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Bitcoin price amounts to below USD16K after Binance’s withdrawal
(MENAFN) Bitcoin witnessed its price plunge below USD16,000 late Wednesday as a big sell-off in the crypto market increased when Binance withdrew from a possible agreement to purchase its rival FTX, which is in economic chaos.
"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 http://FTX.com," Binance shared on Twitter.
"Every time a major player in an industry fails, retail consumers will suffer. We have seen 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," it also wrote.
Binance, the world's main cryptocurrency exchange by volume, states Tuesday it will purchase FTX, while co-founder and CEO Changpeng Zhao underlined that the world's third largest crypto platform has "a significant liquidity crunch."
"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 http://FTX.com," Binance shared on Twitter.
"Every time a major player in an industry fails, retail consumers will suffer. We have seen 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," it also wrote.
Binance, the world's main cryptocurrency exchange by volume, states Tuesday it will purchase FTX, while co-founder and CEO Changpeng Zhao underlined that the world's third largest crypto platform has "a significant liquidity crunch."
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