As 2022 drew to a close, Binance co-founder and chief executive Changpeng Zhao appeared to have the world at his feet.
Sam Bankman-Fried, co-founder of Binance’s biggest rival FTX, went to Zhao in November last year hoping the Binance chief would bail out his own exchange. Zhao declined, sealing FTX’s fate. On November 10, one day before his crypto empire filed for bankruptcy, Bankman-Fried tweeted his competitor: “Well played; you won.”
The collapse of its biggest rival left Binance the undisputed leader in digital assets, controlling more than half of the fast-evolving cryptocurrency market by the end of 2022.
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