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Cryptocurrency exchange Binance decided to take a step back in buying his competitor FTX after investigation to the platform.
According to the company, “problems FTX are beyond our control or ability to help.”
This is the end?
FTX reported liquidity problems amid strong investor distrust of the company’s own FTT coin.
For the same reason he asked for help from his rival, Binancewho agreed to buy it, but with a clause allowing him to refuse in case of violations
On Wednesday, the company noted that “as a result of due diligence, as well as recent news about the mishandling of client funds and alleged investigations by the US agency, we have decided that we will not pursue a possible acquisition FTX”.
“Every time a major player in the industry fails, retail consumers suffer. In recent years, we have seen the crypto ecosystem become more resilient, and we believe that over time, the free market will eliminate emissions that misuse user funds,” the company said in a statement.
Changpeng Zhao, CEO Binancetold his employees that he “didn’t plan” the collapse FTX. He said that the fall is “no one’s god in the industry” and that employees should not “consider it a victory for us.”
chaos in the market
If the market was already on a downtrend, then this new announcement made matters worse.
bitcoin He is below $16,000, one of his worst drops in 2022. Let’s remember that in November 2021, it hit its all-time high of $67,000.
ethereummeanwhile, has fallen over 30% in the past two days and is close to dropping below $1,000.
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Source: RPP

I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.