Binance CEO CZ: Faulty FTX Data During Takeover Discussions

Binance CEO CZ Latest Comments: CZ said in an interview with CNBC that data provided by FTX seemed unreliable. During the discussion around Binance’s potential takeover of FTX, fund misappropriation was evident, he said. After announcing that his company was considering the acquisition of FTX, the BINANCE team eventually pulled out of the deal. Binance had a that time blamed it on errors in due diligence process for withdrawing from the takeover process.

Prior to that, Binance signed a non-binding letter of intent (LOI) with FTX CEO with an intention to fully acquire FTX.com. However, the LOI had a clause about Binance’s discretion to pull out of the deal if it wished.

The Binance CEO made the latest comments in a CNBC interview

“It was pretty clear pretty soon that there was misappropriation of user funds. At that point, it was clear he was lying to his users, his investors, and his employees. At that point, whatever data was in the data room we couldn’t trust anymore.”