FTX Collapse: Binance, Largest Crypto Exchange, Is Under Investigation

The FTX debacle is reverberating through the crypto industry and finance in general. 

The collapse of this crypto exchange, which in February was valued at $32 billion, shocked everyone.

FTX filed for Chapter 11 bankruptcy on Nov. 11 because it ran out of cash to meet the demands of its panicked customers. And that has prompted regulators to open investigations into the crypto empire of Sam Bankman-Fried, the founder of FTX.

In addition, regulators are increasing their scrutiny of the crypto space, where transparency is almost nonexistent.