In a startling about face, Binance, the world’s largest cryptocurrency trading platform, said Wednesday it was walking away from a deal to acquire rival exchange FTX.
Binance, in a statement, cited “mishandled customer funds and alleged U.S. agency investigations.” Binance said it had reviewed FTX’s finances as part of a due diligence review.
A spokesman for FTX declined to comment.
This enigmatic billionaire just took down a crypto rock star
The dissolution of the deal leaves the future of one of the largest crypto trading platforms in question and raises questions about the finances of its customers.
On Wednesday, the two largest cryptocurrencies — bitcoin and ethereum — both dropped 13 percent, deepening a decline that began on Tuesday after the FTX deal was announced.
This is a developing story and will be updated.
Binance, in a statement, cited “mishandled customer funds and alleged U.S. agency investigations.” Binance said it had reviewed FTX’s finances as part of a due diligence review.
A spokesman for FTX declined to comment.
This enigmatic billionaire just took down a crypto rock star
The dissolution of the deal leaves the future of one of the largest crypto trading platforms in question and raises questions about the finances of its customers.
On Wednesday, the two largest cryptocurrencies — bitcoin and ethereum — both dropped 13 percent, deepening a decline that began on Tuesday after the FTX deal was announced.
This is a developing story and will be updated.