• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

Cryptocurrencies crash as Binance backs out of buying FTX

Nairametrics by Nairametrics
November 10, 2022
in Cryptos, Markets, Spotlight
Binance CEO, Changpeng Zhao

Binance CEO, Changpeng Zhao

Share on FacebookShare on TwitterShare on Linkedin

Binance, the world’s largest cryptocurrency exchange, has backed out of its decision to purchase faltering cryptocurrency exchange FTX.COM.

This is barely 24 hours after a deal to acquire its rival was announced by Binance. Earlier it hinted it could still pull out of the deal depending on due diligence, a decision that has now been triggered.

The decision to pull out was all but confirmed on Wednesday by the company as they claimed the issues derailing the FTC acquisition were beyond their control.

RelatedStories

Trump hosts exclusive dinner for top meme coin investors amid controversy 

Nigeria, 35 other countries at risk as U.S. plans major expansion of travel ban list 

June 16, 2025
President Tinubu reacts to Port Harcourt Refinery revival, orders reactivation of Warri, Kaduna Plants 

Six Nigerian Banks face risk of lower profits, dividends over end to CBN forbearance  

June 16, 2025

What Binance is saying: Binance said the decision to pull out of the deal was as a result of corporate due diligence and information that regulators were investigating issues of mishandling of investor funds.

  • “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 https://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 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.”

What this means: This U-turn marks another major event in the decade-long story of cryptocurrencies and its knack for creating and eroding value.

  • Just yesterday, CZ, the founder of Binance suggested that the decision to acquire FTX was necessary for confidence in the cryptocurrency market.
  • He also said the decision was to help protect users and help cover the liquidity crunch” if FTX was to go bust.
  • Pulling out implies FTX might be headed toward bankruptcy and could take down the entire cryptocurrency market with it.

Bloodbath: Bitcoin prices fell 15% to $15.7k on Wednesday as investors liquidated millions of tokens in investments.

  • The bloodbath may just have started, and the fear is that it could spread beyond cryptocurrency.
  • Ether, Binance coin and other altcoins all fell as fear gripped the entire world of crypto.
  • Just to add that media outlets are reporting that FTX has a shortfall of about $8 billion and could be facing bankruptcy.

Be prepared: There could be a global contagion from the collapse of FTX.COM and this could spread beyond cryptocurrency to the mainstream debt market.

  • Investors are already concerned about which global banks might be exposed to FTX, directly and indirectly.
  • Stay alert.

 


Follow us for Breaking News and Market Intelligence.
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

Trump hosts exclusive dinner for top meme coin investors amid controversy 
"Japa"

Nigeria, 35 other countries at risk as U.S. plans major expansion of travel ban list 

June 16, 2025
President Tinubu reacts to Port Harcourt Refinery revival, orders reactivation of Warri, Kaduna Plants 
Features

Six Nigerian Banks face risk of lower profits, dividends over end to CBN forbearance  

June 16, 2025
Labubu doll maker Wang Ning becomes China’s youngest top 10 billionaire with $22.7 billion 
Billionaire Watch

Labubu doll maker Wang Ning becomes China’s youngest top 10 billionaire with $22.7 billion 

June 16, 2025
NUPENG threatens nationwide strike over violent attack on workers in Kaduna
Sectors

E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 

June 15, 2025
Billionaire and Oracle co-founder, Larry Ellison
Billionaire Watch

Oracle co-founder Ellison becomes second richest man, adding $40 billion in 2 Days to reach $258 billion 

June 15, 2025
Transmission lines in Cross River, Rivers have been vandalized severally in over 2 months – TCN
Energy

Dangote Refinery to begin distribution of petrol, diesel with free logistics nationwide

June 15, 2025
Next Post
Cement companies report N1.709 trillion revenue in 9 months amid operational headwinds

Cement companies report N1.709 trillion revenue in 9 months amid operational headwinds

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Nigeria, 35 other countries at risk as U.S. plans major expansion of travel ban list 
  • Six Nigerian Banks face risk of lower profits, dividends over end to CBN forbearance  
  • Labubu doll maker Wang Ning becomes China’s youngest top 10 billionaire with $22.7 billion 

Follow us on social media:

Recent News

Trump hosts exclusive dinner for top meme coin investors amid controversy 

Nigeria, 35 other countries at risk as U.S. plans major expansion of travel ban list 

June 16, 2025
President Tinubu reacts to Port Harcourt Refinery revival, orders reactivation of Warri, Kaduna Plants 

Six Nigerian Banks face risk of lower profits, dividends over end to CBN forbearance  

June 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics