In Singapore, Binance was denied license so they had to shut shop. Meanwhile, Singapore's own government fund Temasek invested in FTX, and FTX ran their derivatives offering in Singapore without any problem. Almost all of them got wiped out
In France, UK etc, Binance was similarly denied license citing risks. They had to stop derivatives platform, while FTX was continued and no one made any warnings about FTX. In the end a lot of French users have been royally screwed on FTX.
Questions were raised about Binance's chinese ownership, so much that CZ had to clarify he was a Canadian citizen and his parents fled from China. None of that was enough for EU countries to allow Binance derivatives. MAS, UK's FCA all had put out warnings against Binance on their website. None of them warned against FTX, so they pretty much diverted all their citizens to FTX.. and straight into the the jaws of death!
submitted by /u/Set1Less
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