When FTX froze withdrawals and seemed to collapse, Binance stepped in and saved its rival from bankruptcy by offering to purchase it. Was it planned by CZ? - binance ftx
Changpeng Zhao was clear about its intentions: Binance will perform proper due diligence to assess whether the deal is worth the effort. So, if the gaps in the FTX balance are too big, the deal may not happen, and FTX will vanish from the market.
There are speculations that Binance is intentionally taking time for the full due diligence to allow FTX to recover. After that, the deal would be canceled. While such a possibility exists, I don’t see any reason in doing so.For now, it looks like Binance will make an effort to keep FTX afloat by purchasing it.
Why do I believe so? Changpeng Zhao doesn’t look like a person who would just waste money. Etherscan says that there are still millions of FTT on Binance wallets.Offloading them now after having FTT plummet would result in a significant loss. So, the only option is to purchase FTX, make the token recover its value, and benefit from it.
There are implications that by buying FTX, CZ is getting access to the USA market. There is some unclarity here. Sam states clearly that FTX.US is not impacted by the deal while CZ claims that Binance is considering FULLY purchasing FTX.U.S. Commodity Futures Trading Commission is monitoring the situationIt is also worth remembering Binance is under investigation by the U.S Justice Department for possible violations of money-laundering rules.
There are opinions that for Binance, buying FTX means eliminating one of its major competitors. Thus, it will threaten the much-valued decentralization of the crypto market. However, if FTX just collapses, it would mean the same for decentralization. But in addition, it would send the prices of all coins deep down. So, the acquisition isn’t the worst scenario.Because it was not CZ who forced Alameda to rely on a token issued by its sister company.
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