Binance, the world’s largest cryptocurrency exchange, has backed out of its decision to purchase faltering cryptocurrency exchange FTX.COM.
This is barely 24 hours after a deal to acquire its rival was announced by BInance. Earlier it hinted it could still pull out of the deal depending on due diligence, a decision that has now been triggered.
The decision to pull out was all but confirmed on Wednesday by the company as they claimed the issues derailing the FTC acquisition were beyond their control.
What Binance is saying: BInance said the decision to pull out of the deal was as a result of corporate due diligence and information that regulators were investigating issues of mishandling of investor funds.
What this means: This U-turn marks another major event in the decade long story of cryptocurrencies and its knack for creating and eroding value.
Bloodbath: Bitcoin prices fell 15% to $15.7k on Wednesday as investors liquidated millions of tokens in investments.
Be prepared: There could be a global contagion from the collapse of FTX.COM and this could spread beyond cryptocurrency to the mainstream debt market.
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