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The Crypto Industry Struggles for a Way Forward After FTX Collapse


“For us, this is actually a great moment,” said Jeremy Allaire, the chief executive of the crypto payments company Circle. “We’re delivering real value, and the people who focused on building giant speculative trading casinos are not so happy.”Binance operates essentially the same type of business as FTX, but Mr. Zhao, the chief executive, has recently been careful to differentiate himself from Mr. Bankman-Fried, calling his one-time rival a liar and criticizing FTX’s most dangerous practices. On Nov. 25, Binance announced a new “proof of reserves system,” promising to keep users informed about the amount of cryptocurrency in its accounts and to dispel fears that it might be vulnerable to the type of run on deposits that destroyed FTX. (But Binance’s plans were heavily criticized for lacking key information.)Coinbase has also tried to alleviate fears of a collapse, publishing a blog post that said it always holds the same amount of money that customers deposited. “There …

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