Binance walks away from potential deal to acquire FTX

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By Yasin Ebrahim

AiVIF.com -- Binance said Wednesday that it pulled out of a potential deal to acquire rival cryptocurrency exchange FTX.com amid concerns about corporate due diligence and allegations about the mishandling of customer funds.

Binance, the largest crypto exchange by volume, said it would "not pursue the potential acquisition" of FTX.com, citing concerns about "corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations.

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U.S. regulators are reportedly probing whether FTX potentially mishandled customer funds on its platform, Bloomberg reported Wednesday, citing unnamed sources. The investigation began “months ago" according to the report.

With the hopes of a rescue from Binance now in the wind, fears continue to mount that FTX.com, which is facing a "significant liquidity crunch," could be on the brink of collapse sending its token FTT down more than 50%. The news pushed the crypto market into further chaos as the total market cap slipped below $1 trillion to about $803.63B.

BTC/USD slid 15%, ETH/USD is down 17% and DOGE/USD is down 20%.