Crypto

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

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Binance has announced that it will not pursue its option to purchase FTX because of its due diligence and reports that a US agency was investigating the exchange over its handling of customers’ funds.

Binance stated FTX issues were beyond its control and ability to help.

The Changpeng Zhao-led exchange continued that the crypto ecosystem will grow stronger as more “regulatory frameworks are developed and as the industry continues to evolve toward greater decentralization.”

FTX had suspended withdrawals for customers after reports had revealed the shaky state of its reserves.

Following the news, CryptoSlate data shows that FTT tanked to $2.1, while Bitcoin (BTC) dropped to $15,800.

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