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Binance backs out of deal to buy FTX



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 3 months ago '04        #1
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PTAH  topics gone triple plat - Number 1 spot x2
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Binance backs out of deal to buy FTX
 

 
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visit this link https://techcrunch.com/20 .. al-to-buy-ftx/

Binance backs out of deal to buy FTX
Jacquelyn Melinek@jacqmelinek / 4:06 PM EST•November 9, 2022
Crypto giant Binance to acquire rival FTX following 'liquidity crunch'

Image Credits: Daniel Vaiman/Explore To Create (opens in a new window)

The world’s largest crypto exchange by volume, Binance, said it would walk away from a deal with the third largest crypto exchange by volume, FTX.

On Tuesday, Binance signed a letter of intent to purchase its troubled competitor, FTX, in what appeared to be a potential bailout of the latter amid a liquidity crunch. But just a bit over 24 hours later, that plan crumbled.

Binance backed out after reviewing the company’s structure and books, it said in a statement to the Wall Street Journal. “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 said.

“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged U.S. agency investigations, we have decided that we will not pursue the potential acquisition of [FTX],” Binance said in a tweet.

“Every time a major player in an industry fails, retail consumers will suffer,” Binance continued. “We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.”

Binance and FTX did not immediately respond to TechCrunch requests for comment.

Earlier today, sources familiar with the matter told CoinDesk that FTX’s loan commitments raised concerns among Binance’s top brass. The report follows Binance CEO Changpeng Zhao tweeting that FTX “going down is not good for anyone in the industry.”
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22 comments
 

 3 months ago '19        #2
MP2019  topics gone triple plat - Number 1 spot x1
Props total: 15463 15 K  Slaps total: 1700 1 K
Coordinated attack. FTX pissed off one of the major tether bros lol
+2   

 3 months ago '12        #3
jdario 
Props total: 2496 2 K  Slaps total: 535 535
This will be a movie like Wolf of Wall Street. Incredible behind the scenes back stabbing
+8   

 3 months ago '06        #4
Icee  topics gone triple plat - Number 1 spot x1
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FTX, do they have any NBA arenas named after them?
+4   

 3 months ago '14        #5
cass1dy7  topics gone triple plat - Number 1 spot x6
Props total: 1863 1 K  Slaps total: 688 688
 Icee said
FTX, do they have any NBA arenas named after them?
Yes, Miami heat. Tom brady and steph curry big sponsors too
+5   

 3 months ago '06        #6
Icee  topics gone triple plat - Number 1 spot x1
Props total: 43887 43 K  Slaps total: 3067 3 K
 cass1dy7 said
Yes, Miami heat. Tom brady and steph curry big sponsors too
Ok cool thought I was tripping for a second!
+1   

 3 months ago '22        #7
JimmyCrackCorn 
Props total: 944 944  Slaps total: 76 76
Still pissed they took over Blockfolio and fu*ked their app up
+2   

 3 months ago '04        #8
moneytime 
Props total: 118 118  Slaps total: 12 12
Yep this was personal. The movie is going to be epic.
+3   

 3 months ago '04        #9
KidKingGoD 
Props total: 5648 5 K  Slaps total: 1036 1 K
There is sonnage…. And then there is SONNAGE.
+2   

 3 months ago '21        #10
Clippers  topics gone triple plat - Number 1 spot x17
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FTX owner shady as fucc
He a huge donor for DNC and he was talkin shii to binance CEO CZ talm bout he need to checc in with him if he wants to go to DC
+2   

 3 months ago '04        #11
nextlevelent 
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SEC says time for Crypto Exchanges to check in

 3 months ago '17        #12
Nosbig 
Props total: 7431 7 K  Slaps total: 1086 1 K
 nextlevelent said



SEC says time for Crypto Exchanges to check in
Gary lost to xrp so he's going for exchanges haha

 3 months ago '17        #13
justin747  topics gone triple plat - Number 1 spot x5
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sportsbook top 10

+3   

 3 months ago '19        #14
DadeCounty  topics gone triple plat - Number 1 spot x22
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 cass1dy7 said
Yes, Miami heat. Tom brady and steph curry big sponsors too


seems like they should’ve gone with bang bros arena instead of FTX

 3 months ago '16        #15
mia4life128 
Props total: 412 412  Slaps total: 29 29
It's crazy one min he's a prodigy on the rise to be the first Trillionaire, now he's being toted as the V2 of Mt Gox.

sh*t is wild...
+1   

 3 months ago '19        #16
Silky Johnson 
Props total: 3034 3 K  Slaps total: 455 455
SBF should be jailed. Clown
+2   

 3 months ago '07        #17
iTzMe!  topics gone triple plat - Number 1 spot x4
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 Clippers said
FTX owner shady as fucc
He a huge donor for DNC and he was talkin shii to binance CEO CZ talm bout he need to checc in with him if he wants to go to DC
Did he not know this guy CZ had a ducking money horse invested in his fu*king exchange?? Holy fu*k!!

The ego makes you do some wild sh*t!

 3 months ago '07        #18
iTzMe!  topics gone triple plat - Number 1 spot x4
Props total: 8939 8 K  Slaps total: 1304 1 K
 mia4life128 said
It's crazy one min he's a prodigy on the rise to be the first Trillionaire, now he's being toted as the V2 of Mt Gox.

sh*t is wild...
“They giveth and they taketh. Life is cruel that way”

 3 months ago '14        #19
Sir Capone 925 
Props total: 5402 5 K  Slaps total: 220 220
 justin747 said

I knew you'd be in this bish.
+1   

 2 months ago '14        #20
Pilscy  topics gone triple plat - Number 1 spot x1
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 MP2019 said
Coordinated attack. FTX pissed off one of the major tether bros lol
Nah those wiggas came to my country and got away with fyre festival reloaded

I hate the fact that the Bahamas is so lawless that anything flies here as long as who ever get paid off

- we have so many offshore banks that it’s ridiculous and the only reason we have so many is became people all over the world wanna avoid paying taxes. They dump their money here and no one in the country regulates or really tax them. We got tons of buildings that’s are said to be the banks but if you ever enter these buildings, there’s barley anyone working there.

- money laundering is another think that happen in this country a lot too.

- in the Bahamas alota things ain’t regulated so it’s easy for anyone to come here and get away with sh*t

The only reason ftx crashed is because binance wanted to get rid of their competitors and started exposing them.

 2 months ago '14        #21
Pilscy  topics gone triple plat - Number 1 spot x1
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 Clippers said
FTX owner shady as fucc
He a huge donor for DNC and he was talkin shii to binance CEO CZ talm bout he need to checc in with him if he wants to go to DC
Lol binance ceo said

“Aight bet”

Cue Kanye and jay “HAM”
“It was all good just a week ago…”
+1   

 2 months ago '19        #22
MP2019  topics gone triple plat - Number 1 spot x1
Props total: 15463 15 K  Slaps total: 1700 1 K
 Pilscy said
The only reason ftx crashed is because binance wanted to get rid of their competitors and started exposing them.
Lol binance is running the same Ponzi schemes too
+1   

 2 months ago '14        #23
Pilscy  topics gone triple plat - Number 1 spot x1
Props total: 32449 32 K  Slaps total: 4682 4 K
 MP2019 said
Lol binance is running the same Ponzi schemes too
lol chess move buddy.

these wiggas at Binance playing by corporate street moves!

"gotta get him before he get me"

Got him




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