Binance gave up on the acquisition of FTX

Binance CEO Changpeng Zhao regretted not being able to complete the transaction, despite the agreement already in place

The cryptocurrency and other cryptographic assets (NFT) exchange platform Binance gave up its intention to acquire FTX, which is experiencing financial difficulties, after the analysis of its accounts and in the face of potential investigations by the US authorities, thus leaving its rival on the verge of collapse.

“As a result of corporate due diligence, as well as recent news reports of mishandling of customer funds and alleged investigations by US agencies, we have decided that we will not pursue the potential acquisition of”, indicated the platform just a day after announcing an agreement to buy the platform.

In a brief message through his Twitter profile, Binance CEO Changpeng Zhao lamented the failure of the transaction. “It’s a sad day. We tried, but (…).”

In this regard, Binance explained that while it was initially hopeful that it could help FTX clients provide liquidity, it eventually recognized that the issues are beyond its control or ability to help.

“Any time a major player in an industry fails, retail consumers will suffer,” the exchange said, which nevertheless sees the crypto ecosystem as becoming more resilient.

Last Tuesday, the largest crypto trading platform announced its intention to come to the aid of FTX in the face of liquidity problems on this platform, although Zhao already warned then that the operation still had to pass the preliminary investigation process and that Binance could withdraw at any time from the agreement.

K. Tovar

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Source: Cronista

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