Binance Backs Out of Plans To Acquire FTX

Video Credit: Wibbitz Top Stories
Published on November 10, 2022 - Duration: 01:31s

Binance Backs Out of Plans To Acquire FTX

Binance Backs Out of Plans , To Acquire FTX.

Binance Backs Out of Plans , To Acquire FTX.

CNBC reports that FTX was rocked by a sell-off that gained momentum... .

... after Binance CEO Changpeng Zhao publicly announced that his company was selling its holdings in FTT, its competitor's native token.

FTX CEO Samuel Bankman-Fried reportedly went to venture capitalists and other investors in addition to Binance in an attempt to remedy liquidity issues.

.

Zhao later revealed that the world's largest cryptocurrency firm and FTX came to a nonbinding agreement that would have helped FTX avert its crisis.

But CNBC reports that one day after reaching that deal, on Nov.

9, Binance backed out.

Zhao also reportedly sent a memo to employees on Nov.

9 stating that he "did not master plan" FTX's collapse


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