Brian Armstrong claims that Coinbase won't mimic FTX.
Americans are losing money as a result of "global blowups."
FTT price has fallen 73% in the last 12 hours.
The year 2022 has been dubbed "the year of crypto pandemics," and markets are still reeling from this week's fiasco between Binance and FTX.
The latest development, as reported by CoinGabbar, is that FTX will be acquired by Binance, making Coinbase the world's largest centralized crypto monopoly.
That leaves Coinbase as the second-largest centralized exchange in the crypto market by 24hrs volume. On November 9, Coinbase CEO Brian Armstrong confirmed on Twitter that the company had no exposure to FTX.
Coinbase has no FTT holdings
Armstrong tweeted that the company has no significant exposure to FTX or FTT (and no exposure to Alameda). At the time of writing, the FTT token has dropped 73% in the last 12 hours, falling to $4.54.
Coinbase CEO went on to tout his own company, claiming that the incident appears to be the result of risky business practices. “Conflicts of interest between deeply intertwined businesses, as well as misuse of customer funds, have aggravated the situation,” he adds.
He stated that Coinbase does not take risks with customer funds until instructed to do so by the customer. The exchange has never released its own token, and it is completely transparent and audited.
Americans, he claims, are losing money on these "overseas blowups" due to regulatory ambiguity and a lack of transparency at home.
Coinbase, which charges some of the industry's highest fees, reported a 50% drop in income in Q3 compared to the same period in 2021.
Read also: Countries Violating Crypto AML Regulations Risk Being Placed on FATF's Grey List: Report
