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 Binance announced it was pulling out of its deal to purchase its failing rival FTX Trading.
Bitcoin and other cryptocurrencies were broadly lower on rumors and news reports that the Binance-FTX deal was in trouble. The CEOs of the two exchanges – Sam Bankman-Freid of FTX and Changpeng Zhao of Binance – had publicly agreed to a merger Tuesday, pending the ability for Binance to perform due diligence of FTX’s balance sheet.
