Binance, the world’s largest crypto exchange, announced that it has stopped acquiring its rival FTX. FTX was the third largest crypto exchange in terms of trading capacity before the incident of collapse.
By a statement from Binance, it was reported that it has decided not to continue the acquisition process of FTX as a result of the institutional evaluation, as well as the latest news about misused customer funds and investigation allegations in the US.
In the satatement it was noted as; “Our initial hope was to assist FTX clients in providing liquidity, but the issues are beyond out control or ability to assist.” It was also stated that with the crypto ecosystem has become more resilient in the last few years, it is believed that outliers that abuse user funds will be weeded out by the free market over time.
Source: https://www.cnbc.com/2022/11/09/binance-backs-out-of-ftx-rescue-leaving-the-crypto-exchange-on-the-brink-of-collapse.html
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