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    Home»News»Business»Sam Bankman-Fried Apologizes as Binance-FTX Deal Crashes
    Business

    Sam Bankman-Fried Apologizes as Binance-FTX Deal Crashes

    Anietie DavidBy Anietie DavidNovember 10, 2022Updated:November 10, 2022No Comments3 Mins Read
    Sam Bankman-Fried Apologizes as Binance-FTX Deal Crashes
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    Binance, the world’s largest crypto exchange, has backed out of its agreement to purchase FTX. Sam Bankman-Fried apologizes for the issue pointing out that the issues are with FTX global and not with the US-based platform.

    The biggest cryptocurrency exchange in the world, Binance, has withdrawn from its deal to buy FTX just one day after agreeing to save the business on Tuesday. Binance said that its choice was influenced by an examination of FTX’s management of client deposits as well as purported US government inquiries against the company. The announcement on Wednesday stated that even Binance couldn’t improve FTX’s financial situation.

    “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.” said the exchange.

    Binance pointed out that if a large company in the sector falters, retail customers suffer. It did, however, mention that dishonest individuals who exploit customer funds will eventually be weeded out by the free market. He also denied allegations that he orchestrated the downfall of FTX. 

    As regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization, the ecosystem will grow stronger.

    — Binance (@binance) November 9, 2022

    Beginning on Monday, FTX encountered extreme withdrawal demand, which resulted in the company blocking customer withdrawals the next day. Changpeng Zhao (CZ), the CEO of Binance, revealed later that Binance has inked a non-binding agreement to buy FTX and aid it in navigating its liquidity crisis. But he made it clear straight away that Binance had the ability to end the deal at any moment.

    Sam Bankman-Fried Apologizes and Vows FTX to Make Customers Whole

    Sam Bankman-Fried apologized in writing after the collapse of his cryptocurrency exchange. He discussed making customers whole and identifying the best course of action for all parties.

    In a Twitter thread, he shed some insight on the precarious state of FTX. He first apologized for the whole situation and said that he should have done better because he had made at least two significant errors, including failing to accurately determine his company’s liquidity. He accepted full responsibility for what happened with FTX and made it clear that making users whole was his top concern.

    2) I also should have been communicating more very recently.

    Transparently–my hands were tied during the duration of the possible Binance deal; I wasn't particularly allowed to say much publicly. But of course it's on me that we ended up there in the first place.

    — SBF (@SBF_FTX) November 10, 2022

    10) So, right now, we're spending the week doing everything we can to raise liquidity.

    I can't make any promises about that. But I'm going to try. And give anything I have to if that will make it work.

    — SBF (@SBF_FTX) November 10, 2022

    SBF stated that his team is now focusing on “doing all they can to raise liquidity” in light of the Binance deal crashing. If the business is successful in making users whole, it will next try to make investors and staff whole as well. SBF said that he is unable to guarantee their success and does not make any promises they will succeed. He also noted that his other brainchild – Alameda Research – will stop trading crypto “one way or another.”

    Blockchain Economy FTX Exchange Sam Bankman-Fried
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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