STUART: YES, INDEED, HILLARY
THANKS VERY MUCH.
WE’RE JOINED NOW BY THE CO-
FOUNDER AND CEO OF
BINANCE, BETTER KNOWN PERHAPS CZ
I’M GOING TO CALL YOU CZ, BUT
SUSAN IS WITH US.
SHE KNOWS ALL ABOUT CRYPTO.
I’LL LEAVE IT WITH HER.
>> YEAH IT WAS GREAT TO SEE YOU
LAST WEEK AT WEB SUMMIT AND
THANK YOU SO MUCH FOR JOINING US
TODAY ON FOX BUSINESS.
SO LET’S, OF COURSE, START
TALKING ABOUT FTX, BECAUSE SOME
HAVE SAID THAT YOU ARE THE
INSTIGATOR OF FTX’S COLLAPSE
YOU’VE CALLED SAM BANKMAN-FRIED
A PSYCHOPATH, A LIAR.
WAS IT OUT RIGHT FRAUD?
>> YEAH, SO I THINK THAT’S
DEFINITELY LYING INVOLVED.
HE LIED TO HIS USERS, HE LIED TO
HIS INVESTORS, HE LIED TO HIS
EMPLOYEES AND HE ALSO LIED TO
REGULATORS ALL AROUND THE WORLD
INCLUDING POLITICIANS IN THE
U.S. , SO YEAH, SO BUT I
DON’T THINK WE CAUSED IT.
WE MAYBE THE LAST STRAW THAT
BROKE THE CAMEL’S BACK, BUT THEY
WILL BE FINE IF THE COMPANY
ITSELF IS FINE.
>> WELL MICHAEL LEWIS HAS SAID
THAT YOU, CZ, VERSUS SAM
BANKMAN-FRIED, SBF, IS LIKE
GODZILLA VERSUS KING KONG, SO
YOU LOOKED AT THE NUMBERS AND
THEY CAME TO YOU SAYING HELP US
OUT, BAIL US OUT, BUY US.
WHAT DOES THAT SAY ABOUT THE
BALANCE SHEET?
IT WAS CHAOS ACCORDING TO THE
ENRON SETTLER.
>> IT WAS A BIT CHAOTIC AND
ALSO, AS SOON AS WE DISCOVERED
THAT HE ACTUALLY MOVED USER
FUNDS WITHOUT DISCLOSING THAT
AND BASICALLY HE WAS LYING TO
EVERYONE, I SAID LOOK, THIS GUY
IS PROBABLY GOING TO BE IN A LOT
OF TROUBLE MOST LIKELY GOING TO
JAIL.
I COULDN’T TRUST THE DATA ANY
MORE.
THE GUY HAS NOTHING TO LOSE, THE
GUY HAS NO MORE TO LOSE.
HE’S PROBABLY ALREADY IN A BAD
POSITION AND HE WILL DO ANYTHING
TO LIE TO GET OUR MONEY SO AT
THAT POINT, I COULDN’T TRUST ANY
DATA IN THE DATA ROOM.
>> OKAY.
>> ALSO WITH THE U.S.
INVESTIGATIONS WE SAID
HANDS OFF.
>> WHERE WAS THE HOUSE
FINANCIAL SERVICES COMMITTEE
BECAUSE THEY ARE HOLDING A HEAR
ING ON THE FTX COLLAPSE AND
THEY HAVE INVITED YOU TO SPEAK.
WILL YOU GO TO D.C.?
>> I PERSONALLY WON’T, BUT WE
HAVE TEAMS IN THE U.S..
>> WELL WHY NOT?
WHY NOT GO AND ANSWER THE
QUESTIONS YOURSELF, CZ, AND
REPRESENT THE COMPANY THAT YOU
FOUNDED?
>> FIRST OF ALL, I’M BUSY
BUILDING THINGS OUTSIDE OF THE
U.S..
BINANCE.COM DOES NOT SERVICE
USERS IN THE U.S. AND WE FOCUS
ON OTHER PARTS OF THE WORLD AND
THIS THING IS IMPORTANT, BUT I
DON’T KNOW VERY MUCH ABOUT IT.
I MADE A TWEET BUT MY PEOPLE
THINK THAT’S THE LAST STRAW THAT
BROKE THE CAMEL’S BACK, BUT WE
LOOK AT THE DATA ROOM FOR LIKE A
VERY SHORT PERIOD OF TIME.
WE DON’T HAVE MUCH INFORMATION
TO BE HONEST.
>> OKAY WELL I’LL TELL YOU THAT
IN D.C. RIGHT NOW, CZ, A LOT OF
PEOPLE, IF YOU LOOK AT THE
RECENT HEADLINES THIS MORNING
FROM FTX HOW THEY DIDN’T EVEN
RECORD TRANSACTIONS BY THEIR
USERS AND THEIR TRADERS, PEOPLE
ARE SAYING CRYPTOCURRENCY IS
USED BY KIDNAPPERS, BY THOSE
THAT ARE DOING ILLEGAL THINGS.
MAYBE IT SHOULD BE BANNED HERE
IN THE U.S..
>> I THINK LOOK, THEY ARE BAD
PLAYERS IN ALL INDUSTRIES, AND
HAPPENING IN A VERY REGULATED
WALL STREET TRADITIONAL FINANCE
INDUSTRY SO THOSE THINGS HAPPEN.
JUST BECAUSE THERE’S MORE META
DOESN’T MEAN YOU SHUTDOWN ALL OF
THE OTHER BANKS.
I DON’T THINK THAT’S THE RIGHT
DECISION.
>> AND CZ, JUST TO CLEAR THE
AIR I KNOW YOU GREW UP IN
CANADA BUT THERE HAVE BEEN
QUESTIONS ABOUT LINKS, TIES TO
BEIJING.
DO YOU HAVE ANY TIES TO THE
CHINESE GOVERNMENT?
>> WE HAVE ZERO TIES TO THE
CHINESE GOVERNMENT.
I’VE NOT BEEN A CHINESE CITIZEN
FOR 33 YEARS.
I’VE BEEN A CANADIAN FOR 33
YEARS.
MY COMPANY, WE WERE KICKED OUT
OF CHINA.
WE WERE BANNED IN CHINA.
WE HAVE NO PRESENCE IN CHINA, NO
LINKS TO THE CHINESE COMMUNIST
PARTY, OR ANY OTHER GOVERNMENT.
WE’RE JUST, I’M A TECHNOLOGY
GEEK.
WE JUST RUN A TECHNOLOGY
PLATFORM BUSINESS.
THAT’S TURNING INTO A FINANCIAL
SERVICES PLATFORM.
WE’RE NOT INVOLVING POLITICS.
WE’RE NOT INVOLVED WITH CHINA.
IT’S A VERY STRONG NARRATIVE
THAT WAS PUSHED BY SAM
BANKMAN-FRIED THAT BINANCE IS A
CHINESE COMPANY, AND MANY PEOPLE
STILL HAVE THIS IN THEIR HEAD,
JUST BECAUSE MY ETHNICITY I’M
CHINESE, BOTH OF MY PARENTS ARE
CHINESE.
I LOOK CHINESE, I HAVE BLACK
HAIR, BINANCE IS NOT A CHINESE
COMPANY.
WE HAVE NOTHING TO DO WITH CHINA
OR THE CHINESE GOVERNMENT.
>> CAN I JUST HAVE 30 SECONDS
TO ASK YOU ON TWITTER BECAUSE
YOU PUT IN HALF A BILLION
DOLLARS INTO ELON MUSK’S BID SO
TWITTER IS IN SOMEWHAT DISARRAY,
A MESS RIGHT NOW.
DO YOU REGRET INVESTING, CO-
INVESTING WITH ELON MUSK?
>> OH, ABSOLUTELY NOT.
I THINK TWITTER IS COMPLETELY
FINE.
THE PLATFORM WILL STAY, IT’LL
GROW.
THERE IS TYPICALLY SOME CHAOS
WHEN DEALER TRANSITION WHEN YOU
HAVE A NEW LEADER IN PLACE.
THERE WILL BE SOME CHAOS, THERE
WILL BE SOME HAPPY PEOPLE, HE’S
DOWNSIZING THE TEAM.
SOME PEOPLE WILL BE UNHAPPY.
IT’S VERY NORMAL.
WE’RE VERY VERY --
I FEEL EVEN MORE CONFIDENT
THAT’S HAPPENING VERY QUICKLY.
>> OKAY, CZ, THANK YOU SO MUCH
FOR YOUR TIME.
I APPRECIATE IT.
STUART: YES INDEED.