5 months ago 1 min read

Coinbase CEO Rules Out Buying FTX U.S., COIN Stock Drops 10%


The entire crypto market has been affected by the FTX token collapse's contagious effects. The overall cryptocurrency market lost around $100 billion on Tuesday, November 8, falling 10%. The share price of Coinbase (NASDAQ: COIN) fell 10% as well, closing Tuesday's trading session at $50.

In response to a request from Sam Bankman-Fried, Binance announced the acquisition of the FTX exchange. But only foreigners are eligible for this buyout. FTX enterprises.

In a Bloomberg television interview, Coinbase CEO Brian Armstrong claimed that he is not interested in acting similarly to Binance and distanced himself from any potential acquisition of FTX U.S.

“We’re not investing customer funds. We’re not doing market making or engaged in any kind of complex arrangement with other parties that we own.”

Keep in mind that Binance's agreement with FTX is still pending, and both businesses must conduct their own due diligence. The CEO of Coinbase also stated that FTX clients would suffer losses if the Binance acquisition fails. He declared, "That's not good for anyone."

Head of Coinbase on Crypto Regulations

Armstrong, the CEO of Coinbase, claimed that since the FTX worries were resolved, consumer engagement has increased. Additionally, he said that users who choose to trade on less regulated offshore exchanges run a higher risk.

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