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Binance Acquisition of FTX Appears Unlikely to Close


Crypto exchange Binance, the largest in the world by volume, had officially signed a letter of intent on Tuesday to acquire their competitor, FTX amid a liquidity crunch, but it appears that the deal may not go through.

According to Coindesk, FTX’s loan commitments raised concerns among Binance’s top brass.

The report comes on the heels of Binance chief executive Changpeng Zhao stating that FTX “going down is not good for anyone in the industry,” and the ongoing episode has “severely shaken” the confidence of consumers, per his official Twitter page.

FTX had some troubles leading to Tuesday’s announcement, with some $6 billion in withdrawals from its platform taking place, which caused fear among investors regarding FTX’s financial health.

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