Binance Walks Away From Deal to Acquire FTX
Binance has canceled its letter of intent to buy rival crypto exchange FTX, according to a Binance spokesperson. "As a result of corporate due diligence. As well as the latest news reports regarding customer funds and alleged US agency investigations, we have decided not to pursue a potential acquisition of FTX.com."
"As the regulatory framework develops and the industry evolves towards greater decentralization, the ecosystem will become stronger," Binance's withdrawal of the offer capped a whirlwind day and a half in which the world's largest crypto exchange by volume agreed to bail out its troubled rival in the face of a liquidity crunch.
Which is partly what Binance said it would be by selling all of its holdings in FTX's exchange token, FTT.