The crypto exchange Binance noted that after due diligence it has decided not to pursue the FTX acquisition.
“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 [FTX],” Binance said on Twitter.that it wanted to help FTX’s customers but “the issues are beyond our control or ability to help.
” The exchange further remarked that every time a major crypto business fails, retail investors 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,” BinanceThe exchange concluded by adding that the ecosystem will benefit by stronger “regulatory frameworks” and “greater decentralization.
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