Cryptocurrency exchange Binance has withdrawn its offer to buy FTX after deeming it to be out of control.
Due to a liquidity crisis brought on by the demise of its native exchange token FTT, FTX agreed yesterday to sell its non-U.S. assets to the competing exchange.
However, subsequent reports have questioned the likelihood, citing unbridgeable financial gaps in FTX’s accounts as the reason.
After the due diligence process, plus the information that FTX misused customer funds and was investigated by the US, Binance decided to withdraw its offer to buy FTX.
Soon after, Binance CEO Changpeng Zhao (CZ) also spoke up and said he had tried his best, expressing his “sadness.”
As Coincu reported, both exchanges came to an acquisition agreement on November 8, CZ called the deal a non-binding letter of intent leaves, subject to due diligence.
Around $6 billion in net withdrawals had also occurred from FTX in the days prior to Tuesday morning. At the same time, billionaire Sam Bankman-Fried‘s fortune has dropped significantly.
Currently, FTX’s native token, FTT, has dropped to just $2.78 at press time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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Binance Canceled The FTX Acquisition Agreement
Cryptocurrency exchange Binance has withdrawn its offer to buy FTX after deeming it to be out of control.
Due to a liquidity crisis brought on by the demise of its native exchange token FTT, FTX agreed yesterday to sell its non-U.S. assets to the competing exchange.
However, subsequent reports have questioned the likelihood, citing unbridgeable financial gaps in FTX’s accounts as the reason.
After the due diligence process, plus the information that FTX misused customer funds and was investigated by the US, Binance decided to withdraw its offer to buy FTX.
Soon after, Binance CEO Changpeng Zhao (CZ) also spoke up and said he had tried his best, expressing his “sadness.”
As Coincu reported, both exchanges came to an acquisition agreement on November 8, CZ called the deal a non-binding letter of intent leaves, subject to due diligence.
Around $6 billion in net withdrawals had also occurred from FTX in the days prior to Tuesday morning. At the same time, billionaire Sam Bankman-Fried‘s fortune has dropped significantly.
Currently, FTX’s native token, FTT, has dropped to just $2.78 at press time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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