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Kraken Announces No Material Impact from FTX Collapse

Kraken confirms it is not significantly affected by FTX's recent issues, while Binance ends acquisition talks due to due diligence concerns.
Published on 2022-11-10

Kraken Unaffected by FTX's Challenges

On November 10, Kraken, a leading cryptocurrency exchange, announced that it is not materially impacted by FTX's current situation. This clarification came after Binance's failed acquisition of FTX, which collapsed within 24 hours of the initial agreement. Kraken emphasized that it had no exposure to Alameda Research, FTX's affiliated trading firm, and did not list FTT tokens on its platform. The exchange confirmed that it owned 9,000 FTT tokens on FTX but stated this does not affect its operations.

Binance Ends FTX Acquisition Plans

Binance cited "corporate due diligence" and concerns over mishandled customer funds and alleged U.S. agency investigations as reasons for abandoning the FTX acquisition. Binance CEO Changpeng Zhao expressed that FTX's collapse is detrimental to the entire crypto industry, leaving customers severely shaken.

Kraken Resolves Temporary Service Disruption

On November 9, Kraken experienced connectivity issues across its mobile and web services due to high market volatility and demand. However, the exchange resolved the problem within two hours, ensuring full trading functionality.

Key Takeaways

  • Kraken remains stable and unaffected by FTX's issues.
  • Binance halted the FTX acquisition due to significant concerns.
  • Kraken addressed and resolved temporary service disruptions quickly.

This update highlights the evolving landscape of the cryptocurrency industry and the importance of stability in crypto exchanges.

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