CoinDesk published this video item, entitled “Binance Chief Strategy Officer on Crypto Industry Recovery Initiative, FTX Fallout” – below is their description.
Binance Chief Strategy Officer Patrick Hillmann discusses the crypto exchange’s business operations and proof of reserves system in the wake of the FTX collapse. Plus, the latest developments regarding the Binance-led Industry Recovery Initiative.
CoinDesk YouTube Channel
Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.
About This Source - CoinDesk
CoinDesk is a news site specializing in bitcoin and digital currencies. The site was founded by Shakil Khan and was subsequently acquired by Digital Currency Group.
Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.
Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.