Cryptocurrency

Binance walks away from FTX deal, citing ‘mishandled customer funds,’ regulatory scrutiny

Binance has announced that it will not pursue the option to buy FTX due to due diligence, reports that a US agency is investigating the exchange for its handling of customer funds.

Binance said FTX’s problems are out of its control and beyond its ability to help.

The Changpeng Zhao-led exchange added that the crypto ecosystem will become stronger as โ€œregulatory frameworks develop and the industry continues to evolve towards greater decentralization.โ€

FTX has suspended customer withdrawals after reports of reserve instability.

Following this news, FTT fell to $2.1 and Bitcoin (BTC) fell to $15,800, according to CryptoSlate data.

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