Crypto exchange Binance has pulled out of its acquisition of Sam Bankman-Fried’s FTX exchange, pointing to reports that the SEC is investigating the Bahama’s-based exchange’s books and its own due diligence findings.
Crypto exchange Binance has pulled out of its acquisition of Sam Bankman-Fried’s FTX exchange just a day after making an offer, pointing to reports that the SEC is investigating the Bahama’s-based exchange’s books and its own due diligence findings.to buy FTX’s non-US business following a sharp “liquidity crunch” that had left FTX struggling to repay billions in investor deposits.
Binance’s chief executive Chengpeng “CZ” Zhao sold $US580 million worth of FTT into the market earlier this week, arguing that Alameda Research’s balance sheet may have been largely made up of FTX’s underlying tokens, FTT.Mr Zhao’s move sparked a widespread selloff that saw the value of the FTX exchange and FTT token fall as much as 80 per cent, triggering broader market ructions.
“But there’s now lots of uncertainty around FTX and that there’s no deal is a real negative for the market.”
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