Why would Binance decline this opportunity? If FTX, Binance, and the market knew FTT would just crash, it sounds like a given that Binance should take advantage of the fixed price instead of losing hundreds of millions of dollars "letting the market decide".
If FTX could pay the current market price, then they could have absorbed whatever Binance sold on the open market.
They probably offered a deep discount.
It could be that you need time to sell, or it could be that no one is stupid enough to buy it.
The former can be fixed with a temporary loan, the latter in bankruptcy court.
But here we are, and I’m not sure if FTX was offering to buy with some favorable terms regarding the time of settlement in addition to a discount. They could have bought on the open market at the discounted price but they apparently didn’t…