The deal between Binance and FTX.com didn’t go through as Binance reversed the acquisition. We are witnessing the end of Bankman-Fried’s crypto empire.
Top crypto exchange Binance Holdings, is abandoning its purchase of FTX.com, according to a series of the company’s statements on Twitter.
The change of thoughts came briefly after Binance CEO Changpeng Zhao announced the company’s plan to take over the world’s second-largest exchange.
Binance Cancels Acquisition
The shocking news has taken the media by storm. Binance recently revealed the reasons that reversed its decision to pursue FTX.com. According to Binance’s full statement, due diligence efforts failed and Binance was incapable of backstopping FTX or helping, “FTX’s customers to provide liquidity.”
In addition,
“As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we…
