Cryptocurrency prices plunged for a second straight day after crypto exchange Binance said it was pulling out of a deal to purchase failing rival FTX Trading.
The Associated PressCryptocurrency prices plunged for a second straight day on Wednesday after crypto exchange Binance said it was pulling out of a deal to purchase failing rival FTX Trading.Bitcoin sank to a two-year low after Binance confirmed earlier rumours and news reports that it was ready to back out of the FTX deal, struck between the CEOs of the two exchanges on Tuesday. The deal was pending the ability of Binance to perform due diligence of FTX's balance sheet.
"In the beginning, our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help," Binance said. The sudden sale was a shocking turn of events for FTX CEO and founder Sam Bankman-Fried, who was hailed as somewhat of a saviour earlier this year when he helped shore up a number of cryptocurrency companies that ran into financial trouble.
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