![]() How did the Binance-FTX fiasco come about But given the recent developments, Binance reckoned that the issue had become something beyond its control or ability to help. Initially, the company aimed to support FTX customers by providing financial liquidity to the exchange. "As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX," wrote Binance in a tweet. These include claims of mishandled customer funds on FTX, which led to regulatory probes from the SEC and DOJ. ![]() The announcement comes shortly after Binance CEO Changpeng Zhao issued a letter of intent to acquire the distressed firm on Wednesday.Īccording to Binance, the acquisition did not go through due to several allegations surrounding the troubled exchange. In a dramatic turn of events, cryptocurrency giant Binance has confirmed that it is walking away from a bailout of its smaller rival, FTX. Binance is no longer considering an FTX acquisition
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |