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Binance Will Not Acquire FTX

Binance Will Not Acquire FTX

In a recent development, Binance has publicly confirmed that it would no longer pursue the FTX takeover. This follows the Binance team’s due diligence on the internal operations of the debt-ridden FTX exchange, as well as allegations of user money mishandling and purported investigations by US authorities.

Experts claimed earlier today that FTX’s bad financial records sparked worries among Binance’s senior executives, who may ultimately pull out of the agreement.

Binance issued a letter of intent on Tuesday to purchase its struggling competitor, FTX, in what seemed to be a possible rescue of the latter due to a financial restriction. That strategy, however, collapsed a little more than 24 hours later.

Impact on Crypto Market

The announcement that Binance would not acquire FTX fueled more falls when US equity markets closed on Wednesday. According to TradingView statistics, Bitcoin went as low as $16,027. At 4:20 p.m. ET, bitcoin was worth $16,120.

Chart by Tradingview

Solana was trading at $12.82 as of 4:20 p.m. ET, a drop of more than 45% from the last day.

Chart by Tradingview

Other significant crypto assets, like BNB and DOGE, have declined dramatically over the last day, as per CoinGecko statistics.

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