Binance refuses to buy FTX crypto exchange
Binance’s CEO Changpeng Zhao explained that he would not be able to help FTX solve its problems.
Crypto exchange Binance will not buy the FTX trading platform, CEO Changpeng Zhao announced. He released an official statement explaining his decision.
As a result of due diligence, as well as the latest news about the mishandling of customer funds and alleged investigations by US authorities, Binance have decided that it will not pursue a potential acquisition of FTX.com.
Zhao originally hoped Binance could support FTX clients and provide liquidity, but the marketplace issues are beyond our control or ability to help.
According to him, the cryptocurrency ecosystem has become more stable over the years. The head of Binance believes that in the future, over time, the free market will weed out those who misuse user funds.
Following Zhao’s announcement, FTX has suspended withdrawals and urged users not to fund their accounts. At the same time, the head of another cryptocurrency project Tron, Justin Sun, wrote without details that he is developing a solution together with a trading platform for holders of TRX, BTT, JST, SUN and HT tokens.
The cost of the FTT token continued to fall. At the moment, the altcoin is trading at $2.66, over the past day it has fallen in price by another 48%. Two days ago, asset quotes exceeded $22.
On the night of November 10, the bitcoin rate also collapsed. The first cryptocurrency fell in price to $15.7 thousand for the first time since November 2020. Now the asset is traded at $16.7 thousand, over the past day it has fallen in price by 9%.
