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Tuesday, January 31, 2023

Binance Rules Out Revealing More Details About FTX Crash, Cooperates With Regulators

transactions Binance, the world’s largest cryptocurrency company, revealed that it cannot share more details or documents regarding its trading with FTX prior to its bankruptcy, as they are cooperating with regulatory authorities.

According to The Block, regulatory authorities are also questioning Binance regarding its actions in the wake of the FTX crash. Recently, the United Kingdom announced that it would investigate the failed agreement between the two exchangesAnd even lawmakers blamed Binance for the failure of FTX, to which Daniel Trinder, Binance’s vice president of government affairs, said there was no intention to eliminate competition.

Binance will cooperate with US regulators similar to those in the UK, providing all kinds of documents and details regarding the attempted purchase of FTX before bankruptcy. spokesman for transactions The Block learned the following:

“As explained to the Treasury Select Committee, we are unable to share any documents with respect to FTX beyond the factual information we provide as the matter is subject to ongoing investigation by regulatory authorities in various jurisdictions, With whom we are collaborating and sharing. Information strictly confidential.

In addition, a United States House of Representatives committee announced that it would investigate Binance’s role in the downfall of FTX, and even held a hearing with members of FTX and Alameda Research, although it did not specify why. Will they be legal members or CEO of Binance, Chanpeng Zhao (CZ).

Binance appears to cooperate but only “what is needed”

Following the FTX bankruptcy, Binance warned that the crypto sector’s problems resemble those of the 2008 crisis and predicted a possible domino effect. “With the collapse of FTX, we will see a domino effect […] Especially those close to the FTX ecosystem will be negatively impacted.”

Some members of the UK House of Commons Treasury Committee said they were “disappointed” by the insufficient evidence provided by Binance regarding its role in the FTX collapse, sticking to the timeline reported in the media: its FTT holdings on 7 November Sell ​​and Avoid Acquisition FTX on Nov 10.

Earlier, Changpeng Zhao (CZ) shared the “Six Commitments to exchanges Healthy Centralized Services”, with which he invites the ecosystem to restore user trust, noting that there are companies that have been unfairly affected by the FTX collapse.

binance solicited exchanges To adopt proposals so as not to “undermine the trust earned with the people”, as well as to show responsibility with the crypto ecosystem and regulators.

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World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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