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 |....
After all the speculation surrounding the crypto exchanges Binance and FTX, Binance CEO Changpeng Zhao (CZ) revealed that his company is set to acquire FTX. CZ detailed that FTX asked for help and noted there is a “significant liquidity crunch.” FTX CEO Sam Bankman-Fried has confirmed the acquisition will take place. Binance Set to Acquire FTX After Drawn Out Confusion On Nov. 8, 2022, Binance CEO Changpeng Zhao (CZ) revealed that his company would be taking over FTX. “This afternoon, FTX asked for our help,” CZ wrote. “There is a significant liquidity crunch. To protect users, we signed....