Binance has announced that it will “not pursue the potential acquisition of FTX.”
Binance on Twitter announced the crypto exchange would end the acquisition plans because, among other reasons, FTX has mishandled customer funds.
The first investor that funded FTX was Binance, the largest global crypto exchange.
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com,” Binance tweeted.
Prior to the cancellation, Binance had been planning to support the US-based crypto exchange’s customers to provide liquidity. However, the company has stated that the issues troubling FTX is “beyond our control or ability to help.”
One Twitter user replied to Binance’s tweet saying, “it’s really easy! If you try to add 2+2 and it equals -5, then there is a problem no one can…
