Binance chief government Changpeng “CZ” Zhao dismissed issues that his firm might have $2.1 billion clawed again on account of FTX’s chapter proceedings, in an look on Squawk Box Thursday morning, and informed CNBC that he trusted his attorneys to deal with the proceedings.
CNBC’S Andrew Ross Sorkin and Becky Quick pressed Zhao on whether or not he anticipated to have the ability to return that $2.1 billion cost from FTX, which Binance earned when it exited its 2019 Series A funding with FTX, to chapter trustees who will probably be trying to claw again any fraudulent conveyances made by FTX to outdoors companies or traders.
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“Would you be able to handle it if somebody asked you for $2.1 billion back,” CNBC’s Becky Quick requested him.
“We are financially okay,” Zhao mentioned, evading a straight reply.
If chapter proceedings can set up {that a} cost was made by means of proceedings of fraud or that a person ought to have moderately recognized {that a} cost was fraudulent, any beneficiary in a two-year lookback window can have their features clawed again by the trustee.
“Are you prepared to send that money to them?” Sorkin requested Zhao.
“I think we’ll leave that to the lawyers. I think our legal team is perfectly capable of handling it,” Zhao responded earlier than making an attempt to pivot away to FTX’s well-documented spending habits.
Zhao informed Sorkin that the compensation was a mix of BUSD, BNB, and FTT tokens. Zhao claimed that the FTT portion of the compensation was vital however that the corporate had “forgotten” about it.
“We have very solid revenue,” Zhao mentioned.