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Binance's CEO had previously announced that FTX would be acquired to help it avoid a liquidity crunch. However, the deal is canceled now.
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Binance CEO cited regulatory concerns for pulling out of the FTX deal.
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CZ stated today at the Indonesia Fintech Summit that "the deal didn't make sense from any perspective."
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CZ stated that there is a "big gap" in financial performance and pointed out overlap in user demographics.
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Zhao stated that they cover all regions and have fewer users than we do.
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He said, "From a product or technology perspective, I believe we have a superior product."
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CZ stated that its original intention was to save users' data.
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