Senator Cruz believes Binance’s bid to buy FTX was made in bad faith.
Ted Cruz stated that Binance’s change of decision so quickly shows that it is malicious.
Senator Cruz: Worrying
Binance’s very quick abandonment of its move to buy FTX, which was in crisis, made Cruz believe the move was made in bad faith:
“All this indicates that he is malicious, to say the least, and that is worrying. In my opinion, this is certainly a topic of note and worth further investigation.”
In a brief statement at the Texas Blockchain Summit in Austin, Cruz said that Sam Bankman-Fried’s testimony before the Senate Judiciary Committee could be quite meaningful.
The House Financial Services Committee announced that it will hold a hearing in December on the process of FTX’s collapse.
Senator Cruz said that despite the role Binance played in the collapse of FTX, there were many wrong things the bankrupt exchange did:
“Reports we have received show that the financial statement has been tremendously mismanaged, potential fraud has occurred, and investors are facing billions of dollars in losses.”
The senator said it was too early to talk about the charges.
“If there is an intentional fraud that harms people – apparently that is the case – then of course there must be consequences and responsibility.”
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