Binance scraps deal with FTX: spokesperson

Binance signed a nonbinding agreement to buy rival FTX's non-U.S. unit, FTX.com, to help cover a "liquidity crunch" at the cryptocurrency exchange, the companies said on Tuesday

November 10, 2022 02:56 am | Updated 02:57 am IST

An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on Feb. 17, 2022.

An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on Feb. 17, 2022. | Photo Credit: AP

Binance has decided not to acquire smaller rival FTX, a spokesperson for the cryptocurrency exchange said on Wednesday, raising questions about the future of the Sam Bankman-Fried-led company that until recently played the "white knight" to embattled crypto firms.

FTX did not immediately respond to a Reuters request for comment.

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