Announcing that they are planning to buy FTX the other day, Binance gave up on purchasing FTX, according to last-minute information.
Firstly Wall Street Journal The news of the withdrawal from the agreement announced by Binance was subsequently confirmed by Binance’s Twitter account. In fact, this was the news expected by the cryptocurrency exchange. Some sources said that Binance would withdraw from the deal if FTX.US was not included in the deal.
Binance’s statement is as follows;
“As part of our corporate due diligence, as well as the latest news regarding misused client funds and investigations by US regulators, we have decided to discontinue the potential FTX.com acquisition.
Initially, our hope was to assist FTX clients in providing liquidity, but the problems are beyond our control and ability to assist.
Retail investors will suffer when every major actor in an industry fails. We’ve seen the crypto ecosystem become more resilient over the last few years, and we believe over time those who abuse user funds will be weeded out by the free market.
As regulatory frameworks are developed and the industry becomes more localized, the ecosystem will become stronger.”
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 https://t.co/FQ3MIG381f.
— Binance (@binance) November 9, 2022
Bitcoin lost more than 11 percent
After the news of Binance abandoning its deal with FTX, BTC tumbled more than 11 percent. As of the time of writing, BTC is trading at $ 16,025.
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