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Binance issues statement on decision to walk away from FTX deal

Binance tweeted out a statement regarding its decision to step away from its FTX deal.

Video Transcript

[AUDIO LOGO]

RACHELLE AKUFFO: All right, well, talking of Binance, Binance confirming that it is dropping its bid for FTX saying in a statement, quote, "As 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 FTX.com. In the beginning, our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help. Every time a major player in an industry fails, retail consumers will suffer.

We have seen over the last year-- over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market. As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization, the ecosystem will grow stronger." That comment there from Binance. Obviously, the sell off continuing, though, in the crypto space.

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