Binance, the world’s largest crypto exchange, announced that it has stopped acquiring FTX, the third-largest crypto exchange in terms of the trading volume.
In a statement from Binance, it was reported that it has decided not to continue the possible acquisition of FTX due to the institutional evaluation and the latest news about misused customer funds and investigation allegations in the US.
“Our initial hope was to assist FTX clients in providing liquidity, but the issues are beyond our control or ability to assist,” the statement said.
According to the statement, the crypto ecosystem has become more resilient in the last few years and it is believed that outliers that the free market will weed out abused user funds over time.
Binance said that as the regulatory frameworks develop, the ecosystem will become stronger.
