Binance has announced that it will not pursue the option to buy FTX due to due diligence, reports that a US agency is investigating the exchange for its handling of customer funds.
As a result of our corporate due diligence and recent news reports regarding the mishandling of client funds and alleged investigations by US government agencies, we have decided not to pursue any potential acquisitions. https://t.co/FQ3MIG381f.
— Binance (@binance) November 9, 2022
Binance said FTX’s problems are out of its control and beyond its ability to help.
The Changpeng Zhao-led exchange added that the crypto ecosystem will become stronger as “regulatory frameworks develop and the industry continues to evolve towards greater decentralization.”
FTX has suspended customer withdrawals after reports of reserve instability.
Following this news, FTT fell to $2.1 and Bitcoin (BTC) fell to $15,800, according to CryptoSlate data.
Connect your wallet and trade with the Orion Swap Widget.
Directly from this widget: Top CEX + DEX aggregated through Orion. No account, global access.