Usa UPS Gap Coindesk Binance Usa

Binance pulls out of FTX takeover

Reading now: 566
finextra.com

The u-turn comes a day after Binance and FTX agreed the takeover, although both stressed that this was predicated on a full due diligence process.Since then, Bloomberg has reported that the Securities and Exchange Commission and the Commodity Futures Trading Commission have been investigating FTX’s relationship with FTX US as well as sister entity Alameda Research for months.Alameda Research is the crypto trading firm run by FTX chief Sam Bankman-Fried.

Last week, CoinDesk reported on a leaked balance sheet showing that FTX's FTT native token made up about a quarter of Alameda's assets.That revelation helped spark the liquidity crunch at FTX, with Binance saying it would dump its holdings of the token.With FTX facing a surge in withdrawals over recent days, raising concerns about its ability to survive, Bankman-Fried approached rival Changpeng Zhaoa bout a possible deal.However, within hours of that process beginning, Binance found a financial back hole, according to Bloomberg, citing a source suggesting a gap between liabilities and assets at FTX that could top $6 billion..

Read more on finextra.com
The website financemag.cash is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA