Reuters reveals the details of FTX's falling out with Binance: requests for help were rejected by Binance, and customer funds were used to rescue Alameda

ChainCatcher information, Reuters reported on the deteriorating relationship between SBF and Changpeng Zhao, as well as the insider details of the FTX collapse. The article cited multiple insiders stating that when FTX applied for a license for its subsidiary in Gibraltar in May 2021, it needed to submit information about its major shareholders. FTX's lawyers and advisors wrote to Binance at least 20 times, inquiring about Zhao Changpeng's sources of wealth, banking relationships, and details of Binance's ownership, but Binance refused FTX's request for assistance. By July of that year, SBF decided to buy back Binance's stake in FTX for about $2 billion. Two months later, Gibraltar's regulators granted FTX a license.

In May and June of this year, SBF's trading firm Alameda Research suffered a series of losses in trading. As a result, SBF transferred at least $4 billion of FTX funds, with two insiders stating that part of these FTX funds was customer deposits, and SBF did not inform other executives. (source link)