So apparently the planned acquisition of FTX by Binance, if it had gone through, would have left Binance holding the bags for the whole scam, and taken out all major competitors to the US-regulated stablecoin issuers, effectively giving them a monopoly. But CZ (CEO of Binance) didn't take the bait and exposed the scam by causing a run on withdrawals when he announced they would NOT buy FTX.
TL;DR:
So apparently the planned acquisition of FTX by Binance, if it had gone through, would have left Binance holding the bags for the whole scam, and taken out all major competitors to the US-regulated stablecoin issuers, effectively giving them a monopoly. But CZ (CEO of Binance) didn't take the bait and exposed the scam by causing a run on withdrawals when he announced they would NOT buy FTX.
Maybe they’ll be too tied up with scandals and hearings and ultimately trial in court