Binance Walks Away from FTX Acquisition Deal

November 10, 2022

MCP News Free

Binance Walks Away from FTX Acquisition Deal

Binance has announced its intention to back out of the Sam Bankman-Fried FTX acquisition deal, leaving the FTX exchange on the brink of collapse.

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FTX Exchange on the Brink of Collapse as Binance Backs Out of the Acquisition Deal

Binance plans to acquire the sinking FTX cryptocurrency exchange will no longer come into existence as per a recent announcement by Binance.

“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity,” Binance said in a tweet on Wednesday. “But the issues are beyond our control or ability to help.”

In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.
— Binance (@binance) November 9, 2022

To address the FTX liquidity crunch, SBF scrambled to raise funds from venture capitalists on Monday, according to a source, which he later contacted Binance, initially, CZ agreed to step in to rescue the firm but changed his decision due to reports of “mishandled customer funds and alleged U.S. agency investigations.”

As of press time, there is no clarity on who or which firm will step in to rescue the shaky FTX exchange.

On Tuesday, SBF disclosed that users have been withdrawing their funds to the tune of $6 billion, he also deleted a tweet where he noted that FTX is fine, and the assets are fine.

Meanwhile on Wednesday, through a memo, CZ told Binance workers that he “did not master plan” the crash of FTX, he added that the FTX exchange liquidation crisis is not good for anyone and the team should not see it as a win for Binance.

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