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Binance exits FTX acquisition

Binance exits FTX acquisition

Private investors valued FTX at $32 Billion earlier this year.

The proposed acquisition came after a massive liquidity crisis hit FTX which was a result of concerns with withdrawal issues and Binance’s decision to liquidate its entire holdings of FTX’s exchange token FTT.

Binance CEO Changpeng Zhao told his employees in as memo on Wednesday that he “did not master plan” the FTX’s demise. He highlighted that the collapse of FTX was “not good for anyone in the industry.”

Although the saga is only in its second day, cryptocurrencies have plunged with bitcoin dropping 15% on Wednesday. Over the past two days, Ether has fallen more than 30%.

LeapRate’s first article, Binance withdraws from FTX acquisition, appeared first on LeapRate.

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