Binance, the largest cryptocurrency exchange, announced on Tuesday it was going to buy 2nd largest, FTX. A day later, they backed out. Not quietly, either. “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX,” Binance tweeted. FTX went in a tailspin hours later, as they noted they needed $8 Billion to avoid a shortfall from withdrawal requests by customers. On Thursday, that went to $9.4. Then the founder apologized multiple times on Twitter. Wow!
The second-largest crypto exchange is in need of funds.
Found at www.cnet.com
