Binance, a leading cryptocurrency exchange, has withdrawn its letter of intent to acquire FTX, as stated by a Binance spokesperson. The decision was made after conducting thorough corporate due diligence and considering recent news reports of mishandled customer funds and alleged investigations by US agencies. The spokesperson cited these factors as the basis for their choice not to proceed with the potential acquisition of

Initially, Binance had intended to extend support to FTX’s customers by providing liquidity. However, the spokesperson asserted that the issues faced by FTX are beyond the control or ability of Binance to resolve. The spokesperson emphasized that whenever a major player in any industry encounters difficulties, it ultimately negatively impacts retail consumers. Nevertheless, the spokesperson expressed confidence in the resilience of the crypto ecosystem, stating that as time progresses, the free market will eliminate entities that mismanage user funds.

Additionally, the spokesperson highlighted the importance of the development of regulatory frameworks and the evolution of the industry towards greater decentralization. They expressed the belief that these advancements will contribute to a stronger ecosystem overall.

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