Crypto giant Binance has announced that it will not be going forward with the acquisition of crypto exchange FTX. The company revealed that following due diligence checks, it has decided to back out of the deal.
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 http://FTX.com.
Earlier this week, Binance signed a non-binding agreement to acquire the non-US assets of FTX. The deal was pending due diligence and upon review, the company decided not go through with the transaction, citing ““mishandled customer funds and alleged U.S. agency investigations.”