The author of the book claimed CZ’s decision didn’t go down well with SBF, who reportedly called the Binance CEO a “douche” for his decision.
Michael Lewis’s new book “Going Infinite” reveals that CZ and SBF had different goals when the first collaborative business opportunity arose in 2019.Binance CEO Changpeng “CZ” Zhao reportedly declined to pay $40 million to former FTX CEO Sam Bankman-Fried for a futures crypto exchange in March 2019, according to an excerpt from Michael Lewis’ bookAccording to the book, SBF proposed a futures exchange with “zero risk” in case of bad trades with high leverage.
The book suggests that at the time of SBF’s proposal in 2019, Binance and FTX had different goals. FTX wanted to cater to institutional investors, while Binance was all about retail customers. After pondering the proposal for a few weeks, CZ reportedly denied the request for funding from SBF and went on to create an in-house futures platform.
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