FTX Cuts Ties with Binance to Move Forward
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Cryptocurrency exchange FTX bought out Binance's shares to get "more flexibility going forward," FTX CEO, Sam Bankman-Fried told Decrypt. Bankman-Fried, 29, says the decision "makes sense" as the both companies are playing in the space.

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"We recently repurchased shares from Binance to buy them out of our cap table. I think it just makes sense given the role that our businesses are playing in the space. It can also give us more flexibility going forward," he said.

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FTX announced a "strategic partnership" with Binance two months ago — on May 21, 2021. The exchange said back then that Binance was the first and the only outside investor into FTX.

"With the joint efforts, we expect to further grow the crypto derivative markets, build better crypto trading products and platforms, and identify compelling business opportunities across the industry and beyond," the exchange added.

The FTX's distancing from Binance comes after Binance drew scrutiny from regulators around the world over unauthorized activity of affiliated companies. As of press time, watchdogs of the United Kingdom, Hong Kong, Poland, Malta, Italy, Cayman Islands and Singapore issued warnings against the exchange and affiliated companies.

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