The Australian info Binance, the world’s biggest cryptocurrency exchange, has strolled away from a offer to purchase cash-strapped competing FTX simply one day after finalizing a non-binding letter of intent to acquire the stricken exchange. The about-face came after Binance performed its preliminary due diligence of FTX’s monetary position and company practices, which triggered considerable issues. Binance CEO Changpeng Zhao, typically referred to as CZ, retweeted a tweet from the Binance account on Wednesday stating the offer was off: “As a outcome of business due diligence, as well as the mostcurrent news reports relatingto mishandled client funds and declared UnitedStates company examinations, we have chose that we will not pursue the possible acquisition of FTX.com” Binance CZ Publicly Releases Letter to Binance Staff Earlier on Wednesday CZ had tweeted an internal letter sentout to Binance staffmembers upgrading them on the FTX scenario. In the letter CZ informed his personnel the due diligence for the offer was continuous and they needto not trade any FTT, mostlikely to prevent running afoul of regulators. CZ likewise worried in the letter that he had not masterminded FTX’s collapse, as some had hypothesized: “We did not master strategy this or anything associated to it. It was less than 24 hrs ago that SBF called me. And priorto that, I had really bit understanding of the internal state of things at FTX.” Changpeng Zhao, Binance CEO He went on to firmlyinsist the collapse of one of Binance’s biggest competitors needto not be seen a
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