The real risk in the crypto market today is that Binance walks away from the FTX deal and sends it into some kind of messy bankruptcy where customers aren't made whole. That would mean liquidation of any open positions on the platform as well and a total wipeout of FTT Coin (which is probably coming anyway).
A note from Binance CEO Changpeng Zhao was published and said there was no master plan to spark a run on FTX and then buy it. He said the deal came together very quickly and that previously he had very little knowledge of the internal state of things at FTX.
As for the fallout, he warned employees that regulators will scrutinize exchanges more and licences will be tougher to get.
Here is the full note:
