After less than a day of assessing the company, cryptocurrency exchange giant Binance is very unlikely to proceed with its proposed acquisition of struggling rival FTX, according to a person with knowledge of the situation. Due diligence was a condition of Binance’s non-binding letter of intent for the acquisition, which was made public on Tuesday as FTX’s financial situation appeared to be spiraling out of hand.
After evaluating FTX’s internal data and loan agreements for around half a day, Binance has decided strongly not to pursue the deal, an anonymous source close to the company claimed.
Putting brakes on the deal would be another remarkable development in a week of drama. Earlier, CZ had stated that officials from FTX reached out to him as there was a significant liquidity crunch. In order to help cover this, Binance would be acquiring the whole of FTX.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding
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