Binance CEO Zhao dismisses $2.1 billion FTX clawback worries.

By The Exchange Team

Binance CEO Changpeng "CZ" Zhao denied that FTX's insolvency could cost his company $2.1 billion.

On CNBC's "Squawk Box" Thursday morning, he said he trusted his lawyers to handle the process.

CNBC's Andrew Ross Sorkin and Becky Quick asked Zhao if he could return FTX's $2.1 billion.

Which Binance gained when it exited its 2019 Series A investment with FTX, to bankruptcy trustees.

Who will seek to recover any fraudulent conveyances made by FTX to outside firms or investors.

According to the U.S. bankruptcy statute, any beneficiary in a two-year lookback window can have their earnings clawed back by the trustee.

If bankruptcy procedures can prove a payment was fraudulent or that an individual should have reasonably understood.