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Breaking: Binance Shying Away From FTX Takeover Over Poor Internal Review

Manoj Nair



FTX Episode

Binance is planning to proceed with the FTX Takeover. Still, the takeover depends upon the assiduousness, a condition of Binance’s non-binding letter of intent for the acquisition, which was made public on Tuesday. It is highly improbable that Binance will proceed with the takeover of the struggling crypto exchange. Meanwhile, the financial condition of FTX is spiraling beyond control.

Binance has been evaluating FTX’s data and liabilities and has since decided to delay the Binance Shying Away From FTX Takeover deal or even not pursue the deal, as per different sources who refused to be named.

In response to these rumors, Patrick Hillmann, Binance’s Chief Strategy Officer, stated:

“We’re just 36 hours into the due diligence process. Once we have completed that, we will make a decision based on what’s in the best interest of Binance’s users across the globe. We’ll share more information when we have a more substantive update to provide.”

The deal comes apart; it will be another remarkable development this week. Earlier, Binance CEO CZ had stated that FTX had sought help as there was a severe liquidity crunch, and to get over it, Binance will be acquiring the Exchange.

FTX Takeover In Doubt Now

As per the statement by Binance, it was asked for help by FTX, and to serve the interests of the investors, it has signed a non-binding letter of interest intending to buy FTX fully. Binance Exchange, the biggest crypto exchange in the world, came out in support of FTX. As Binance gained prominence, cracks started appearing in the relationship between the two entities.

The top executives of both companies have been involved in a war Exchange with the Binance selling a significant portion of its FTT holdings, a native token of FTX exchange.

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