- Binance CEO raises concerns for traders after knowing about the popular trade phenomenon “Jitters.”
- He did not target any specific exchange, but the crypto Twitter community assumes it was a dig at FTX.
- SBF reveals its intentions to work with FDIC in the future.
The CEO of the world’s largest crypto exchange Binance, Changpeng ‘CZ’ Zhao, showed serious concern for crypto market traders after he got aware of the fabled phenomenon of trade jitters over the other crypto exchange in the ecosystem.
Over his official Twitter handle, he revealed about Jitters and defined them. Jitters in crypto trading refer to a trade event where an investor’s buy or sell order in the trade gets stuck and then slides down in the list, allowing new trades order to pass through.
His concerns against jitters were not clearly targeting any specific crypto exchange; the Twitter-based crypto community assumed it was a dig at a crypto exchange, FTX, escorted by Sam Bankman-Fried.
In response to the community reaction that was certainly showing “jitters” as a well-known and widely accepted state, CZ said:
All of you guys knew and didn’t say anything. We need to fight the bad players.
He further also got in touch with VIP traders on Binance, who apparently confessed to knowing the illegitimate activities going on in the market.
Long the timeline, if we see the indirect assertion against FTX exactly, coincides with when the Federal Deposit Insurance Corporation issued cease and suspend the order to the exchange and four other crypto companies.
As per the FDIC, FTX US, FDICCrypto, Cryptonews, SmartAssests, and Cryptosec allegedly deceived the investors by declaring their products as insured by the FDIC.
FTX US president, Brett Harrison, responding to the order, deleted a tweet making the claims opposed by the FDIC.
Crypto Twitter, however, was quick to point out a number of additional instances when Harrison falsely claimed FDIC insurance.
In order to cushion the freefall, SBF also revealed his intentions to work with the FDIC in the future while recapitulating the fact that “FTX US isn’t FDIC insured.”