BNB

Binance Pulls Out of FTX Deal, Market in Turmoil

by BSC News

November 11, 2022

chain

Binance's exit from the deal leaves FTX floundering to raise liquidity to plug the holes--and fast.

Binance announced Wednesday, November 9, that it will not follow through with its intention to acquire rival central exchange FTX International. The move -- expected by some in the industry -- proves that the situation at FTX is far worse than many could have imagined.

Following a few days of due diligence investigation of the books at FTX, Binance tweeted they intended to help protect users and see if there was a way to help save the industry from chaos. The team at Binance hoped “to be able to support FTX’s customers to provide liquidity.”

If Binance could help shore up the funds and protect users from losses, the situation could have potentially been ameliorated. But as each day passes, the situation at FTX looks increasingly dire.

The entire situation reeks of blatant fraud and illegal activity. The team at FTX was confirmed to have mishandled user funds and even potentially entered the US equities market with those user funds. Now, there are rumors of a romantic cabal living side by side in the Bahamas between the FTX International team and Alameda Research.

The situation at FTX and the resulting fallout is a dynamic story, developing hour by hour. But one this is for sure, Binance is not touching that dumpster fire with a ten-foot pole.

What is Binance:

Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.

Where to find Binance:

Website | Twitter | Discord | Telegram |

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