Binance Pulls Out OF FTX Deal, Bitcoin Crashes Below $16,000
09 Novembre 2022 - 10:27PM
NEWSBTC
Crypto exchange Binance is officially out of the FTX agreement.
According to an official statement, the company won’t purchase its
competitor. Related Reading: OKB Token Still Holds Above 14%
Following Market Plummet Via its official Twitter handle, Binance
claims that regulatory pressure and other factors impacted their
decision. The report claimed that the company reviewed FTX’s books
and decided to walk out of their non-binding agreement. The company
said: As a result of corporate due diligence, as well as the latest
news reports regarding mishandled customer funds and alleged US
agency investigations, we have decided that we will not pursue the
potential acquisition of http://FTX.com. Binance Walks Away, Crypto
Industry In The Dark Before the official announcement, there was
much speculation about Binance pulling out of the deal because of
potential legal consequences. The company claims it was trying to
protect crypto investors. Thousands of users report that their
funds remain stuck on FTX. The crypto exchange halted new
withdrawal requests yesterday due to a “liquidity crunch.” Binance
was allegedly trying to fill this hole by acquiring the company and
to provide liquidity for the users. However, the situation went
“beyond our control or ability to help,” the company claimed while
adding: Every time a major player in an industry fails, retail
consumers will suffer. 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. As a result of today’s event, the crypto market
has seen massive losses. The number one cryptocurrency by market
capitalization, Bitcoin, is trading well below its 2020 all-time
high. BTC’s price trades at $16,000 with 11% and 20% losses in the
last 24 hours and the past week, respectively. Beyond the price
action in large cryptocurrencies, which continues to record new
lows for 2022, this week’s events negatively impact the crypto
industry. In the U.S., regulators are already announcing
investigations and denouncing the sector for “harming” investors.
Related Reading: FTX Legal Department Jumps Ship, Binance Deal
Fizzles Out Across the crypto community, the consensus points
towards stricter regulations and darker days for the nascent asset
class. Don’t know what to say anymore. Will just say things seem
bleak right now and they are. Emotions are running high. Recovery
seems impossible. Just don’t do anything drastic people. It’s not
worth it. — Hsaka (@HsakaTrades) November 9, 2022
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