After reviewing FTX’s internal data and loan commitments, Binance might not go through with the acquisition, a person familiar with the matter told CoinDesk. Separately, Bloomberg reported that Binance has found “a financial black hole-a gap between liabilities and assets at FTX that’s probably in the billions, and possibly more than $6 billion,” also citing one person familiar with the matter, adding that Binance likely would not close the deal.īinance and FTX declined CoinDesk’ s request for comment on the current status of the proposed deal neither immediately responded to Fortune‘s request for comment. Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. And after two years, the number of registered users on the platform reached 15 million. The Securities and Exchange Commission (SEC. In addition to the crypto exchange, the Binance Coin token was launched. Crypto giant Binance has been accused of engaging in a 'web of deception' as it was hit with another lawsuit by US financial regulators. The company initially operated in Hong Kong, but after some time the head office moved to Malta. ![]() However, the deal is not closed, and it might not close. Changpeng ‘CZ’ Zhao, founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, is being viewed as crypto’s white knight after stepping in to acquire FTX following a bailout deal with the cryptocurrency derivatives exchange. Chinese businessman Changpeng Zhao founded Binance in 2017. Securely buy, sell, and hold cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) with low trading fees. CZ said he had little knowledge on FTX’s internal state before that call. “I was surprised when he wanted to talk.”ĬZ has since told employees not to trade FTT tokens, and said they’d stop selling them as an organization. In the memo, CZ said the proposed acquisition was not a “master plan,” but rather, SBF called him less than 24 hours before it was announced.
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