Binance backs out of plans to acquire TSM sponsor FTX, casting further doubt on future of partnership

Following news that crypto marketplace and TSM name sponsor FTX would be acquired by rival Binance, new statements from Binance make FTX’s future seem even more bleak. Binance announced today that it won’t follow through with the acquisition of FTX following “corporate due diligence.”

Binance’s statement also cited news reports that FTX had previously mishandled customer funds as part of its decision. Binance said that its “hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.”

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