Binance-FTX deal reportedly scrapped without FTX.US on table; legal, compliance teams quit

Binance-FTX trading seems to be turned off. Sources with knowledge and text conversations on the subject reviewed by Blockworks indicated that Binance will not get FTX unless FTX.US is included.

According to sources, Binance will not consider trading FTX’s standalone business as the Federal Trade Commission launched an investigation into it this morning. According to documents reviewed by Blockworks, the deal was originally priced at $1, but “nobody wants to buy billions of dollars of nasty debt for $1.”

However, U.S. regulators are concerned that Binance’s own investigations could prevent the company from selling its U.S. entity to Binance, as the company has been under scrutiny on numerous occasions.

Legal and compliance teams leave

In another development, Semafor said several members of FTX’s legal and compliance team left the company tonight.

Their departure Acquisition Trade on Binance. FTX was in crisis on his November 6th after a balance sheet leak hit the media space.

FTX’s sister company, Alameda Research, reportedly tied its assets to FTT. The leaked report shows a large hole in FTX’s financial structure, pointing to the demise Terra Luna may have suffered at the start of this current bear market.

The revelation prompted Binance to announce its intention to liquidate its approximately $529 FTT token holdings. Binance CEO Changpeng Zhao said in his defense: Said Binance decides to minimize market impact. The CEO added that every time a project publicly fails, all users and all platforms come first.

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