Binance backs down and decides not to buy FTX

Binance finally decided not to take over the FTX exchange due to the unstable situation of the platform.. Following the news, the TTF asset collapsed again, along with the digital asset market in general.

Yesterday Binance announced its intention to acquire 100% of the FT exchangeX, with the aim of saving its clients from the unstable situation of the platform. The company announced the potential deal in a press release. letter of intent (LOI)but Binance has reserved the right to withdraw at any time.. What had already been predicted finally came true, Binance has decided not to acquire FTX.

The statement was made public a few hours ago via the account official Binance’s Twitter feed. The management of the stock exchange decided to withdraw from buying because of the “corporate diligence“. Binance states. the latest reports reveal mismanagement of customer funds.as well as investigations by various U.S. regulators. Binance acknowledged that its goal was to help FTX customers, but the exchange’s liquidity problems are beyond its capabilities.

The statement goes on to say that whenever a major industry player fails, retail consumers suffer the consequences. This is what is happening in the market today, when the vast majority of major digital assets have suffered losses that cannot be underestimated. Binance also acknowledged that over the years the cryptocurrency ecosystem is becoming more resilient and hopes that in the future operators who abuse users’ funds will be removed from the free market.

The CEO of Binance himself, Changpeng Zhaoacknowledged in his Twitter who have gone to great lengths to try to help, but to no avail. Their latest post reads, “Sad day. I tried, but… (Crying emoji).”

After the news, FTX’s native token, FTT, continued to fall to the current $2.25.. This is a drop of 59.18 percent in the last 24 days and 91 percent in the last 7 days. The reason for the stock market slump is due to a lack of liquidity on the part of the platform, which we have already explained in our previous post.

Fear of the situation led the community to make massive sales.which further dampened an already bearish market. Bitcoin (BTC) fell by 14,55% in the last 24 hours at 15,800 current dollarswhile other assets such as Ethereum (ETH) o BNB have slipped a 18% y 19% respectively.

From Bitcoin.co.uk we will continue to report new news about FTX and the market situation in general. In the meantime, you can continue reading about the 11,000 workers laid off by META in recent hours..