Yugocean
Valued Contributor
Binance has confirmed its decision to acquire FTX in the crypto market. SBF, which is nearing bankruptcy, has also approved it. But their biggest problem is government agencies, especially in the US.
What happened is that the US agencies enjoying the Binance/FTX conflict swung into action as soon as the news of Binance acquiring FTX broke. This time, the CFTC (Commodity Futures Trading Commission) immediately intervened before the SEC (Securities and Exchange Commission). So both CZ and SBF became alert.
The SBF immediately issued a notification that the US branches of Binance and FTX are separate companies and that the Binance and FTX agreement will not apply to both of them. This may come as a surprise to the crypto world, as FTX is being acquired outright by Binance. However, there is a clever understanding here.
If any US company is not involved in this agreement, US agencies will not be able to interfere in their affairs.
What happened is that the US agencies enjoying the Binance/FTX conflict swung into action as soon as the news of Binance acquiring FTX broke. This time, the CFTC (Commodity Futures Trading Commission) immediately intervened before the SEC (Securities and Exchange Commission). So both CZ and SBF became alert.
The SBF immediately issued a notification that the US branches of Binance and FTX are separate companies and that the Binance and FTX agreement will not apply to both of them. This may come as a surprise to the crypto world, as FTX is being acquired outright by Binance. However, there is a clever understanding here.
If any US company is not involved in this agreement, US agencies will not be able to interfere in their affairs.
