Binance Announces Decision to Abandon Acquisition of FTX as Result of Due Diligence

Binance officially announced the decision that it will not pursue the potential acquisition of FTX.com, as a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations.

Binance said in the statement, "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."

"Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market."

"As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization, the ecosystem will grow stronger."

Binance CEO CZ said on Twitter after the announcement, "Sad day. Tried, but."

Source

Binance

FTX

CZ

In This Article

Related News
Chinese creditors push back against FTX's motion to forfeit payouts in restricted jurisdictions Chinese creditors push back against FTX's motion to forfeit payouts in restricted jurisdictions
Binance South Africa to require information on senders and recipients for local compliance Binance South Africa to require information on senders and recipients for local compliance
Binance tax evasion trial in Nigeria adjourned until April 30 on 'substituted service' argument Binance tax evasion trial in Nigeria adjourned until April 30 on 'substituted service' argument
Binance suspends employee for allegedly profiting off of insider information Binance suspends employee for allegedly profiting off of insider information
Binance Records $3.97B Weekly Inflows Binance Records $3.97B Weekly Inflows
Latest News More More
3 Days Ago TON Foundation offers path to 10-year UAE 'Golden Visa' for $100k in staked TON, $35k fee; UAE denies eligibility
6 Days Ago Tether plans further Bitcoin mining expansion in South America with Adecoagro tie up
July 3 North Korean hackers use fake Zoom updates to deliver ‘NimDoor’ macOS malware targeting crypto firms
July 3 JPMorgan's blockchain unit tests new carbon credit tokenization application with S&P Global
June 30 Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open