Binance declined to buy crypto exchange FTX

Binance CEO Changpeng Zhao explained he could not help FTX solve its problems. Crypto-Upvotes expert review

Crypto exchange Binance will not buy a trading platform FTX. This was announced by the head of the company Changpeng Zhao. He released an official statement explaining his decision.

As a result of the due diligence review, as well as recent news about mishandling of customer funds. And the alleged investigations by U.S. authorities, we have decided that we will not pursue a potential purchase of FTX.com.

“Initially, we had hoped that we could support FTX customers and provide liquidity. But the trading floor’s problems are beyond our control or ability to help,” Zhao wrote.

The cryptocurrency ecosystem has become more resilient over the years, he said. The head of Binance believes that in the future, over time, the free market will weed out those who use user funds in an untargeted way.

Following Zhao’s statement, cryptocurrency exchange FTX suspended withdrawals and urged users not to fund their accounts. At the same time, the head of another cryptocurrency project Tron, Justin Sun, wrote without elaboration. That he is developing a solution with FTX for holders of tokens TRX, BTT, JST, SUN and HT.

According to two people close to FTX, left without a buyer, Bankman-Fried is now looking for other sponsors. After Binance pulled out of the deal, he told FTX employees in Slack that he was “exploring all options.”

Binance confirmed its assets worth $70 billion

Binance published its cryptocurrency wallet addresses to confirm its capabilities. In particular, the company indicated that it holds 475 thousand BTC ($8.265 billion at current exchange rate), 4.8 million Ethereum ($5.76 billion) and 17.6 billion USDT.

Additionally, a trading platform owns 21.7 billion BUSD tokens, 601 million USDC and 58 million BNB ($16.82 billion). Total assets of Binance are estimated at $70.746 billion. In addition, crypto exchange pointed out that this is not complete information, all data will be presented in a report after audit.