Press "Enter" to skip to content

Who Else Will Buy Sam Bankman-Fried's FTX If Binance Bails?

After less than a day of assessing the company, cryptocurrency exchange Binance is reportedly unlikely to proceed with an acquisition of rival FTX

Due diligence was a condition of Binance’s non-binding letter of intent for the acquisition, which was made public on Tuesday.

If Binance backs out, who could buy FTX? Yoni Assia, for one — the founder and CEO of eToro. 

What Happened: Assia, in the midst of the nascent crypto industry drama, tendered a potential deal to FTX on Tuesday, directly saying to FTX CEO Sam Bankman-Fried via Twitter, “happy to give a competing offer!” as the FTX CEO made the announcement that Binance could acquire the alleged insolvent company.

Read also: ‘Jail Isn’t That Bad’: Luna Collapse Fugitive Do Kwon, Ex-Con ‘Pharma Bro’ Shkreli Talk FTX-Binance Deal

The gap between liabilites and assets at FTX is “probably in the billions, and possibly more than $6 billion,” a person familiar with the matter told Bloomberg. 

A Binance spokesperson told the publication the company is in its early stages of due diligence and would communicate further if it has something substantial to share. 

Read next: This US Senator Wants New Regulations To Protect Consumers Following FTX-Binance Debacle

This post was originally published on this site

Be First to Comment

Leave a Reply

Your email address will not be published.