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Al Jazeera
Al Jazeera
Business

YOU WONT BELIEVE: Binance deal for ftx collapses - You Need To See This

Cryptocurrencies have been devastated this year as investors pulled out from riskier assets amid rising interest rates [File: Tiffany Hagler-Geard/Bloomberg]

A deal for leading cryptocurrency exchange FTX has collapsed, as bigger rival Binance said it was pulling out after doing due diligence on the proposed acquisition.

Binance signed a non-binding agreement on Tuesday to buy FTX’s non-United States unit to help cover a “liquidity crunch” at the rival exchange, but the deal was subject to further due diligence.

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