Binance Walks Away From FTX Buyout Citing Mishandling of Users Funds

Binance said it is abandoning early plans to acquire embattled rival FTX after going through the company’s financials and structure.

The exchange said, “Our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.”

Yesterday, Binance CEO Changpeng Zhao announced that his company had signed a non-binding agreement to acquire FTX after the Bahamian exchange experienced a severe liquidity crunch.

Barely a day later, it pulled out, which could trigger a cascade of crypto collapses in the coming days.

This is a developing story.

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