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Binance ceo theinformation1/13/2024 The next day, Binance announced why it was not able to go ahead with the plan to fully acquire FTX.com, pointing out that although it was hoping to “support FTX’s customers to provide liquidity”, the issues it discovered - as part of its due diligence process and via the various news reports about FTX - were “beyond” its “control or ability to help”:Īs a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of. We will be conducting a full DD in the coming days. To protect users, we signed a non-binding LOI, intending to fully acquire and help cover the liquidity crunch. Then, last Tuesday (8 November 2022), SBF announced that FTX and Binance had “come to an agreement on a strategic transaction with Binance” for FTX:ġ) Hey all: I have a few announcements to make.Things have come full circle, and ’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for (pending DD etc.).Ī few minutes later, CZ took to Twitter to announce that FTX had asked Binance to help it with “a significant liquidity crunch”, and that Binance had decided to protect FTX’s customers by signing a non-binding letter of intent (LOI) to fully acquire FTX: Due to market conditions and limited liquidity, we expect this will take a few months to complete. We will try to do so in a way that minimizes market impact. On 6 November 2022, CZ announced that Binance had decided to sell its remaining $FTT holdings: On 2 November 2022, the collapse of SBF’s FTX empire started when CoinDesk published an article (titled “Divisions in Sam Bankman-Fried’s Crypto Empire Blur on His Trading Titan Alameda’s Balance Sheet”), which stated that the now bankrupt Alameda Research “had $14.6 billion of assets as of June 30, according to a private document CoinDesk reviewed” and that “much of it is the FTT token issued by FTX, another Bankman-Fried company.” He stated it should be “an easy thing to prove,” and called on the platform to post the relevant wallet, allowing the community to view when the issue was resolved.On Monday (14 November 2022), Binance Co-Founder and CEO “CZ” explained why the call he had on 8 November 2022 with Sam Bankman-Fried (aka “SBF”), Co-Founder and former CEO of insolvent crypto exchange FTX, was a “very expensive” one. Besides denouncing Binance for its recent listing of the BCH/TUSD and CFX/TUSD trading pairs at no cost, Cochran also compared Binance.US to a “Ponzi scheme” with a “hole across multiple assets.” He asserted that the platform was unethically handling customers’ assets without consent.Ĭonsequently, Cochran challenged Binance.US to validate its refutation of the FUD. However, Adam Cochran, a vocal critic of Binance, took to Twitter on July 11, expressing skepticism towards the exchange’s reassurances. You can remain confident that your assets are protected and secure, and such spreading doubts can’t alter this fact.”Ĭochran’s Confrontation and the Call for Proof consumers, and it operates in strict compliance with U.S. Significantly, the platform announced the resumption of complete BCH withdrawals by Sunday night, reaffirming the security of their customer’s assets.īinance.US, in a formal Twitter post, affirmed, “In an environment where uncertainty, doubt, and fear propagate rapidly, we want to stress that Binance.US was founded to serve U.S. Consequently, BCH withdrawals were temporarily suspended until the technical mess was rectified, and regular deposit, hot, and cold wallet flows resumed. Moreover, the platform confirmed that this glitch impacted no other tokens. However, Binance.US reassured its users that the pause was due to a “technical issue” within the deposit sweeping system. Adam Cochran, the prominent founder of the venture capital firm Cinneamhain Ventures (CEHV), notably criticized Binance.US and its CEO Brian Shroder for their silence amid the ongoing situation.Įarlier this week, customers experienced an unexpected halt in BCH withdrawals. Binance CEO’s silence adds fuel to controversy amid regulatory scrutiny.īinance.US, the American division of the renowned cryptocurrency exchange, recently became involved in a controversy concerning Bitcoin Cash (BCH).Cochran questions Binance’s intentions and demands transparency and proof.Binance US calms BCH FUD and attributes the withdrawal halt to a technical glitch.
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