Binance Backs out of FTX Deal Citing ‘Due Diligence,’ Reports of ‘Mishandled ...

Binance cited allegations of the mishandling of consumer funds and an investigation from regulators as reasons for exiting the agreement. On Nov. 9, less than 48 hours after Changpeng “CZ” Zhao, CEO of cryptocurrency exchange Binance, announced his intentions to bail out troubled competitor FTX, the firm stated that it would not be pursuing the deal. Binance had signed a nonbinding letter of intent on Nov. 8 that allowed the firm to either fully acquire the FTX exchange, proceed with a partial acquisition of assets, or walk away from the agreement. “As a result of corporate due diligence,....

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....

Binance CEO Changpeng Zhao (CZ) has shared where his company is at on the deal with FTX. “We did not master plan this or anything related to it,” he told the Binance team, reminding them not to trade the FTX token (FTT) as the due diligence for the acquisition is still ongoing. He further stressed that “FTX going down is not good” for anyone in the crypto industry, warning that regulators will “scrutinize exchanges even more.” UPDATE: Binance has decided not to pursue the acquisition of FTX. Binance’s CEO Informs Employees About FTX Deal The CEO of....

The Binance CEO vigorously defended the company's KYC/AML practices, dismissing reports of an investigation Shortly after a Bloomberg report on Friday that cryptocurrency exchange Binance was under investigation for permitting US residents to place unlawful trades, Binance founder and CEO Changpeng Zhao (better known as CZ) dismissed the reports during a live AMA on Clubhouse, saying that the report had “no teeth.” “This is a topic that just came up, literally like a few minutes ago or a hour ago,” said CZ. “So number one, the news article said there was no, I don’t have it in front of me,....

While many major firms in the crypto atmosphere have been facing a various bear market challenges, Binance is seemingly taking an aggressive stance and signing a new talent deal with soccer star Cristiano Ronaldo centered around NFTs. The news follows Binance With Their Eyes On The Ball Binance CEO Changpeng Zhao, commonly known in crypto […]