Before FTX, Binance "canceled" with many other crypto companies

The news that Binance canceled the FTX acquisition once again shook the market. However, this is not the first time that Binance has decided to withdraw its offer to rescue/invest for a struggling company. 

Consider CZ's withdrawal of the offer as the end of the past controversy, explaining the decision to come to this Binance said that FTX's problems were "beyond support" and were surprised by "a big hole in FTX's finances", CZ tried but failed. 

There are rumors that FTX is recording a loss of $8 billion due to massive customer withdrawals and possible collapse, Binance's 90th minute spin is making things harder for FTX. . Before the news of the withdrawal of the agreement, Bitget Global CEO Gracy Chen predicted this: 

“It is highly unlikely that Binance will successfully acquire FTX. FTX customers will flock to Binance no matter what, so buying the exchange is pointless. Furthermore, since FTX does not have a license in the US, the FTX transaction will expose Binance to legal problems here.”

FoxCryptoNews summarizes a number of transactions that have been "turned around" by Binance in history.

WazirX 

Since 2019, although Binance's blog has announced the acquisition of Wazir, the CEO of Binance still sparked controversy when he stated that he had "never bought WazirX" in August of this year, after the project was shut down by the government. India freezes $8 million for alleged "money laundering". The two sides had an extremely tense "squabble" when WazirX side emphasized the "facts" that Binance owns the domain name, manages assets, accesses the AWS server, and holds all WazirX profits. 

In response, Binance stated that it only provides wallet services for WazirX, the above facts are not correct. Especially Binance does NOT manage activities like “user registration, KYC, trading and withdrawal”.

In general, Binance has attempted to separate and disclaim responsibility for the company, asserting that it has no operational control over aspects directly related to money laundering, but blaming the transfer. company delay in the past 3 years. 

Axie Infinity

Back to the time when Axie Infinity's Ronin bridge was hacked for $622 million in March 2022. Binance joined the rescue by leading Axie's $150 million funding round to compensate users for losses. However, the Binance side started cutting its investment in July, claiming that Axie Infinity was stable again and probably didn't need its investment anymore. A spokesperson for Binance told the press:

“Since April 2022, Sky Mavis has been stable and has been able to recover capital. As a result, Sky Mavis is now able to pay out users' funds without a significant investment from Binance anymore. Therefore, Binance is no longer a lead investor of Sky Mavis but we will continue to support them.”

Forbes 

Binance has drawn special attention to Forbes magazine when it revealed it will buy $200 million in shares of Forbes. (half of Forbes' total capital of 400 million) although in the past, Binance sued Forbes for posting "smears" the exchange related to the "front institution" scandal in the US, but Binance later canceled the case. to sue.  

However, until July of this year, there were reports that Forbes canceled the merger plan under the SPAC method to go public. This deal is still pending, it is not clear whether it will be completed or not. 

FTX is the latest name to join Binance's list of incomplete transactions. If this is a war, it seems that CZ has completely won, but the incident has been damaging the interests of the crypto industry ever since. 

It must be said again and again, when the wave of bankruptcy of crypto companies peaked in the June-July period, leading to a "war of words" between the CEO of Binance and the CEO of FTX on the issue of "rescuing the market". , Mr. Changpeng Zhao has made it clear that he does not help platforms that have collapsed because of their own internal error.

– CZ, you will never spend a large amount of money to buy something?

- Failed companies.

FoxCryptoNews has had a series of articles summarizing the Binance – FTX drama, readers can see more here: 

– Binance liquidates its entire investment of 580 million USD in FTX tokens

– Users massively withdraw from FTX

– The whole market dumped strongly, FTT lost 22 USD

– Binance reached an agreement to buy back FTX

- FTX CEO's assets decreased by 14.6 billion USD, wrote a letter to apologize to investors

– CZ urges exchanges to provide proof of customer deposit

– The Solana system “bears the battle”

– Binance cancels FTX acquisition and latest updates

– Continually many organizations declare “in solidarity” from FTX

FoxCryptoNews summary

Nov 10, 2022