Binance walks away from the FTX deal

Binance has released a statement to say the deal with FTX is off.

"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 Acquisition An acquisition is defined as a company or entity acquiring or taking possession or securing property, services, or abilities. In finance, this acquisition generally deals with certain elements of business such as property clients, technology, etc., that a company embarks on to ultimately taking ownership or possession of.These types of deals can be very important for shareholders and by extension stock prices, creating abrupt jumps in prices for acquired companies.Why do Companies Rely on Acqui An acquisition is defined as a company or entity acquiring or taking possession or securing property, services, or abilities. In finance, this acquisition generally deals with certain elements of business such as property clients, technology, etc., that a company embarks on to ultimately taking ownership or possession of.These types of deals can be very important for shareholders and by extension stock prices, creating abrupt jumps in prices for acquired companies.Why do Companies Rely on Acqui Read this Term of FTX.com," the spokesperson said.

"In the beginning, our hope was to be able to support FTX’s customers to provide liquidity Liquidity Liquidity refers to the extent of a financial instrument’s ability to be bought or sold without causing price fluctuations. Thus, if an asset is extremely liquid, it means one can trade that asset in the knowledge that one’s specific dealing won’t create significant movements in the market.This is because there exists such a large number of traders going both long and short, generating huge volume for that particular asset. Liquidity in the FX MarketTake the example of the foreign exchange marke Liquidity refers to the extent of a financial instrument’s ability to be bought or sold without causing price fluctuations. Thus, if an asset is extremely liquid, it means one can trade that asset in the knowledge that one’s specific dealing won’t create significant movements in the market.This is because there exists such a large number of traders going both long and short, generating huge volume for that particular asset. Liquidity in the FX MarketTake the example of the foreign exchange marke Read this Term, but the issues are beyond our control or ability to help. Every time a major player in an industry fails, retail consumers will 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."

"As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization, the ecosystem will grow stronger," the spokesperson said.

The next deal that Sam Bankman-Fried will be making will be with prosecutors.

In other news, crypto.com has halted Solana USDC and USDT deposits and withdrawals.

Counterparty risk is the next big story in crypto. This will cascade. The luna collapse didn't end until Bankman-Fried put a backstop under the market and that backstop was an illusion. I imagine loans are being called all over the place right now.