British MPs reject Binance's claims on the FTX Collapse

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The FTX collapse inquiry does not seem to be winding down any time soon. Lawmakers in the United Kingdom remarked today that the information Binance provided on the FTX crash wasn't adequate.


Before diving into this piece, you may want to catch up on some relevant stories, like how Binance's revamped market will support OpenSea NFTs or how one NFT aficionado shelled out 0.1 ETH for a BAYC NFT.


Alison Thewliss, a member of the Treasury Committee, has said that further questions would be asked to uncover information about what transpired with FTX since this collapse must have far-reaching consequences.


She went on to say that they may perhaps try to cover their tracks by citing business confidentiality concerns, but that, given the scope of the issue, this was unacceptable.


The UK Parliamentary Treasury Committee requested communication from Binance about the FTX accident earlier this week. In response, Binance denied sabotaging FTX on purpose. In addition, the cryptocurrency exchange recently returned news stories after U.K. MPs complained they lacked sufficient context.


The committee had hoped to get Binance's internal documents this week detailing the probable market impact of the exchange's disposal of FTT. However, Binance's whitepaper merely included a collection of articles showing a chronology of FTX's collapse.


The lack of openness shown by Binance, Thewliss said, will have an impact on the committee's research and the recommendations it makes to the government about the regulation of the cryptocurrency business.


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