Binance Forgoes FTX Bailout and Bitcoin Plunges to Unseen Levels

The trading platform ('exchange') of cryptocurrencies and other cryptographic assets (NFT) Binance

, which is experiencing financial difficulties, after the analysis of the accounts of the latter and in the face of potential investigations by part of the US authorities, thus leaving his rival on the verge of collapse.

"As a result of corporate

, as well as recent news reports of mishandling of customer funds and alleged investigations by US agencies, we have decided that we will not pursue the potential acquisition of FTX.com." , Binance has confirmed a few days after announcing an agreement to buy the platform.

After hearing the news, the main cryptocurrency in the market, bitcoin, falls to levels not seen for two years.

at 10:40 a.m. to $16,727 (a similar figure in euros), bringing it to the levels of November 1, 2020. For its part, the second best-known cryptocurrency ,

, plummeted 5.22% and was trading at around 1,197 dollars at that time (a similar figure in euros), a level it has not reached since June of this year.

In a brief message through his Twitter profile,

, lamented the failure of the transaction.

"It's a sad day. We tried, but..."

In this regard, Binance has explained that while it was initially hopeful that it could help FTX clients provide liquidity, it has finally recognized that the issues are beyond its control or ability to help.

"Every time a major player in an industry fails,

," lamented the platform, which, however, sees the crypto ecosystem as becoming more resilient.

Last Tuesday, the largest crypto trading platform announced its intention to come to the aid of FTX in the face of liquidity problems on this platform, although Changpeng Zhao already warned then that the operation still had to pass the preliminary investigation process and that Binance could withdraw at any time from the deal.

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