Binance terminates the deal to buy FTX

Cryptocurrency exchange Binance has refused to take over FTX. The company stated that it was unable to solve the problems on the platform.

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

«Initially, we hoped to be able to support FTX users and provide the necessary liquidity. However, the exchange’s problems are beyond our control and we are unable to help,» Binance said in an official statement on Twitter.

on November 6, Binance CEO Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao announced the exchange’s desire to get rid of the FTX (FTT) token. Amid the threat of FTX’s insolvency, the price of FTT dropped by 30%. According to CoinGecko, the token’s price dropped by 90% in a week (-47% over the last day). At the time of writing, FTT is trading for about $ 2.8.

As a reminder, on November 8, Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried and Changpeng Zhao announced a strategic partnership to cover the «liquidity crisis» on the FTX exchange. At the time, Zhao noted that his company had the right to «withdraw from the deal at any time.»