UK lawmakers disregard Binance’s evidence on FTX Collapse

UK lawmakers disregard Binance’s evidence on FTX Collapse

The ongoing investigation on FTX collapse doesn’t seem to end anytime soon. UK lawmakers today said Binance’s submitted evidence on the collapse of FTX wasn’t sufficient.

A member of the Treasury Committee, Alison Thewliss, said that the committee would be asking more questions to dig out details on what happened with FTX as there must be wider implications of this collapse.

She further stated, “They may hide behind some degree of commercial confidentiality on that, but really, given the scale of things, that’s not really acceptable.”

Earlier this week, the U.K.’s Parliamentary Treasury Committee asked Binance for internal correspondence on the FTX crash. Binance, in response, denied intentionally crashing rival FTX. Further, the crypto exchange just sent back news articles to which U.K. lawmakers objected that the submitted articles didn’t really give the real background detail. 

The committee had expected to receive internal records this week about the potential effect on the market due to Binance’s divestment of FTT. However, the document provided by Binance only detailed a list of articles displaying a timeline of FTX’s collapse.

Thewliss also said that Binance’s lack of transparency will affect the committee’s investigation and the recommendations it will make to the government about the regulation of the crypto industry.

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