As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.
In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.
Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.
While we have everyone’s attention, let’s talk about transparency in the industry.
Over the last five years, we’ve shared countless tweets and blogs about our ongoing initiatives to keep users safe.
In this thread, we’ll highlight some of the most important.🧵
At Binance, transparency and user protection are a top priority.
These two values are foundational to building long-term sustainable growth of crypto.
A vital part of user protection is staying close to the community to hear and address feedback.
We continue to thank you, our community, for contributing to the growth and direction of Binance, and helping to steer our strategy to build products that users want and need.
We'd like to take this time to reflect on our journey over the past 5 years, highlight some milestones and take a look at what to expect from #Binance in the future.
🧵 Let's dive into it in this thread.
🗓️ July 14, 2017.
Binance.com was launched with the vision of providing users with a new crypto trading experience.
The team worked tirelessly to ensure that we were offering a trusted, intuitive, and simple marketplace for trading crypto - from here, we built!
As an indication to how hard the #Binance team worked before launch in 2017, @cz_binance tweeted this yesterday...
CZ: "5 years ago, tonight was unquestionably an all-nighter for the whole #Binance team."