Binance pulls out of FTX merger, sending cryptocurrency prices plunging
by Associated Press from Technology | The Guardian on (#65NBJ)
The deal was conditional to due diligence of FTX's balance sheet which raised enough concerns for Binance to back out
Cryptocurrency prices plunged for a second straight day on Wednesday after crypto exchange platform Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading.
Bitcoin sank to a two-year low after Binance confirmed earlier rumors and news reports that it was ready to back out of the FTX deal, struck between the CEOs of the two exchanges on Tuesday. The deal was pending Binance's due diligence on FTX's balance sheet.
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