Binance CEO Talks About Backing Out From FTX Deal

November 11, 2022

Binance CEO had earlier announced to acquire FTX to save it from liquidity crunch, but the deal fell through.

Binance CEO cited regulatory concerns for backing out from the FTX deal.

“The deal did not make sense from a number of fronts,” CZ said at the Indonesia Fintech Summit today.

CZ said there’s a “big hole” to fill from a financial perspective, and also pointed to an overlap in user demographics.

“We cover all the regions they cover, and they have much less users than us,” Zhao said.

“From a technology or product perspective, I think we have a superior product,” he added.

CZ said their initial intention was to save the users.