Category: Cryptocurrency News

The firm pushed Maple Finance to halt Alameda’s dedicated borrower pool earlier this year.

Crypto exchange Binance is officially out of the FTX agreement. According to an official statement, the company won’t purchase its competitor. Related Reading: OKB Token Still Holds Above 14% Following Market Plummet Via its official Twitter handle, Binance claims that regulatory pressure and other factors impacted their decision. The report claimed that the company reviewed FTX’s books and decided to walk out of their non-binding agreement. The company said: 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 Walks Away, Crypto Industry In The Dark Before the official announcement, there was much speculation about Binance pulling out of the deal because of potential legal consequences. The company claims it was trying to protect crypto investors. Thousands of users report that their funds remain stuck on FTX. The crypto exchange halted new withdrawal requests yesterday due to a “liquidity crunch.” Binance was allegedly trying to fill this hole by acquiring the company and to provide liquidity for the users. However, the situation went “beyond our control or ability to help,” the company claimed while adding: 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 a result of today’s event, the crypto market has seen massive losses. The number one cryptocurrency by market capitalization, Bitcoin, is trading well below its 2020 all-time high. BTC’s price trades at $16,000 with 11% and 20% losses in the last 24 hours and the past week, respectively. Beyond the price action in large cryptocurrencies, which continues to record new lows for 2022, this week’s events negatively impact the crypto industry. In the U.S., regulators are already announcing investigations and denouncing the sector for “harming” investors. Related Reading: FTX Legal Department Jumps Ship, Binance Deal Fizzles Out Across the crypto community, the consensus points towards stricter regulations and darker days for the nascent asset class. Don’t know what to say anymore. Will just say things seem bleak right now and they are. Emotions are running high. Recovery seems impossible. Just don’t do anything drastic people. It’s not worth it. — Hsaka (@HsakaTrades) November 9, 2022 

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Binance cited allegations of the mishandling of consumer funds and an investigation from regulators as reasons for exiting the agreement.

Solana has just crashed 43% in the past 24 hours and has fallen 56% in the past 3 days, while it still continues to fall Of course all cryptos are falling today due to the FTX + Binance news, and even Bitcoin has hit new bear market lows below $16,500 but solana is getting hurt…
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Pages for the quantitative trading firm and the venture capital arm have been taken offline and made private.

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…
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Binance faces far less competition in the aftermath of FTX’s fall, but it still may not win a surge in new users.

submitted by /u/PortalBreaker [link] [comments]

So as a proud Cayman GT4 owner into crypto, ofc this is exciting for me as I've been on the porsche nft waiting list for a couple months, and today had the email saying minting is live: –– basically its a free mint on ethereum, and now live at https://porsche.com/nft and although im disappointed I…
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