Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse - Printable Version +- Ipoh Community Forums (https://forums.ipoh.com.my) +-- Forum: News and Current Affairs (https://forums.ipoh.com.my/forum-11.html) +--- Forum: International News (https://forums.ipoh.com.my/forum-13.html) +---- Forum: Business, Economy and Investment (https://forums.ipoh.com.my/forum-56.html) +---- Thread: Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse (/thread-6816.html)

Binance backs out of FTX rescue, leaving the crypto exchange on the brink of collapse - superadmin - 11-10-2022 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. 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.” - More -