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On September 19th, the Beijing Municipal Administration for Market Regulation announced that, based on the work deployment of the State Administration for Market Regulation and preliminary investigations, it has initiated investigations into four online hotel and travel booking platform companies for suspected illegal activities. Fliggy issued a statement saying that it attaches great importance to this matter and will actively cooperate with the Beijing Municipal Administration for Market Regulations investigations to fully implement regulatory requirements. Fliggy has always respected and maintained a fair, open, and orderly market environment and will continue to work with all parties in the industry to promote high-quality development of the industry.September 19th - A mudslide occurred near the Shijiagou Tunnel in Zhiliuhe Village, Gesala Township, Yanbian County, Panzhihua City, Sichuan Province in the early hours of the 19th. According to relevant departments, preliminary statistics indicate that five people are currently missing.On September 19th, it was reported that the Beijing Municipal Administration for Market Regulation, based on the work deployment of the State Administration for Market Regulation and preliminary investigations, has initiated investigations into four online hotel and travel booking platforms for suspected illegal activities. In response, Meituan issued a statement saying that its online hotel booking platform, Meituan Travel, and others received notification from the Beijing Municipal Administration for Market Regulation that the authorities are investigating these companies for suspected violations of market supervision laws and regulations. Meituan Travel will actively cooperate with the regulatory authorities investigation, fully implement regulatory requirements, and work with all parties in the industry to build a sustainable market environment.September 19th - From the evening of September 18th to the early morning of September 19th, the Saudi Civil Defense issued a series of security alerts covering areas including Riyadh, Jeddah, Khaliq, Abha, Al-Ulah, Jizan, Yanbu, Khamis Mushait, Taif, and the Firasan Islands, with explosions reported in multiple locations. The Chinese Embassy and Consulates in Saudi Arabia reiterate their reminder to Chinese-funded institutions and citizens in Saudi Arabia to strengthen their security precautions and to take immediate evacuation measures as required by the alerts. Do not photograph military operations or spread unverified information. Passengers with air travel plans should maintain close contact with their airlines to avoid disruptions to their travel plans. In case of emergency, please contact the police immediately and the Chinese Embassy or Consulates in Saudi Arabia.On September 19th, a mudslide occurred near the Shijiagou Tunnel in Zhiliuhe Village, Gesala Township, Yanbian County, Panzhihua City, Sichuan Province, in the early hours of the morning. Following the disaster, the Sichuan Provincial Emergency Management Department coordinated with the Panzhihua City and Yanbian County Emergency Management Bureaus to jointly discuss rescue efforts and dispatched a working group to the scene to guide the response. Simultaneously, Wing Loong drones were deployed to the site to restore communications and conduct aerial reconnaissance. Currently, local authorities are organizing rescue and relief efforts.

Binance plans to buy rival FTX in bailout as crypto market crumbles

Skylar Shaw

Nov 09, 2022 16:47

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To aid with a "liquidity bottleneck" at the rival exchange, cryptocurrency giant Binance reached a non-binding deal on Tuesday to purchase FTX's non-U.S. unit. This surprising bailout has renewed investor fears about cryptocurrencies.


Sam Bankman-Fried, the CEO of FTX, and Changpeng Zhao, the CEO of Binance, reached an agreement despite their high-profile rivalry when withdrawals totaling $6 billion were made from FTX in the 72 hours leading up to Tuesday morning.


Zhao, who had tweeted on Sunday that Binance would liquidate its holdings of the rival's token owing to vague "recent developments," played a part in the pressure put on FTX.


Dan Raju, CEO of financial services company Tradier, a brokerage, said: "It's frightening to think that FTX, one of the top cryptocurrency exchanges in the world, got bitten by liquidity worries and Binance, their greatest competition, is coming to their rescue."


The 30-year-old billionaire Bankman-spectacular Fried's turnaround in fortunes is the third emergency cryptocurrency rescue this year as investors fled riskier assets due to increasing interest rates. From its peak, the cryptocurrency market has decreased by around two-thirds, reaching $1.07 trillion.


On hearing of the agreement on Tuesday, major cryptocurrencies initially rose, but those gains were swiftly lost.


The price of FTX token, which grants owners discounts on FTX trading fees, was recently $5.33 after falling by more than three-quarters. The largest digital token, bitcoin, was down 11%.


After FTX's shares dropped more than 10%, Coinbase Global Inc. reassured investors in a blog post that it had no exposure to the stock.


Forbes estimates Bankman-net Fried's worth at $16.6 billion; he has claimed to have billions on hand to support faltering digital asset firms. He disclosed a 7.6% ownership holding in Robinhood Markets Inc. in May, taking advantage of the trading app's declining share price.


According to those familiar with the situation, Tuesday's developments left FTX investors rushing to understand what the arrangement with Binance implies for their investment in FTX.


Bankman-Fried attempted to reassure FTX investors in a note to investors shared on Twitter and verified by a source with knowledge of the situation late on Tuesday. In the note, Bankman-Fried stated that "protecting shareholders is our highest priority," but added that specifics of the deal were "still being worked out." A request for comment from FTX was not immediately complied with.

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