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Binance Cancels FTX Purchase and Bitcoin Drops to Lowest Since 2020

Binance agreed to buy FTX a day ago. New investigations point to mismanagement at the company. | Font: Photo Thoughts Catalog on Unsplash

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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.

We recommend you METADATA, an RPP tech podcast. News, analytics, reviews, recommendations and everything you need to know about the world of technology.

Source: RPP

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