It was less than 48 hours after Changpeng. “CZBinance CEO Zhao announced his intention to buy the troubled FTX, but the company has recently stated that it will no longer pursue the deal Binance signed a non-binding letter of intent on May 8. Oct, and which allowed the company to acquire FTX in full or proceed to purchase certain assets or withdraw from the agreement
“From the company’s due diligence review as well as the latest news reports on fake customer funds and the alleged US agency investigation. We have therefore decided that we will not pursue an agreement with FTX.com.”
“In the beginning Our hope is to be able to support FTX customers to get liquidity. But the problem is beyond our control or our ability to help. Every time the big players in the industry fail. Small users will be affected. we have seen Over the years, the crypto ecosystem has become more flexible. And we believe that the misuse of user money will be eliminated by the free market.”
“As the regulatory framework evolves and as the industry continues to evolve towards a more decentralized organization the ecosystem will become stronger,” said a Binance spokesperson.
prepare for bankruptcy If there is no cash injection
Sam Bankman-Fried Founder and CEO FTX Tell investors that crypto platforms could file for bankruptcy if there was no cash injection, as Bloomberg News reported, citing individuals with direct knowledge of the situation.
Before this, Binance announced that it would withdraw from the acquisition. Bankman-Fried told investors the company now faces an $8 billion deficit, Bloomberg cited the person.
However, FTX seeks to raise funds in the form of debt, equity, or a combination of the two.
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