📚 "Going Infinite" reveals that Binance CEO Changpeng Zhao (CZ) declined a $40M proposal from ex-FTX CEO Sam Bankman Fried (SBF) for a futures crypto exchange in 2019. SBF's idea: a "zero risk" exchange that liquidates users' positions when trades exceed collateral. CZ's response: "No, thanks!" 😅

- FTX aimed for institutional investors; Binance focused on retail customers

- CZ built an in-house futures platform instead

- SBF called CZ a "douche" and launched FTX futures exchange in 2019, unsure of its success

CZ also declined FTX's 2021 acquisition offer during its liquidity crisis. SBF's fraud and money laundering trial began on Oct. 3.