What does the collapse of crypto exchange FTX mean for Binance?

The collapse of crypto exchange FTX opens opportunities for rival exchange Binance—and raises questions about the sector’s sustainability. The world’s largest crypto exchange, Binance, has walked away from a deal to acquire its troubled archrival, FTX, leaving the smaller company on the brink of collapse after a surge of withdrawals.

Did FTX suddenly suspend customer withdrawals?

But yesterday FTX suddenly suspended customer withdrawals (a precursor to many a crypto collapse), and the CEO of Binance, Changpeng Zhao, who goes by CZ, announced on Twitter that FTX had “asked for our help” and a rescue deal had been reached.

Why did FTX collapse?

Below is a timeline of the series of events that explains exactly how FTX fell so far and so fast. Nov. 2 – The collapse of FTX centers in part on the cryptocurrency exchange's close relationship with Alameda Research, a crypto hedge fund also founded by Bankman-Fried.

Can Australian investors withdraw funds after FTX collapse?

(Getty Images: Jakub Porzycki/NurPhoto) Australian investors have been left unable to withdraw their funds after the spectacular collapse this week of cryptocurrency exchange FTX. The company's Australian entities have now gone into voluntary administration, and customers have been advised not to deposit funds or trade on the platform.