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In response to a UK investigation, Binance has denied allegations that it deliberately crashed rival exchange FTX.

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In order to get a better understanding of Binance’s participation in the FTX collapse, the Treasury Committee of the UK Parliament called upon companies from the cryptocurrency sector. However, the biggest cryptocurrency exchange in the world denied that it had any intention of intentionally crashing competitor FTX and noted that it had cut its exposure to the firm owing to the abnormalities it had been exhibiting.

Binance also sent a five-page document outlining the events leading up to the FTX collapse.

Binance’s vice president of government affairs in Europe, Daniel Trinder, had previously stated that the company would provide the information to members of the UK Parliament’s Treasury Committee as part of Binance’s appearance as a witness in the group’s investigation into crypto assets. This appearance was a part of Binance’s role as a witness in the investigation.

Harriett Baldwin, who is the chairperson of the committee, inquired directly if Changpeng Zhao, the CEO of Binance, “bring about the collapse of FTX?” This caused the creation of the paper pertaining to Binance.

According to the paper, the first trigger was a post published on CoinDesk that explained how the vast majority of Alameda Research’s assets were comprised of FTT, which is FTX’s native currency.

The document provided a description of the unfolding events and came to the conclusion that, in the interest of protecting FTX’s users, which included users of Binance, Binance had agreed to enter into a non-binding letter of intent in respect of an acquisition, subject to the completion of full due diligence on FTX. The document also stated that the completion of full due diligence on FTX was required.

Binance, as a holder of FTT, was forced to make the decision to sell its remaining holdings in FTT as a result of the financial irregularities that were brought about by the collapse of FTX. This was done in order to limit Binance’s financial exposure.

Compiled by Coinbold

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