SBF: Once planned to sell the nascent FTX to Binance

ChainCatcher news, according to Decrypt, SBF testified on Friday that he had considered selling the company to Binance during the early stages of FTX, partly because he was concerned about his ability to successfully recruit customers. SBF believed that FTX could be developed into a platform specifically serving margin traders, and at that time, there were basically no companies in the industry doing this business, so he anticipated that exchanges like Binance might be interested in purchasing FTX.

SBF told the jurors that he ultimately became confident in his ability to grow FTX well, even though he believed the chances of success for the exchange were only 20%. He stated, "Given that the largest exchanges at the time were worth billions of dollars, even a 20% chance is a huge opportunity."

SBF indicated that FTX's revenue reached $20 million in 2019. By 2021, FTX's daily revenue had reached $3 million.