I think you’re missing that (1) FTX is not Binance’s biggest competitor now that what has happened has happened, and (2) it’s not just about the face cost of the acquisition—there may be a further cost to Binance from assuming FTX’s debt. One imagines it may not be immediately clear whether acquiring new customers and stabilising the markets is worth the total costs, when (2) is included.
I think you’re missing that (1) FTX is not Binance’s biggest competitor now that what has happened has happened, and (2) it’s not just about the face cost of the acquisition—there may be a further cost to Binance from assuming FTX’s debt. One imagines it may not be immediately clear whether acquiring new customers and stabilising the markets is worth the total costs, when (2) is included.