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
FTX Plans to Repay Customers in Full and The Exchange will not Re-start FTX Plans to Repay Customers in Full and The Exchange will not Re-start
FXT Claims Now Trading at almost 80 cents to the Dollar FXT Claims Now Trading at almost 80 cents to the Dollar
FTX Sold More than Two-thirds of its Grayscale Bitcoin Trust Shares FTX Sold More than Two-thirds of its Grayscale Bitcoin Trust Shares
Binance Announced the 44th LaunchPool Project, Manta Binance Announced the 44th LaunchPool Project, Manta
43rd Binance Launchpool Project Xai Announced Airdrop Plan 43rd Binance Launchpool Project Xai Announced Airdrop Plan
Latest News More More
4 Hours Ago RWA Protocol Ondo Finance to Launch Tokenized Security
6 Hours Ago Bitwise Thinks Spot Bitcoin ETF to See the Next Wave of Institutional Capital as Major Brokerage Firm Open Gate
6 Hours Ago Blast Launched Mainnet, Unlocking $2.3B Staked Assets
1 Day Ago Morgan Stanley Considering Add Spot Bitcoin ETF to its Brokerage Platform
1 Day Ago Bitcoin Staking Protocol Babylon Launched Testnet
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open