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Binance Calls Off its Plan to Acquire FTX

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Top cryptocurrency exchange Binance remains helpless in the FTX situation. As a result, it abandons its planned acquisition of the now-collapsing FTX exchange.

Binance tweeted, “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 was set to acquire FTX to save the latter from the insolvency crisis, but new reports suggest that FTX has a shortfall of a whopping $8 billion right now.

Binance CEO CZ shared a note he sent to the Binance team globally “in the spirit of transparency.”

CZ said in the note that the collapse of FTX is not a win for anyone. “Regulators will scrutinize exchanges even more. Licenses around the globe will be harder to get,” CZ stated.

CZ added, “It was less than 24 hrs ago that SBF called me. And before that, I had very little knowledge of the internal state of things at FTX. I could do some mental calculations with our revenues to guess theirs, but it would never be very accurate.” 

The CEO of Binance affirmed that he did not master plan these unfortunate events or anything related to it. CZ also stated that the company would have become a target if it had acquired FTX.

“People now think we are the biggest and will attack us more,” CZ added.

CZ claimed that following a conversation with Sam Bankman-Fried, he had notified Binance to halt sales of FTT and instructed the employees not to trade FTT tokens.

After sharing the letter via Twitter, CZ made a follow-up tweet saying, “Sad day. Tried, but.” 

Along with the FTX, institutions that made investments in the exchange are also accountable for any potential significant losses. 

In a $900 million financing last year, investors included tech-focused private equity company Thoma Bravo, hedge fund Third Point, hedge fund Sequoia Capital, and SoftBank Group Corp.

Among them, Sequoia Capital has come forward with a letter to investors stating it is marking down its $213.5 million FTX investment to $0. Sequoia cited FTX’s “liquidity crunch” and “solvency risk” as reasons for their action.

Currently, the FTT token is trading at a price of just $2. The coming days are crucial to find out what will happen with the user assets and how the industry will handle such a big collapse they never expected to happen.

Compiled by Coinbold

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