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11-10-2022, 10:29 AM
  • Binance is backing out of its plans to acquire FTX, the company said Wednesday.
  • “The issues are beyond our control or ability to help,” Binance said in a tweet.
  • FTX, which was valued at $32 billion earlier this year, is now in jeopardy of collapsing.

[Image: usa-ftx-reuters.jpeg]

Binance is backing out of its plans to acquire FTX, the company said Wednesday, leaving Sam Bankman-Fried’s crypto empire on the verge of collapse.

The reversal comes one day after Binance CEO Changpeng Zhao announced that the world’s largest cryptocurrency firm had reached a non-binding deal to buy FTX’s non-U.S. businesses for an undisclosed amount, rescuing the company from a liquidity crisis. Earlier this year, FTX was valued at $32 billion by private investors.

“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity,” Binance said in a tweet on Wednesday. “But the issues are beyond our control or ability to help.”

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Ipoh Community Forums > News and Current Affairs > International News > Business, Economy and Investment > Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse