SBF's testimony in court: FTX was founded in the early stages with the goal of capturing a niche market and eventually being sold to Binance.

BlockBeats reported on October 28th that SBF stated during his testimony on Friday that he planned to sell FTX to Binance when the latter was in its early stages. At that time, SBF believed that FTX could create a platform specifically for margin traders, which was not being addressed in the trading platform sector at the time. Therefore, he testified that he expected trading platforms like Binance to be interested in purchasing FTX. SBF stated that "attracting customers" was a challenge at the time, but FTX quickly expanded its business through its good reputation within the industry. In 2019, FTX's annual revenue was $20 million, and by 2021, FTX's daily revenue had reached $3 million. However, Binance never acquired FTX in advance (only indicating interest when the platform crashed). SBF testified that Binance had an internal team for further developing its own platform. But Binance was indeed FTX's first investor, providing $80 million worth of BNB as seed funding to the trading platform. Since then, SBF has acquired Binance's shares through a combination of FTT and other assets totaling $2.1 billion.