Binance Walks Away From FTX Acquisition
The world’s largest exchange said on Wednesday that it will not pursue the potential acquisition of Sam Bankman-Fried’s FTX.Binance walks away from FTX deal following due diligence.Firm also mentioned U.S. investigations of FTX.Retail investors are left hanging without access to funds.Binance will not move forward with the acquisition of rival exchange FTX, the company said in a tweet Wednesday afternoon.“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said.The....
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The world’s largest cryptocurrency exchange Binance will not go through with purchasing the rival crypto exchange FTX. The company noted that after due diligence and “news reports regarding mishandled customer funds,” Binance has decided not to pursue the FTX acquisition. Binance Drops the FTX Acquisition After the crypto exchange Binance revealed it would purchase FTX, the exchange has detailed it has backed out of the proposed deal. “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US....
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CEO Changpeng Zhao (CZ) gave statements to clarify the air amid the FTX ordeal and circumstances surrounding its acquisition by Binance. On Tuesday, FTT, the FTX native token, went to ruins with over 73% decline. It happened after the exchange liquidated its Ethereum holdings to mitigate its insolvency crisis. Before the crisis became known, the CEO of FTX, Bankman-Fried, debunked rumors of the firm’s financial pressure. He said the firm’s asset remains okay, and there was no threat of insolvency. Related Reading: Bitcoin Bloodbath Takes Crypto To New Bear Market Lows |....
Crypto exchange Binance is officially out of the FTX agreement. According to an official statement, the company won’t purchase its competitor. Related Reading: OKB Token Still Holds Above 14% Following Market Plummet Via its official Twitter handle, Binance claims that regulatory pressure and other factors impacted their decision. The report claimed that the company reviewed FTX’s books and decided to walk out of their non-binding agreement. The company said: As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency....