During his testimony on Friday, Sam Bankman-Fried told the court that he intended to sell FTX to cryptocurrency exchange Binance when the firm was in its infancy. 

As Bankman-Fried worked with FTX co-founder Gary Wang in 2019 to construct the now-bankrupt exchange in Hong Kong, he said he already knew he wanted it to specialize in margin trading and offer customers the ability to make outsized bets.

At the time, according to his court testimony today, Bankman-Fried believed that FTX could establish itself as a venue that catered specifically to margin traders, a specialty that was largely unaddressed across the exchange landscape back then. For this reason, he testified that he expected an exchange like Binance could become interested in purchasing FTX.

Binance is currently the largest crypto exchange in the world, having seen $4.6 billion worth of volume in the past day, according to CoinGecko.

Binance did express interest in buying FTX, as the exchange crumbled last November. However, the company backed out of a potential acquisition. As CEO Changpeng Zhao put it, “The issues [with FTX] are beyond our control or ability to help.”

Early on in the life of FTX, Bankman-Fr

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Author: André Beganski

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