Binance: Abandon acquisition of FTX based on due diligence results

2022-11-10 07:03:29

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ChainCatcher news, Binance officially stated that based on the results of the company's due diligence, as well as the latest news reports regarding the improper handling of customer funds and the so-called investigation by U.S. authorities, it has decided not to pursue a potential acquisition of FTX.com.

Binance indicated that initially, it hoped to support FTX's customers and provide liquidity, but these issues were beyond Binance's control or ability to assist.

Whenever a major player in the industry collapses, retail investors suffer losses. Over the past few years, Binance has seen the crypto ecosystem becoming more resilient, and Binance believes that the abnormal actions of misusing user funds will eventually be eliminated by the free market.

As the regulatory framework develops and the industry continues to move towards greater decentralization, the ecosystem will become stronger. (Source link)

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