24/7 Cryptocurrency News

Ellison’s To-Do List Unearths FTX’s Push Against Binance

Bankman-Fried's trial exposes FTX's strategy against Binance. Ellison reveals misleading financial practices.
Published by
Ellison’s To-Do List Unearths FTX’s Push Against Binance

Recent revelations from the high-profile trial of FTX’s Sam Bankman-Fried have shaken the crypto industry. During the proceedings, evidence indicated that FTX had actively sought regulators to intensify scrutiny on its key competitor, Binance. This maneuver stands out particularly because of the intertwined history and competition between the two giants.

Advertisement

FTX Trial Exposes Binance Regulatory Plot

The jurors saw a particularly telling piece of evidence: a to-do list that Alameda Research’s CEO, Caroline Ellison, authored. She was also romantically involved with Bankman-Fried. The list notably highlighted an ambition to bring Binance under increased regulatory scrutiny. Consequently, the narrative around this trial suggests that FTX intentionally tried to direct regulators toward Binance during its tumultuous period.

It’s well-documented that Binance nearly sealed a deal to acquire FTX. However, this potential acquisition catalyzed a series of events leading to FTX’s downfall. Binance’s decision to sell a significant amount of FTX’s native token, FTT, precipitated a market confidence crisis. Moreover, they later withdrew from the acquisition of the now-bankrupt FTX. This sequence of events paints a complex picture of the relationship between the two exchanges, adding layers to the ongoing trial’s context.

Advertisement

FTX Scandal Widens with Ellison’s Revelations

Besides the revelation about targeting Binance, Ellison’s courtroom appearance unearthed more controversies. She confirmed producing seven varying balance sheets. She shared that Bankman-Fried directed her to draft “alternative” balance sheets to mislead lenders about the utilization of funds from FTX Derivatives Exchange.

The trial and its implications go beyond just FTX and Binance. Indeed, these unfolding events have put the entire digital asset industry on notice. Regulatory bodies, already keen observers of Binance, have ramped up their surveillance. Recent reports indicate that Binance’s pledged $1 billion for crypto recovery might not be fully utilized. Additionally, issues related to compliance are emerging from different corners of the world.

Read Also: The Bahamas Maintains Optimistic Outlook on Crypto Amid FTX Debacle

Advertisement

Share
Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Spot Bitcoin ETFs Record 2nd Best Weekly Inflows Ever, Bloomberg Analysts Bullish

Spot Bitcoin ETFs saw nearly $3.3 billion in net inflows last week, the 2nd largest…

October 6, 2025
  • 24/7 Cryptocurrency News

Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B

Michael Saylor hinted that Strategy would not be making its routine Bitcoin purchase this week.…

October 5, 2025
  • 24/7 Cryptocurrency News

Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana

Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…

October 5, 2025
  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025