Binance Backs Out of Buying FTX Crypto Exchange, Cites Mishandled Customer Funds and Regulator Investigations

Binance is pulling out of the deal to buy FTX. On Tuesday 8 November, Binance signed a letter of intention to acquire the failing crypto exchange, although at the time it said the agreement was subject to a due diligence process. But as the contagion from the collapse of the FTX leads to a bloodbath in crypto asset prices, the quality of the FTX balance sheet and that of its sister company Alameda is likely to have deteriorated sharply.... Read More: Binance Backs Out of Buying FTX Crypto Exchange, Cites Mishandled Customer Funds and Regulator Investigations