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Binance likely to walk away from FTX deal-WSJ

Binance likely to walk away from FTX deal-WSJ By Reuters

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Economy 6 minutes ago (Nov 09, 2022 19:41)

© Reuters. FILE PHOTO: Binance and FTX logos are seen in this illustration taken, November 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Cryptocurrency exchange Binance is likely to walk away from a deal to buy embattled rival FTX, the Wall Street Journal reported on Wednesday, citing a person familiar with the matter.

Binance was taken aback by “a big hole it found in FTX’s finances”, the report said.

Binance and FTX did not immediately respond to Reuters requests for comment.

Binance signed a nonbinding agreement on Tuesday to buy FTX’s non-U.S. unit to help cover a “liquidity crunch” at the rival exchange, in a stunning bailout that raised fresh concerns among investors about cryptocurrencies.

Binance likely to walk away from FTX deal-WSJ

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