Binance’s canceled FTX proposal had “at least ill-intention”

Sen. Ted Cruz stated that the quickness with which Binance proposed to buy FTX and then withdrew “suggests at the least ill intent.”

On Friday, the senator spoke in favor of expanding bitcoin mining at the Texas Blockchain Council.

Sen. Ted Cruz stated that Binance had “at least bad intent” in its offer to buy FTX last week, which it promptly retracted.

Noting Binance’s quick public offer to buy its struggling rival, followed by a quick withdrawal, Cruz told, “All of this shows, at the very least, malice. That’s concerning. That clearly warrants more investigation, in my opinion.”

Cruz said in a brief interview after speaking at the Texas Blockchain Summit in Austin that it “might make a lot of sense” for FTX’s former CEO Sam Bankman-Fried to testify before the Senate Judiciary Committee, which he chairs.

Earlier this week, the House Financial Services Committee announced a hearing on the FTX implosion and its ramifications for the broader digital asset business. The committee’s chief Republican informed that this week that Binance’s participation in the demise of FTX is being investigated by Congress.

“There’s no doubt that, at the very least, preliminary findings indicate that a massive amount of financial mismanagement and probably fraud was taking place, and investors have suffered billions in losses,” Cruz continued.

“Of course, if there was deliberate and willful fraud that hurt people — and on the surface, that looks to be the case — then there should be consequences and culpability for that.”

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