FTX's Ellison 'To-Do List': Sought Regulators to Crackdown on Binance?

Amid the ongoing trial of Sam Bankman-Fried, new testimony shows that FTX had actively sought out regulators to “crack down” on Binance. Testimony and evidence presented in the New York fraud trial of Sam Bankman-Fried over the past week have shed fresh light on the sudden, chaotic demise of FTX. Former FTX CEO Sam Bankman-Fried was once “freaking out about” getting regulators to crack down on Binance and raising capital from a Saudi crown prince, according to reports emerging from the trial.

A crucial piece of evidence was a ‘to-do list’ created by Caroline Ellison during her time as CEO of Alameda Research. Notably, this list explicitly mentioned the desire to influence regulatory action against Binance. Caroline Ellison, the former CEO of Alameda Research, testified during Sam Bankman-Fried's fraud trial that one of her goals was to increase regulatory pressure on Binance.

During the trial, Ellison confessed that inducing regulatory crack down on Binance was part of her and Bankman-Fried's plans to bolster FTX's position. This revelation came during her testimony and detailed the internal strategies employed by FTX and Alameda Research.

Did Caroline Ellison's 'to-do list' and actions contribute to the downfall of both FTX and Binance's reputation? The trial continues to uncover the complex web of strategies and alleged misconduct within FTX.