Binance will not acquire FTX amid this downturn of the FTX exchange

The chief executive officer of Binance exchange confirmed that the situation is now out of control and they can’t think of acquiring the FTX platform in the current scenarios.

Just a few days ago, a controversy between Binance & FTX crypto exchange created a very big fear among the FTX token, a native token of FTX exchange, holders. The FTX token plunged by more than 90% within a couple of days.

To handle the situation in favour of FTX crypto exchange users, the FTX exchange team asked Binance to help. Binance CEO Changpeng Zhao confirmed on Twitter that the FTX team wants to sell the exchange as an organisation & also Binance was considering acquiring it.

On 10 November, Binance exchange confirmed that Binance had no more plans to acquire FTX exchange.

The exchange also stated that Binance was looking to provide liquidity at the FTX exchange but now the situation is out of control.

The Binance team also claimed that the FTX exchange used the funds of investors wrongly as a free fund.
Binance CEO Zhao also responded on this matter and confirmed that it was a sad day, as Binance failed to help FTX.

On 9 November, Zhao already indirectly hinted that he may not help the FTX exchange. He shared a message screenshot on Twitter, which was basically a Zhao’ message to the whole Binance team. Through the message, Zhao confirmed that he was planning to help but it is not confirmed because of this critical situation & also urged the team not to trade FTX tokens, to save the situation.

Read also: Circle (USDC) co-founder says FTX & Binance reflects deep issues of the crypto sector

Binance will not acquire FTX amid this downturn of the FTX exchange

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