picture, there are increasing fears among some investors that Binance has become too big, and as the largest exchange, holds too much power in an industry that prides itself on being decentralized.

How did Binance get so big? What was the fuel behind its meteoric rise?  Bloomberg reporters Justina Lee and Muyao Shen join crypto senior editor Phil Lagerkranser to unpack how Binance and CZ came to dominate crypto, and whether that dominance creates a threat to the future of digital assets.

Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter

This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.

The bankruptcy of crypto exchange FTX and the indictment of its former CEO Sam Bankman-Fried, who’s pleaded not guilty to 8 criminal counts - is shining a light on the world’s largest crypto exchange - Binance - and its CEO, Changpeng Zhao - known as CZ. The exchange is estimated to be worth around $300 billion and holds nearly 60 percent of the crypto derivatives market. Binance has managed to eclipse its rivals when it comes to market share and CZ appears confident that the company will successfully navigate the crypto winter.  
But with FTX out of the picture, there are increasing fears among some investors that Binance has become too big, and as the largest exchange, holds too much power in an industry that prides itself on being decentralized.
How did Binance get so big? What was the fuel behind its meteoric rise?  Bloomberg reporters Justina Lee and Muyao Shen join crypto senior editor Phil Lagerkranser to unpack how Binance and CZ came to dominate crypto, and whether that dominance creates a threat to the future of digital assets.
Subscribe to the Bloomberg Crypto Newsletter at <a href="https://bloom.bg/cryptonewsletter">https://bloom.bg/cryptonewsletter</a> 
This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer:  Desta Wondirad.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Bloomberg Crypto

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority.

In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it's another financial house of cards. Bloomberg journalists will help cut through all the noise and provide clarity, context and authority. In this daily podcast, Bloomberg’s reporting team teases out what’s actually important in the crypto conversation. Led by crypto editor stacy-marie ishmael, the show draws on reporters and editors around the world and credible voices from across the industry. Episodes cover everything from regulation to NFTs to DeFi to the environmental considerations surrounding an asset class shaping the future of finance.

How Did Binance Come To Dominate Crypto?

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c4443442-deb1-45d2-a3ec-af85018a8b1f/transcript

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