What's Next for FTX?
After Binance announced that they were pulling out of the deal, many things went south for their rival crypto exchange, FTX. The two exchanges aren't getting along at the moment, although their relationship started very well.
Binance was one of the first entities that invested in FTX in 2019, although that investment has since been taken back after FTX got into trouble.
Last July, Binance faced tensions and pressure from regulatory bodies, forcing FTX to buy out Binance shares.
At that time, the CEO of Binance said that despite the action FTX took, they were still friends, but they "no longer have any equity in the relationship."
It seems like Binance was hurt by FTX's actions last July, as the company's CEO says that they "won't pretend to make love after divorce," referring to FTX's actions.
"We are not against anyone. But we won't support people who lobby against other industry players behind their backs," the CEO of Binance said. With Binance getting out of the deal, FTX has to find help from another entity or get destroyed immediately.
