.Binance, the world’s largest crypto exchange, wanted to buy FTX, the third largest crypto exchange in terms of trading volume. However, according to a statement from Binance, it has canceled the process of purchasing FTX after allegations of misused customer funds and an investigation by the US Department of Justice.

OPENING INVESTIGATION TO FTX

The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Contracts Commission (CFTC) are investigating whether FTX is properly managing client funds and its relationship with Sam Bankman-Fried’s other crypto-management divisions.In addition, FTX’s sister company, Alameda Research, is also being investigated.

According to the news Bloomberg News based on sources he has knowledge of, Sam Bankman-Friedman stated that before Binance’s withdrawal from FTX’s bailout plan, they faced a capital shortfall of $ 8 billion in talks with investors and needed $ 4 billion to repay debts. expressed.

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