Binance denies UK lawmakers allegation it deliberately tripped up FTX

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In a submission to the UK Parliamentary Treasury Committee, Binance denied that it deliberately sought to sink competitor crypto exchange FTX, but added the companys financial irregularities led Binance to reduce its exposure.

See related article: Binance to sell FTX token holdings amid questions over Alameda finances

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Binance said it concluded the reason for FTXs collapse was that financial statements disclosed by the media showed the exchanges financial irregularities and possible fraud, and these irregularities may have predated the report.

On Monday, the Parliaments Treasury Committee held a hearing where lawmakers questioned Daniel Trinder, Binances vice president of European government affairs, about Binances role in the FTX saga, including whether Binance apparently thought the sale of its FTT holdings would trigger the FTX collapse, according to a Bloomberg report.

US lawmakers are also investigating Binance over its responsibility in the FTX collapse. North Carolina Republican Rep. Patrick McHenry said Binances role in the saga has come under congressional scrutiny. The issue will be one of the main topics in a congressional hearing next month, according to a report by The Block at Hong Kong time Thursday.

See related article: US regulators reportedly talking with Binance over failed FTX bail out

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