{"id":245836,"date":"2022-06-29T13:00:28","date_gmt":"2022-06-29T12:00:28","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=245836"},"modified":"2022-06-29T12:49:00","modified_gmt":"2022-06-29T11:49:00","slug":"some-crypto-exchanges-will-fail-soon-warns-ftx-founder","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/some-crypto-exchanges-will-fail-soon-warns-ftx-founder\/","title":{"rendered":"SBF claims smaller crypto exchanges will fail soon"},"content":{"rendered":"<p>FTX founder Sam Bankman-Fried told <a href=\"https:\/\/www.forbes.com\/sites\/stevenehrlich\/2022\/06\/28\/bankman-fried-some-crypto-exchanges-already-secretly-insolvent\/?sh=27054af847f7\"><em>Forbes<\/em><\/a> that some third-tier crypto exchanges are already insolvent and will fail soon.<\/p>\n<p>Bankman-Fried declined to specify these exchanges and said:<\/p>\n<blockquote><p>\u201cThere are companies that are basically too far gone and it's not practical to backstop them for reasons like a substantial hole in the balance sheet, regulatory issues, or that there is not much of a business left to be saved,\u201d<\/p><\/blockquote>\n<p>Prominent crypto executives <a href=\"https:\/\/cryptoslate.com\/prominent-crypto-execs-expect-thousands-of-coins-to-perish\/\">agree<\/a> that there are too many coins and blockchains right now and that the bear market will eliminate the ones that don't offer real value.<\/p>\n<p>Bankman-Fried is the first crypto executive to point out that there are too many exchange platforms and that the market will get rid of most just as it shakes off most coins and blockchains.<\/p>\n<h2>Exchange platforms<\/h2>\n<p>In addition to exchange giants like Bankman-Fried's FTX, there\u00a0are more than 600 operational crypto exchanges.<\/p>\n<figure id=\"attachment_245838\" aria-describedby=\"caption-attachment-245838\" style=\"width: 1362px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-245838\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-29-at-12.20.56.png\" alt=\"\" width=\"1362\" height=\"880\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-29-at-12.20.56.png 1362w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-29-at-12.20.56-300x194.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-29-at-12.20.56-1024x662.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/Screen-Shot-2022-06-29-at-12.20.56-768x496.png 768w\" sizes=\"(max-width: 1362px) 100vw, 1362px\" \/><figcaption id=\"caption-attachment-245838\" class=\"wp-caption-text\">Top 10 Crypto Exchanges (via Forbes)<\/figcaption><\/figure>\n<p>Forbes' global crypto exchange rankings <a href=\"https:\/\/www.forbes.com\/sites\/javierpaz\/2022\/03\/16\/the-best-global-crypto-exchanges\/?sh=1f708ec0742c\">report<\/a> examines the top 60 exchanges based on various criteria. The above chart shows the top 10 crypto exchanges as of March 16, 2022.<\/p>\n<p>Bankman-Fried argued that many smaller exchanges are already failing at their finances and will have to announce bankruptcy soon. Most of these exchanges promised high yields to their customers, which was easy to keep up with during the bull market. However, these promises look like a ticket to bankruptcy now, as investors <a href=\"https:\/\/cryptoslate.com\/investors-pull-bitcoin-from-exchanges-as-btc-on-cexs-at-lowest-levels-since-2018\/\">withdraw<\/a> balances amid the downturn.<\/p>\n<p>Earlier in June, an Australian exchange platform had to <a href=\"https:\/\/cryptoslate.com\/crypto-winter-causes-australian-exchange-to-freeze-operations-permanently\/\">freeze operations<\/a> permanently due to market conditions. Meanwhile, many crypto exchanges \u2014 including the top 10 \u2014 are <a href=\"https:\/\/cryptoslate.com\/finra-ceo-welcomes-crypto-employees-who-were-laid-off-as-agency-increases-focus-on-digital-assets\/\">choosing to downsize<\/a> and laying off up to 25% of their staff.<\/p>\n<h2>Exchanges leaning on M&A<\/h2>\n<p>Bankman-Fried's FTX and Binance seem to be the only ones doing okay in thSBFe current market conditions. They either already acquired other firms or discussed planning to increase their Mergers & Acquisitions.<\/p>\n<h3>FTX<\/h3>\n<p>FTX is already going big on M&A, as it acquires <a href=\"https:\/\/cryptoslate.com\/ftx-debunks-rumors-of-ma-conversations-with-robinhood\/\">Robinhood<\/a> and <a href=\"https:\/\/cryptoslate.com\/ftx-ceo-sam-bankman-fried-now-single-largest-shareholder-of-voyager-digital\/\">Voyager Digital<\/a>, which chose to downsize,\u00a0and a share of <a href=\"https:\/\/cryptoslate.com\/sbf-continues-acquiring-stakes-in-competition-with-blockfi-talks\/\">BlockFi<\/a>.<\/p>\n<p>FTX U.S. president Brett Harrison recently <a href=\"https:\/\/cryptoslate.com\/ftx-ripple-on-the-lookout-for-acquisitions-to-bolster-growth\/\">told<\/a> <em>CNBC<\/em>:<\/p>\n<blockquote><p>\u201cWe\u2019re doing that globally, in places like in Japan, Australia, in Dubai, different places where we\u2019ve been able to either partner with local companies or sometimes do acquisitions to be able to get licenses that we need,\u201d<\/p><\/blockquote>\n<h3>Binance<\/h3>\n<p><a href=\"https:\/\/cryptoslate.com\/blockfi-cutting-20-of-staff-to-prioritize-profitability-goal\/\">Binance<\/a> also speaks of leaning more towards M&A. Binance's CEO <a href=\"https:\/\/cryptoslate.com\/people\/changpeng-zhao\/\">Changpeng Zhao<\/a> recently said:<\/p>\n<blockquote><p>\u201cWe have a very healthy war chest, we in fact are expanding hiring right now. If we are in a crypto winter, we will leverage that, we will use that to the max. [\u2026] we\u2019re kicking into high gear in terms of M&A activity.\u201d<\/p><\/blockquote>\n<h3>Ripple<\/h3>\n<p>On the other hand, Ripple didn't choose to downsize and said it was only thinking of M&A. However, the exchange didn't alter its recruitment plan and continues to hire new staff.<\/p>\n<p>Ripple\u00a0 CEO\u00a0<a href=\"https:\/\/cryptoslate.com\/people\/brad-garlinghouse\/\">Brad Garlinghouse<\/a> said that he expected the crypto space to move towards an M&A-based sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX founder Sam Bankman-Fried told Forbes that some third-tier crypto exchanges are already insolvent and will fail soon. Bankman-Fried declined to specify these exchanges and said: \u201cThere are companies that are basically too far gone and it&#8217;s not practical to backstop them for reasons like a substantial hole in the balance sheet, regulatory issues, or [&hellip;]<\/p>\n","protected":false},"author":1262,"featured_media":245859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,36],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SBF claims smaller crypto exchanges will fail soon<\/title>\n<meta name=\"description\" content=\"FTX&#039;s founder Sam Bankman-Fried says some crypto exchanges are already secretly insolvent and will fail soon.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/some-crypto-exchanges-will-fail-soon-warns-ftx-founder\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBF claims smaller crypto exchanges will fail soon\" \/>\n<meta property=\"og:description\" content=\"FTX&#039;s founder Sam Bankman-Fried says some crypto exchanges are already secretly insolvent and will fail soon.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/some-crypto-exchanges-will-fail-soon-warns-ftx-founder\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-29T12:00:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-29T11:49:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/image_2022-06-29_164609034.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Zeynep Geylan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zeynep Geylan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/some-crypto-exchanges-will-fail-soon-warns-ftx-founder\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/some-crypto-exchanges-will-fail-soon-warns-ftx-founder\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#person\",\"name\":\"Zeynep Geylan\",\"url\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"caption\":\"Zeynep Geylan\"},\"jobTitle\":\"Journalist\",\"description\":\"Zeynep is an academic who turned to crypto in 2018. 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Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power. Research and writing are her favorite things in life, followed by dogs and burgers.","url":"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/245836"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/1262"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=245836"}],"version-history":[{"count":6,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/245836\/revisions"}],"predecessor-version":[{"id":245863,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/245836\/revisions\/245863"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/245859"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=245836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=245836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=245836"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=245836"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=245836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}