I’m not trying to defend CZ here, but Binance + FTX combined would’ve been a super Mt. Gox.

And with the practical insolvency of FTX it would’ve been running entirely on Binance reserves. FTX user deposits were gone long before CZ refused to bail out FTX. To bail out billions of dollars in FTX liabilities would’ve punched BNB in the gut and maybe destroy its reserve fund too.

Now imagine what would happen if that combined super-exchange went down.