Binance deal for FTX collapses, crypto worries mount

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Reuters

By Hannah Lang and Angus Berwick NEW YORK (Reuters) – A deal for major cryptocurrency exchange FTX collapsed on Wednesday 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-U.S. unit to help cover a “liquidity crunch” at the rival exchange, but the deal was subject to further due diligence. “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…

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