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Binance gives up the purchase of its rival FTX and reinforces the crash of bitcoin

NFT, crypto
Published 2 weeks ago
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Binance gives up the purchase of its rival FTX and reinforces the crash of bitcoin
NFT, crypto,
Published 2 weeks ago

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The crypto-asset exchange Binance has decided to give up the purchase of its rival FTX on Wednesday two days after reaching an agreement, The price of the main cryptocurrency fell below $16,000.


As a result of corporate due diligence, as well as the latest news related to mismanaged client funds and alleged investigations by US agencies, we have decided that we will not proceed with the possible acquisition of FTX, the company said in its account. from Twitter.

At the same time, from Binance they highlighted that the initial acquisition plans were aimed at providing support to FTX clients with the company's liquidity crisis, but they finally gave up on the idea. Problems are beyond our control or ability to help.

In recent years, we have seen the cryptocurrency ecosystem become more resilient, and we believe that over time, the free market will weed out outliers that misuse user funds," they added.

FTX Director Losses

The initial non-binding agreement provided for the purchase of FTX.com, but did not include the US subsidiaries of both companies, FTX US and Binance.US. In the face of FTX's liquidity crisis, its co-founder and CEO, Sam Bankman-Fried, lost around 94% of his fortune in one day.




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    NFT, crypto
    FTX Binance Crash Cryptocurrency Bitcoin