FTX and Binance will curb highly leveraged cryptocurrency trading, a practice that can vastly multiply losses; FTX offered 101x leverage, now down to 20x (New York Times)

New York Times:
FTX and Binance will curb highly leveraged cryptocurrency trading, a practice that can vastly multiply losses; FTX offered 101x leverage, now down to 20x  —  The moves would reduce the size of the bets that investors can make by drastically cutting the maximum leverage offered.