Binance CEO: Deal To Acquire FTX.com ‘Did Not Make Sense From a Number of Fronts’
Sponsored
Sponsored
On Friday (11 November 2022), Binance Co-Founder and CEO Changpeng Zhao (aka “CZ”) shared his thoughts on the collapse of the FTX empire at the 4th Indonesia Fintech Summit (10-11 November 2022). As you may remember, on 9 November 2022, Binance announced why it was not able to go ahead with the plan to fully acquire FTX.com, pointing out that although it was hoping to “support FTX’s customers to provide liquidity”, the issues it discovered — as part of its due diligence process and via the various news reports about FTX — were “beyond” its “control or ability to help”:
FTX Debtors have agreed to a new Customer Shortfall Settlement following months of negotiations with FTX’s Committee of Unsecured Creditors, an ad hoc non-US customer committee, and other representatives. The court must approve the proposal that FTX Debtors (FTX) will file as part of their Amended Plan in December. Earlier…